Chola MS GI records Rs 8328 Cr GWP in FY25

Mumbai, Apr 29: Cholamandalam MS General Insurance Company Ltd (Chola MS), a joint venture between the Murugappa Group and the Mitsui Sumitomo Insurance Group (Japan), has ended FY 2025 with a gross written premium (GWP) of 8328 INR Crores, a growth of 9.61 % (higher than industry growth). The market share of Chola MS has grown to 3.15% amongst the multi-line players.

Abiding the regulatory change effective October 1, 2024 relating to reporting of GWP on long term non-motor products, Chola MS has treated such premium relating to future accounting periods as premium in advance amounting to Rs.249 crs.

The Profit before Tax (PBT) for the year stood at Rs.681 crs as compared to Rs.444 crores in the previous year. PBT included one-time income by way of recovery from investments write-off in earlier years to the tune of Rs.54 crs. Chola MS ended the year with a net-worth of Rs.2999crs, of which 85% is from earned profits over the years. The Return on equity for the year was 16.91% as against 13.3% in the previous year.

The investment corpus crossed Rs.18000 crs with diversification in portfolio. The solvency margin levels improved to 2.18 times (1.5 times mandated by the regulator).

During the year, Chola MS added to its customer base, business partners and retained all its bancassurance relationships. Chola MS has recorded non-crop insurance business in over 168000 Gram Panchayats across the country covering over 52 lakh units/lives. The Company handled over 6 lakh claims other than crop during the year.

Chola MS is accelerating its digital transformation to enhance customer experiences across every touch point and has made progress.

Reflecting on this growth, V Suryanarayanan, Managing Director, stated “We are humbled by this progress and are deeply thankful to our policyholders, employees, business partners, and investors for their continued trust. We will keep up this momentum & are committed to deliver sustainable value to all our stakeholders.”