Cholamandalam MS General Insurance Co. Ltd. (Chola MS) has posted a 23% year-on-year growth in gross written premium (GWP) to ₹7,598 crore for FY24.
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Chola MS recorded a profit before tax of ₹444 crore against ₹264 crore. During the fourth quarter, it recorded a GWP of ₹2,020 crore and PBT of ₹91 crore, the Murugappa group firm said in a statement.
The investment corpus crossed ₹16,811 crore with growth in investment income. The solvency margin stood at 1.79 times (regulatory minimum of 1.5 times). The return on equity improved to 14.15% from 9.64%.
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Among multi-line players, the overall market share of Chola MS improved to 3.07%, exceeding 5% in lines of business such as motor, personal accident. The company re-entered the crop insurance segment and now has 6.1% of GWP from this line.
During the year, Chola MS insured more than 1 lakh EVs and disposed of over 6 lakh. The natural catastrophe events during the year had impacted the profitability by over ₹55 crore.
“Chola MS has gained momentum over the last 10 calendar quarters and is poised to pursue strong growth,” said MD V. Suryanarayanan.