Chola MS General Q2 standalone net up 30% to ₹127 cr.
The Hindu
Chola MS General Insurance reports 30% rise in net profit, strong financials, and commitment to digital transformation.
Cholamandalam MS General Insurance Co. Ltd. (Chola MS) standalone net profit for the September quarter rose 30% over the year-ago period to ₹127 crore.
Chola MS, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company (Japan), posted Gross Written Premium rose 9% to ₹2,191 crore. The return on equity was 4.62% (not annualised) and the investment portfolio grew to ₹17,665 crore.
The standalone private insurer, reported solvency ratio of 2.06 times (1.89) against the regulatory requirement of 1.5 times, it said in a statement.
As of September 2024, the company’s net worth stood at ₹2,753 crore, with 84% derived from accumulated profits. Chola MS has expanded its overall market share to 3.12% (among multi-line insurers), achieving a 5.4% market share in the motor line of business.
Chola MS settled over three lakh claims across various lines of business (other than crop claims), including those related to natural catastrophe events such as floods in Baroda/Surat, Andhra Pradesh, Telangana, and the Wayanad landslides.
“Our sustained focus on growth with profitability continues to drive our growth and performance. We remain committed to furthering our digital technology transformation to serve our customers,” said its MD V. Suryanarayanan.
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