Chola MS General Insurance is eyeing a premium of Rs.2,000 crore and a profit of Rs.100 crore by the end of the 2013-14 fiscal, a top official said here Wednesday.
“We are targeting a premium of Rs.2,000 by the end of the 2013-2014 fiscal along with a profit of Rs.100 crore,” the company’s managing director S.S. Gopala Rathnam told mediapersons here.The company had a premium turnover of Rs.785 crore in the 2009-2010 fiscal with a profit of Rs.2 crore.
In 2010-2011, the company was aiming for a premium of Rs.950 crore with a profit of Rs.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 Rs.20 crore, while profit after tax is Rs.14 crore, he said.
“The settlement ratio of the company ranges between 95 to 98 percent,” said Gopala Rathnam.
