Chola MS General Insurance clocks 60% rise in PBT at Rs 350 cr

Chola MS General Insurance Company Ltd has reported a 60 per cent increase in its profits before tax for the six month period ending September 30, 2024 at Rs 350 crore.

The city-based company reported profits before tax of Rs 219 crore during the corresponding six months of last year.

Chola MS General Insurance Company, is a joint venture between the diversified conglomerate the Murugappa Group and Japan-based Mitsui Sumitomo Insurance Company Ltd.

"The rise in profits before tax for the six month period ending September 30, 2024, include Rs 22.7 crore of non-recurring income from interest on an income tax refund," Chola MS General Insurance said in a statement on Tuesday.

As on September 30, 2024, the company's net worth stands at Rs 2,753 crore with 84 per cent derived from the accumulated profits.

The Gross Written Premium for the quarter ending September 30, 2024 stood at Rs 2,191 crore, while for the six month period ending September 30, 2024 grew to Rs 4,136 crore.

"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 better. We express our sincere gratitude to our customers, employees, business partners, and investors for their enduring trust and support," said company managing director V Suryanarayanan.