BWI: Cholamandalam MS Registers Premium of Rs. 526 Crores – Surpasses Previous Year’s GWP in 9 Months

Press release from Business Wire India
Source: Cholamandalam MS
Friday, January 16, 2009 03:22 PM IST (09:52 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Stock exchanges
Release no: 18979
--------------------------------------------------
Cholamandalam MS Registers Premium of Rs. 526 Crores - Surpasses Previous Year's GWP in 9 Months
Chola MS is the Fastest Growing Player in General Insurance with 36% Growth

Chennai, Tamil Nadu, India, Friday, January 16, 2009 -- (Business Wire India) -- Cholamandalam MS General Insurance Company Ltd. (Chola MS), a joint venture of the Murugappa Group and Mitsui Sumitomo Insurance Group, the second largest Insurance group in Japan, posted a Gross Written Premium (GWP) of Rs. 526 crores for the period of April - December 2008. The Company has surpassed previous year's (2007-08) GWP of Rs. 522 crores within 9 months of this year. The company has again posted a premium growth of 36 % (YTD), the highest in the industry. The market share of the company has increased from 1.85% in March 2008 to 2.31% in November 2008.

Commenting on the results, Mr. S.S. Gopalarathnam, Managing Director, Chola MS said, "This quarter's result is a testimony to our resilience. We are very happy to post a 36% growth in GWP during these challenging times. Our market share has also improved from 1.85% to 2.31%, showcasing our consistent growth in the general insurance industry".

The achievement is even more remarkable in the face of a challenging macroeconomic scenario which has seen a recent decline in the vehicle sales. Also the intense competition within the industry has resulted in discounts hovering at 85-90% for Fire and Engineering insurance and 40% for Motor insurance segments. The company has made conscious attempt at portfolio rationalization through prudent choice of business in loss prone areas of Group Health, Dealer Business and SME Business.

Chola MS offers a rich portfolio of insurance products and services for both retail and commercial segments. The wide range of products offered by Chola MS includes Accident and Health, Marine, Casualty lines, Property and Engineering besides Motor, Travel and Rural segments.

About Cholamandalam MS General Insurance Company (Chola MS)

Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between the Murugappa Group, and Mitsui Sumitomo Insurance Group of Japan. Cholamandalam MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, and Property, Travel and Rural insurance for individuals, SME and corporate.

About the Murugappa Group

Headquartered in Chennai, the Rs.9582 Crore (USD 2.4 billion) Murugappa Group is one of India's leading business conglomerates. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, its 29 limited companies have manufacturing facilities spread across 13 states in India. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees. The Group which has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Cargill, China Engineering & Exploration Bureau, Foskor and Groupe Chimique Tunisien, has consolidated its status as one of the fastest growing diversified business houses in India.

About Mitsui Sumitomo Insurance Company (MSI)

Mitsui Sumitomo is the second largest Insurance Group in Japan, with a Net Written Premium (NWP) of 12.65 billion USD in 2007. The Company has 729 sales bases, 257 claims handling offices and about 59000 agents throughout Japan. MS also offers its services globally with 52 sales bases in 38 countries and regions overseas. Mitsui Sumitomo Insurance Co. Ltd. was awarded the "General Insurance Company of the Year" Award in 2005 at the 9th Asia Insurance Industry Award ceremony held in Singapore. This has been awarded to MSI for being the most active non-life insurance company and for reaching the top of the foreign non-life insurers in the region.


CONTACT DETAILS
Neeraj Moorjani, General Manager - Brand Mgmt. and Corporate Communications, Cholamandalam MS General Insurance Company, +91 (044) 43995425/ +91 9840909420, neerajm@cholams.murugappa.com

KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com