Chola MS targets 2,000 Crore premium by 2013-14


Kolkata: Chola MS General Insurance is eyeing a premium of 2,000 crore and a profit of 100 crore by the end of the 2013-14 fiscal, a top official said here. "We are targeting a premium of 2,000 crore by the end of the 2013-2014 fiscal along with a profit of 100 crore," the company's Managing Director S.S. Gopala Rathnam told mediapersons here. The company had a premium turnover of 785 crore in the 2009-2010 fiscal with a profit of 2 crore. In 2010-2011, the company was aiming for a premium of 950 crore with a profit of 20 crore, he said. The company, which has 14 offices in the eastern part of the country, plans to establish another six to eight offices in the region. The company is serving 1.5 million customers in this financial year, compared to 1.2 million in 2009-10. Chola MS is going to come up with three health products in the first quarter of next fiscal while additional three health and one home product will be introduced in the fourth quarter of the next fiscal, he said. The company currently has a market share of 11 percent in the eastern region, which it plans to increase to 20-22 percent by 2013-2014. The firm's profit before tax this fiscal is 20 crore, while profit after tax is 14 crore, he said. "The settlement ratio of the company ranges between 95 to 98 percent," said Gopala Rathnam.
Source: IANS