MUMBAI: Chennai-based non-life player Cholamandalam MS General Insurance Company, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group of Japan, has said its net income for the September quarter fell sharply to Rs 91 crore from Rs 127 crore in in the year-ago period.
However the company said its gross written premium of rose to Rs 2,220 crore in reporting quarter from Rs 2,191 crore a year ago.The key solvency ratio also improved to 2.11 from 2.06, as regulatory requirement of 1.5 times, the company said in a statement Wednesday.
Recognising the absence of any increase in motor third-party premium over the last four years, has made a higher provisioning of about Rs 88 crore towards motor third party claims in the context of rising value of awards. The company settled over 3 lakh claims in the half year across various lines of business.
The company’s investment grew to Rs 18,382 crore. V Suryanarayanan, managing director, said sustained focus on growth with profitability continues to drive growth and performance. As we advance in our digital transformation journey, we remain committed to delivering superior customer experiences through innovation and operational excellence.
Chola MS began operations in 2002 and has presence in more than 660 locations, and serves 46 million customers and a network of over 15,500 garages and 12000 hospitals. The company’s gross written premium stood at Rs 8,328 crore, a growth of 9.61 percent higher than the industry, in FY25.
