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Cholamandalam MS General Insurance Company Ltd is a joint venture between diversified conglomerate Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Group. | Photo: X (@CholaMS)
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.
“Looking ahead, the company is fuelled by the ongoing technology transformation efforts aimed at enhancing growth, customer experiences and service quality.” he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 28 2024 | 8:10 PM IST
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