City-based general insurance company Cholamandalam MS is targeting Rs 2,500 crore premium within five years. The company is a joint venture of Murugappa group and Japanese insurance major Mitsui Sumitomo Insurance Group.
Speaking at a press conference here, M A Alagappan, executive chairman, Murugappa group, said the joint venture company would report underwriting profit by 2010-2011.
The seven-year-old company is focusing on improvising its retail portfolio including motor and health insurance, which account for 70 per cent of the industry revenue.
It has also filed around 12 add-on products of which eight have got Insurance Regulatory and Development Authority's approval.
The general insurance industry in India is projected to be Rs 32,180 crore in the financial year 2009-10. The company is also focusing on the Rashtriya Swashthya Bhima Yojana scheme through which BPL families get health insurance cover. It has covered around 700,000 people in Gujarat and Jharkhand.