Chennai: Cholamandalam MS General Insurance Company Limited (Chola MS) has announced that it has achieved a gross written premium (GWP) of Rs 4,428 crore during FY19 registering a year-on-year (y-o-y) growth of eight per cent.
Chola MS has a market share of three per cent and ranks sixth amongst private players in the industry within addressable markets, a release said.
During the year, combined ratio (CoR) was 104.60 per cent in FY19, profit before taxes was Rs 314 crore supported by strong investment income of Rs 539 crore with an investment corpus of over Rs 7,600 crore, stated the release.
MD, Chola MS, S S Gopalarathnam, said, “During the year we faced challenges including higher claims in Crop/Motor Third Party, impairment provisioning in a few investments and predatory pricing particularly in Motor & Crop lines of business. Despite the challenges, Chola MS has grown profitably in FY 2018-19.”