CHOLAMANDALAM MS General Insurance (Chola MS), pail of the $2-billion Murugappa group has netted a gross premium income of Rs 500 crore, as on March 17 for the financial year 2007-08. The growth comes on the back of the company’s per performance in the health and motor segments as well as its network expansion.

The premium amounts to around Rs 600 core at pre de-tariff rates. It grew by 68% YoY and is targeting a gross written premium of Rs 1000 crore this year.

Retail will continue to drive the growth this year. We plan to introduce at east 6-7 products in the motor and health segment,’ said Mr SS Gopalarathnam, president-operations, Chola MS.

Motor and health, which come under the retail portfolio, currency constitute 62% of company’s overall premium income.

Chola MS is planning to increase its network from 100 to 150 branch offices this year. It recently tied up with software services provider TCS for a core insurance solution. ‘This solution will help in speeding up product development deployment and make the reinsurance system more efficient. Going forward, customers will It able to make claims online,’ Mr. Gopalarathnam added.

Chola MS also has a risk services arm called Chola MS risk management services which conducts risk audits using techniques such as thermography and fire explosive simulation software.

Chola MS, a five- year-old non-life JV of the Murugappa group and Mitsui Sumitomo, posted its maiden profit last year at Rs 13 crore. The joint venture with Mitsui Sumitomo has helped the company acquire clients such as Toyota, Hyundai and Honda in India.