Chola MS General Insurance records ₹1,945 crore GWP in Q1 FY24

Cholamandalam MS General Insurance Company Ltd has reported a Gross Written Premium of ₹1,945 crore for the April-June 2024 quarter, the company said on Sunday.

Cholamandalam MS General Insurance Company Ltd is a joint venture between diversified conglomerate Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Group.

The company achieved a GWP of ₹1,945 crore in Q1 of the current financial year, a growth of 14.3% compared to the industry average of 12.4%.

The city-based company, in a release issued today, reported a profit before tax (PBT) of ₹179 crore, compared to ₹89 crore recorded in the same period last year.

During the quarter under review, Chola MS settled 1.3 lakh claims through its network.

The company said it has made investments in Data Analytics and Artificial Intelligence for claims made in the motor insurance sector through its SAHAI mobile application in an attempt at enhancing its operations.

Commenting on the financial performance, Managing Director V Suryanarayanan said, "Chola MS remains committed to its pursuit of profitable and sustainable growth, diversifying its line-product mix, improving its overall profitability and enhanced returns to investors."

"Looking ahead, the company is fuelled by the ongoing technology transformation efforts aimed at enhancing growth, customer experiences and service quality." he added.