Chola Ms General Insurance

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 ...

Cholamandalam General's 62% biz to be motor insurance portfolio: MD

The motor insurance vertical of Cholamandalam MS General Insurance Company Ltd will contribute to 62-63 per cent of the business by the end of this financial year, a top official of the company said. The company, a joint venture between Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group, also expects to increase its equity investments, Managing Director V Suryanarayanan said. The city-based company recorded a Gross Written Premium of Rs 1,945 crore for the April-June 2024 quarter, a growth of 14.3 per cent compared to the industry average of 12.4 per cent. Briefing reporters, Suryanarayanan said the company expects motor insurance to make up 62-63 per cent of its business by the end of the current financial year, while it was looking at strong growth in the health insurance portfolio. "We expect motor insurance (portfolio) to be at around 62-63 per cent by the end of the year (from the current 60 per cent), commercial vehicle insurance will be 16 per cent, health shoul

Chola MS General Insurance clocks GWP of Rs 1,945 cr in June quarter

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, .

Murugappa Group posts 23% rise in net profit in FY22, manufacturing grows

Murugappa Group's turnover increased by 31 per cent to Rs 54,722 crore, as against Rs 41,706 crore in 2020-21

Chola MS, IndusInd Bank renew bancassurance partnership for 5 years

Chola MS offers a wide range of insurance products across motor and non-motor lines of business through IndusInd Bank's outlets across India