New Delhi: Cholamandalam MS General Insurance Company Ltd announced a Gross Written Premium of Rs 1,945 crore for the quarter of April-June 2024, as per the company's statement on Sunday.
Cholamandalam MS General Insurance Company Ltd is a collaboration between Murugappa Group, a diverse conglomerate, and Mitsui Sumitomo Insurance Group, which is based in Tokyo. In the first quarter of the current financial year, the company reached a Gross Written Premium (GWP) of Rs 1,945 crore, showing a 14.3 percent increase compared to the industry's average growth of 12.4 percent.
The company based in the city, in a statement released today, announced a pre-tax profit of Rs 179 crore, in contrast to Rs 89 crore reported in the previous year's corresponding period. In the quarter being evaluated, Chola MS resolved 1.3 lakh claims using its network. The company has stated that it has invested in Data Analytics and Artificial Intelligence to improve its operations for motor insurance claims through the SAHAI mobile app.
V Suryanarayanan, the Managing Director, stated that Chola MS is dedicated to achieving profitable and sustainable growth by diversifying product mix, increasing overall profitability, and providing better returns to investors. He added that the company is driven by continuous technology transformation efforts to improve growth, customer experiences, and service quality in the future
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