Cholamandalam MS General Insurance Co Ltd (Chola MS), a joint venture between the Murugappa Group and the Mitsui Sumitomo Group (Japan) has reported a profit before tax (PBT) of ₹444 crore as compared with ₹264 crore in the previous year.
The company’s gross written premium (GWP) grew by 23 per cent at ₹7,598 crore. The company has recorded higher growth as against multi-line players’ growth of 14.2 per cent.
The natural catastrophe events during the year - Cyclone Biparjoy, northern India floods, Cyclone Michaung and southern India floods impacted the profitability of the year by over ₹55 crore, according to a company statement.
For the quarter ended March 31, 2024, the Company recorded a GWP of ₹2,020 crore and PBT of ₹91 crore. “Chola MS has gained momentum over the last 10 calendar quarters and is poised to pursue strong growth,” said V Suryanarayanan, Managing Director, Chola MS.
Investment corpus
The Company’s investment corpus crossed ₹16,811 crore with growth in investment income. The Company’s solvency margin stood at 1.79 times (regulatory minimum of 1.5 times). The return on equity improved to 14.15 per cent for the year as against 9.64 per cent in the previous year.
The overall market share of Chola MS improved to 3.07 per cent (amongst multi-line players) with the market share in lines of business such as motor, and personal accident exceeding 5 per cent. . During the year, the Company re-entered the crop insurance segment and now has 6.1 per cent of the GWP from this line.
During the year, the Company insured over 1 lakh electric vehicles, while it disposed of over 6 lakh claims during the year.