Chola MS continues to soar: reports 27.6% growth in FY 2023
Hyderabad/Chennai, May 2023: Cholamandalam MS General Insurance Company Ltd (Chola MS), the joint venture between Murugappa Group and Japan’s Mitsui Sumitomo insurance group, has ended the financial year FY 2023 with gross written premium (GWP) of Rs 6200 Crore, a growth of 27.6% (as against industry growth of 16.2%).
Chola MS, in its 20th year, registered a Profit Before Tax of Rs. 264 Crores (Previous year: Rs.106 crores). Chola MS ended March 2023 with a net worth of Rs. 2160 Crore and a solvency ratio of 2.01 times (regulatory minimum of 1.5 times). The Company has grown its investment corpus to Rs.14715 Crores and enjoys high multiples of investment corpus to net worth and GWP.
Sharing details about this growth story, Mr. V. Suryanarayanan, Managing Director, Chola MS, said, “We are humbled by this growth and we would like to thank our policyholders, business partners, reinsurers, shareholders, and the regulators for their continued trust, support, encouragement, and patronage. In FY 2023-24, Chola MS will continue to grow ahead of the industry to step up on its present market share of 2.87% amongst multi-line players.
It would strengthen all its distribution channels and embrace new lines of business to meet market expectations. The company has set an aspiring goal of strengthening its digital offerings and is embarking on a journey of transforming its legacy systems and investing in data analytics which would profoundly change the way it engages with its customers and partners, added Mr. V Suryanarayanan.
Chola MS has a market share of 5.3% in the motor line of business and a 4.9% market share in the personal accident line of business. In the fire line of business, the company grew by 33%. The company has strong and long-standing bancassurance partnerships with government-owned banks, private banks, small finance banks, and rural banks. It also operates on most major automobile OEM insurance programs and has an agent / POSP network of 50,000+. Over the years, Chola MS has grown consistently to expand its physical presence in 26 states with over 600+ touch points, serving over 34 million customers.
We have settled over half a million claims in FY23 across lines of business through its network of 14,500+ network garages & 11,000+ hospitals as we continue to uphold our brand promise – #pledge2protect.
In line with its brand message ‘Simple Hai’, the company recently launched a mobile app – ‘Chola MS’ – a unified customer app serving all insurance and wellness needs. It has also adopted the use of Artificial Intelligence in its motor claims servicing through its SAHAI application for motor damage assessment and easy claims settlement. 94% of motor claims settled through this application stand testimony to hassle-free claim settlement.
The last two decades of success is a testimony of expertise cultivated, experience enhanced, and servicing a loyal customer base. The company will continue to focus on profitable growth and looks forward to many more milestones.