Chola MS General eyes ₹10,500 crore revenue by FY26

Chola MS, a joint venture between Murugappa Group and Mitsui Insurance Co. Ltd. of Japan, has set a near-term revenue target of more than ₹10,500 crore for FY26. Q1 FY24 saw a growth rate of 30.1%, double that of the industry. The company aims to grow 1.3-1.5 times the industry rate, and is targeting ₹9,800 crore by FY26. Recently entering the crop insurance market, Chola MS is also looking to increase its e-two wheeler segment market share.

Chola MS General Insurance Co. Ltd. (Chola MS) has set a near-term revenue target of more than ₹10,500 crore for FY26, said Managing Director V. Suryanarayanan.

“Last year, we posted a revenue of ₹6,200 crore and this year we are aiming at ₹7,700 crore,” he said in an interaction.

Talking about Q1 FY24, he said the company achieved a growth rate of 30.1%, which was almost double that of the industry growth rate. This upward trend in growth was evident across all segments and line segments such as motor, fire, health and personal accidental insurance, Mr. Suryanarayanan said.

On upcoming quarters, he said that Chola MS focus would be on growth path. “Our commitment is to grow at the rate of 1.3-1.5 times of the industry,” he said. “While the industry is likely to grow by 15% during the current fiscal, we will be targeting to grow at 25%,” the MD added.

Terming the growth momentum positive, he said if the trend continued, they might be ending FY26 at ₹9,800 crore.

He also said that the company had recently entered the crop insurance market and secured a cluster in Maharashtra, which was anticipated to fetch an additional revenue of ₹500 crore per annum.