Cholamandalam MS General Insurance targets Rs.25k Cr Premium

Chennai, June 8 (IANS): City based non-life insurer Cholamandalam MS General Insurance Company Ltd is targeting a premium of Rs.2,500 crore this fiscal up from Rs.1,890 crore earned last year, the company said on Monday.

In a statement issued here, the company said it aims to achieve a gross premium of Rs.2,500 crore for the financial year 2015-16. The company is also having an ambitious target of Rs.300 crore premium income from Tamil Nadu this year.

Speaking on the occasion of the inauguration of their new state office in Coimbatore S.S. Gopalarathnam, managing director said: “Tamil Nadu is an integral part of our growth strategy as it is our home ground. We aim to achieve a GWP (gross written premium) of Rs.300 crore in 2015-16 in the state. We plan to grow our business by 60 percent over last year.”

The company is a joint venture of the Murugappa Group and Mitsui Sumitomo Insurance Company Ltd, the second largest insurance group in Japan. The company has 110 branches and over 10,000 agents across the country.