Chola MS General Insurance reports GWP of Rs 1,945 crore in Q1

Cholamandalam Q1 earnings: Cholamandalam MS General Insurance Company Ltd announced a Gross Written Premium (GWP) of Rs 1,945 crore for the April-June 2024 quarter, according to a company statement released on Sunday.

Cholamandalam MS General Insurance, a joint venture between the Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Group, recorded a 14.3 per cent growth in GWP, surpassing the industry average growth of 12.4 per cent.

The Chennai-based firm reported a profit before tax (PBT) of Rs 179 crore for Q1, an increase from Rs 89 crore in the same period last year. During this quarter, Chola MS settled 1.3 lakh claims through its extensive network.

The company highlighted its investments in Data Analytics and Artificial Intelligence, particularly for motor insurance claims via its SAHAI mobile application, aimed at enhancing operational efficiency.

Managing Director V Suryanarayanan commented on the financial performance, stating, "Chola MS remains committed to pursuing profitable and sustainable growth, diversifying its product mix, and improving overall profitability and returns to investors."

Looking ahead, Suryanarayanan added, "The company is driven by ongoing technology transformation efforts aimed at boosting growth, customer experiences, and service quality."

(With PTI Inputs)