Chennai: Non-life insurer
Cholamandalam MS General Insurance Company Ltd (Chola MS) on Tuesday
said it closed last fiscal with a gross premium of Rs 4,428 crore.
In a statement issued here, the company said it had logged a gross premium of Rs 4,428 crore, registering a growth of eight per cent over the previous year's figures.
The company said, the combined ratio (ratio of incurred losses+expenses: earned premium) for the year under review was at 104.60 per cent and the profit before tax (before exceptional items) was Rs 314 crore.
"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 and crop lines of business," S.S. Gopalarathnam, Managing Director was quoted as saying in the statement.