Chola MS aims over 30 pc growth in premium this fiscal

Cholamandalam MS General Insurance aims over 30 per cent growth in premium to Rs 2,500 crore in the current financial year.
Also, the insurance company, which is a joint venture of Murugappa Group and Japan's Mitsui Sumitomo Insurance Company, plans to grow the contribution of its health portfolio two-fold to 25 per cent over the next five years.
The company is aiming to achieve Gross Written Premium of Rs 2,500 crore during this fiscal, Chola MS Managing Director S S Gopala Rathnam told reporters here.
"The company has achieved a Gross Written Premium (GWP) of Rs 1,890 crore, of which 12 per cent was from health portfolio and a profit before tax of Rs 201 crore for the just concluded FY 2014-15," he said.

Chola MS is giving more thrust on health insurance products, particularly in Tamil Nadu, said Rathnam, adding that "it wants to bring down the motor insurance portfolio from the present 63 per cent to 50 per cent by 2020 and increase the growing health segment to 25 per cent".
Over its home turf Tamil Nadu, Rathnam said the aim was to achieve a GWP of Rs 300 crore this fiscal, seeking a growth of 60 per cent over last year's Rs 180 crore plus.
On being asked about possible dilution of stake in view of increase in FDI limit for the sector, he said both the promoters were discussing the issue and were keen to increase the share.

However, a final call will be taken in another two to three months, said Rathnam who was here to inaugurate the company's new office.