Chola MS targets Rs.2,000 crore business

Chennai, Oct 3 (IANS) Non-life insurer Cholamandalam MS General Insurance Company Ltd (Chola MS) plans to earn around Rs.2,000 crore gross premium this fiscal and has raised Rs.75 crore additional capital through a rights issue for business growth, the company said Thursday.

"We have grown our business by 20 percent last year. This additional capital infused in our business will be utilised for our business growth and expansion. We hope to achieve around Rs.2,000 crore gross written premium (GWP) for the current year," said Managing Director S.S.Gopalarathnam.

He said Chola MS had achieved a GWP of Rs.906 crore between the April and September 2013.

The company closed 2012 with a GWP of Rs.1,621 crore.

Chola MS a joint venture between city based Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan, has enhanced its capital base by Rs.75 crore through a rights issue.

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