Cholamandalam MS Records Impressive Quarterly Growth, Sets New Benchmarks

Cholamandalam MS General Insurance Company Ltd reported a Gross Written Premium (GWP) of Rs 1,945 crore for April-June 2024, marking a 14.3% growth. The company, a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Group, reported a profit before tax of Rs 179 crore and settled 1.3 lakh claims in the quarter.

Cholamandalam MS General Insurance Company Ltd has announced robust financial figures for the April-June 2024 quarter, reporting a Gross Written Premium (GWP) of Rs 1,945 crore. This marks a 14.3% growth, surpassing the industry average of 12.4%.

The company, a collaboration between Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Group, also revealed a profit before tax (PBT) of Rs 179 crore, a substantial increase from Rs 89 crore in the same period last year.

Cholamandalam MS handled 1.3 lakh claims through its extensive network during this period. The firm has invested in Data Analytics and Artificial Intelligence to streamline motor insurance claims via its SAHAI mobile application, aiming to enhance operational efficiency. Managing Director V Suryanarayanan highlighted the company's commitment to sustainable growth and improved investor returns, buoyed by ongoing technology transformation efforts.

(With inputs from agencies.)