Cholamandalam MS General Insurance Co. Ltd. (Chola MS) aims to grow at about 1.25-times the average industry growth over the medium term, Managing Director V. Suryanarayanan said.

“Our intent is to grow 1.25x of industry in the medium term,” Mr. Suryanarayanan said in a media interaction. “If the industry grows at 14%, we should be growing at 17-18%,” he added.

While motor insurance premium was expected to be around 62-63% of total revenue, followed by commercial vehicle insurance at about 16%, health insurance about 17%, and crop loan insurance seeing some marginal growth, the insurer’s aim was to diversify its business beyond the mainstay motor vehicle insurance, Mr. Suryanarayanan said.

“While we see absolute growth in motor premium, we would like to diversify our business and bring it down to 58-60% in the medium term. We would also like to grow faster in health insurance from 15% to 20% of our total business composition by bringing out new products such as for senior citizens,” he added.

Chola MS, a joint venture between Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group, also expects to increase its equity investment book from the present 4.5% to 10% in 18 months.