Business EconomyPosted at: Oct 27 2024 4:38PM


Chola MS records 11.6 pc growth in H1 FY25

Chennai, Oct 27 (UNI) Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group (Japan), on Sunday announced that it has registered 11.6 per cent growth in first half of the current fiscal.
Releasing the financial performance for the second quarter (Q2FY25) and half year (H1FY25) ended September 30th, 2024, tThe company reported a Gross Written Premium (GWP) of Rs. 4,136 crores, reflecting a 11.6% increase compared to the same period last year.
In Q2 FY25, GWP stood at Rs. 2,191 crores, marking a 9.2% growth over the corresponding quarter.
In Q2 FY25, Chola MS recorded a Profit Before Tax (PBT) of Rs. 171 crores and in the first half of the fiscal year, the company recorded a PBT of Rs. 350 crores, marking a 60% increase from Rs. 219 crores in H1 FY24. This performance includes Rs. 22.7 crores in non-recurring income from interest on an income tax refund.
Chola MS has expanded its overall market share to 3.12% (among multi-line insurers), achieving
a 5.4% market share in the motor line of business and added several new partnerships, including Honda, L&T Finance, Bajaj Finance, Aeon Credit, MMFSL, and Dvara KGFS.
The solvency margin improved to 2.06 times, exceeding the regulatory requirement of 1.5 times, the Return on Equity (RoE) for H1 FY25 was 9.48% (not annualized).
As of September 30, 2024, the company’s net worth stands at Rs. 2,753 crores, with 84% derived from accumulated profits and investment portfolio has grown to over Rs 17,100 crores.
Chola MS successfully settled over three lakh claims across various lines of business (other than crop claims), including those related to natural catastrophe events such as floods in Baroda/Surat, Andhra Pradesh, Telangana, and the Wayanad landslides.
The company’s extensive network of over 15,000 garages and 12,000 hospitals has played a crucial role in enabling both cashless and reimbursement claims for affected customers.
Sharing his thoughts on the company’s half yearly performance, Mr. V. Suryanarayanan, Managing Director of Chola MS, said “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.
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