Chola MS Q2 standalone net almost trebles to ₹98 crore

Chola MS, a JV between Murugappa Group and Mitsui Sumitomo Insurance Co. (Japan), posted a more than doubled net profit of ₹98 crore for Q2. GWP grew 35%, aided by re-entry into crop insurance. Fire, retail health and motor lines of business grew higher than industry. Solvency ratio of 1.89 times, networth of ₹2,324 crore and return on equity of 7%. Aiming for GWP of ₹10,000 crore in near future with tech transformation to spur growth, customer reach and servicing.

Cholamandalam MS General Insurance Co. Ltd. (Chola MS) standalone net profit for the September quarter more than doubled to ₹98 crore from ₹35 crore.

Chola MS, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company (Japan), has been growing faster than the industry for 10 quarters. It posted Gross Written Premium of ₹2,006 crore, 35% increase, aided by the re-entry into crop insurance which contributed to 14% growth, it said in a statement.

CIFCL has grown higher than industry in fire, retail health and motor lines of business. It reported solvency ratio of 1.89 times.

For the six months period, CIFCL networth stood ₹2,324 crore, with 83% comprising of accumulated profits over the years. The return on equity was 7% (not annualised) and the investment portfolio grew to ₹15,649 crore.

“Chola MS is committed to pursuing higher than industry growth even as it improves overall profitability and return to investors and looks forward to a GWP of ₹10,000 crore in the near future. The technology transformation exercise that we have embarked will spur our growth, customer reach and servicing,” said its MD V. Suryanarayanan.