Chola MS General Insurance Q1 GWP at Rs 1,945 cr - 14.3% Growth
By Rediff Money Desk, Chennai Jul 28, 2024 19:15
Cholamandalam MS General Insurance reports strong Q1 FY24 performance with a Gross Written Premium (GWP) of Rs 1,945 crore, a 14.3% growth over the previous year.
![Chola MS General Insurance Q1 GWP at Rs 1,945 cr - 14.3% Growth](https://im.rediff.com/money/2022/dec/23insurance.jpg)
Illustration: Uttam Ghosh/Rediff.com
Chennai, Jul 28 (PTI) Cholamandalam MS General Insurance Company Ltd has reported a Gross Written Premium of Rs 1,945 crore for the April-June 2024 quarter, the company said on Sunday.
Cholamandalam MS General Insurance Company Ltd is a joint venture between diversified conglomerate Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Group.
The company achieved a GWP of Rs 1,945 crore in Q1 of the current financial year, a growth of 14.3 per cent compared to the industry average of 12.4 per cent.
The city-based company, in a release issued today, reported a profit before tax (PBT) of Rs 179 crore, compared to Rs 89 crore recorded in the same period last year.
During the quarter under review, Chola MS settled 1.3 lakh claims through its network.
The company said it has made investments in Data Analytics and Artificial Intelligence for claims made in the motor insurance sector through its SAHAI mobile application in an attempt at enhancing its operations.
Commenting on the financial performance, Managing Director V Suryanarayanan said, "Chola MS remains committed to its pursuit of profitable and sustainable growth, diversifying its line-product mix, improving its overall profitability and enhanced returns to investors."
"Looking ahead, the company is fuelled by the ongoing technology transformation efforts aimed at enhancing growth, customer experiences and service quality." he added.
Cholamandalam MS General Insurance Company Ltd is a joint venture between diversified conglomerate Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Group.
The company achieved a GWP of Rs 1,945 crore in Q1 of the current financial year, a growth of 14.3 per cent compared to the industry average of 12.4 per cent.
The city-based company, in a release issued today, reported a profit before tax (PBT) of Rs 179 crore, compared to Rs 89 crore recorded in the same period last year.
During the quarter under review, Chola MS settled 1.3 lakh claims through its network.
The company said it has made investments in Data Analytics and Artificial Intelligence for claims made in the motor insurance sector through its SAHAI mobile application in an attempt at enhancing its operations.
Commenting on the financial performance, Managing Director V Suryanarayanan said, "Chola MS remains committed to its pursuit of profitable and sustainable growth, diversifying its line-product mix, improving its overall profitability and enhanced returns to investors."
"Looking ahead, the company is fuelled by the ongoing technology transformation efforts aimed at enhancing growth, customer experiences and service quality." he added.
Source: PTI
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