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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.