Cholamandalam MS registers premium of rupees 526 crores.

Byline: ANI

Chennai, Jan 16 (ANI/Business Wire India): Cholamandalam MS General Insurance Company Ltd. (Chola MS), 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 nine months of this year. The company has again posted a premium growth of 36 per cent (YTD), the highest in the industry. The market share of the company has increased from 1.85 per cent in March 2008 to 2.31 per cent in November 2008.

Commenting on the results, 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 per cent growth in GWP during these challenging times. Our market share has also improved from 1.85 per cent to 2.31 per cent, 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 per cent for Fire and Engineering insurance and 40 per cent 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. (ANI)

Copyright 2008 Asian News International (ANI) - All Rights Reserved.

Provided by Syndigate.info an Albawaba.com company