Cholamandalam MS General Insurance H1 Results: PBT jumps 60% to ₹350 crore
Cholamandalam MS General Insurance Company Ltd, a joint venture between the Murugappa Group and Japan’s Mitsui Sumitomo Insurance Group, reported a Profit Before Tax (PBT) of ₹171 crore for Q2FY25. For the first half of FY25 (H1), the PBT reached ₹350 crore, marking a 60 per cent increase from ₹219 crore in H1 FY24. This includes a non-recurring income of ₹22.7 crore from interest on an income tax refund.
The company recorded a Gross Written Premium (GWP) of ₹4,136 crore for H1 FY25, reflecting an 11.6 per cent growth over the same period last year. In Q2 FY25, GWP stood at ₹2,191 crore, showing a 9.2 per cent increase compared to the corresponding quarter, according to a company statement.
“Our consistent focus on profitable growth continues to drive our performance,” said V Suryanarayanan, Managing Director of Chola MS.
As of September 30, 2024, the company’s net worth stood at ₹2,753 crore, with 84 per cent of that amount derived from accumulated profits. The investment portfolio grew to over ₹17,100 crore.
Chola MS settled over 3 lakh claims across various insurance segments, excluding crop claims, including claims related to natural disasters such as floods in Baroda/Surat, Andhra Pradesh, Telangana, and the Wayanad landslides.
The company also expanded its market share to 3.12 per cent among multi-line insurers, with a 5.4 per cent share in the motor insurance sector.