CHENNAI: Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group (Japan) has reported a Gross Written Premium (GWP) of Rs 4,136 crore, reflecting a 11.6 per cent increase compared to the same period last year.
In Q2 FY25, GWP stood at Rs 2,191 crores, marking a 9.2 per cent growth over the corresponding quarter.
In Q2 FY25, Chola MS recorded a Profit Before Tax (PBT) of Rs 171 crore and in the H1 of the fiscal year, it recorded a PBT of Rs 350 crore, marking a 60 per cent increase from Rs 219 crore in H1 FY24. This performance includes Rs 22.7 crore in non-recurring income from interest on an income tax refund.
Chola MS has expanded its overall market share to 3.12 per cent (among multi-line insurers), achieving a 5.4 per cent market share in the motor line of business.
As of September 30, 2024, the company’s net worth stands at Rs 2,753 crore, with 84 per cent derived from accumulated profits.
The company’s investment portfolio has grown to over Rs 17,100 crore.
V Suryanarayanan, MD, Chola MS, said, “Our sustained focus on growth with profitability continues to drive our growth and performance. We remain committed to furthering our digital technology transformation to serve our customers better.”