Cholamandalam MS General Insurance Company Ltd, a 60:40 joint venture between Murugappa Group and Japan’s Mitsui Sumitomo Insurance Group, has ended the fiscal FY24 with a growth of 22 per cent in its gross written premium (GWP).

The company’s GWP crossed ₹7,500 crore in the fiscal that ended on March 31, 2024, according to a company’s communication.

In FY23, the company’s GWP stood at about ₹6,156 crore, up from ₹4,824 crore in FY22.

Growth target

In a recent interaction, V Suryanarayanan, Managing Director, Chola MS, said the company was aiming to grow more than the industry. While the industry has been growing at 14-15 per cent, Chola MS is targeting more than 22 per cent growth.

He also indicated that the company would record its highest-ever annual profit in FY24. Final numbers for FY24 are awaited.

During the nine-month period of FY24, Chola MS more than doubled its profit after tax at ₹264 crore (₹116 crore in the same period a year ago). Its GWP (including reinsurance inward) stood at ₹5,578 crore (₹4,424 crore), recording an increase of 26 per cent.

For Chola, the motor business is the big segment, as it accounts for close to two-thirds of its business. Commercial and health account for about 14 per cent and 15 per cent respectively. After its re-entry, crop business’ share is about 5 per cent.