Cholamandalam MS General Insurance Company Ltd has reported a Gross Written Premium of Rs 7,598 crore for the financial year ending March 31, 2024, the company said on Sunday.

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Cholamandalam MS General Insurance Company is a joint venture between the diversified conglomerate Murugappa Group and Japan-based Mitsui Sumitomo Group.

In a statement, the company said its profit before tax grew to Rs 444 crore for the year ending March 31, 2024 as compared to Rs 264 crore registered in the same period of last year. Cholamandalam MS General Insurance had reported a Gross Written Premium of Rs 6,200 crore during the financial year 2022-23.

During the financial year ending March 31, 2024 the return on equity ratio improved to 14.15 per cent, as compared to 9.64 per cent recorded during the same period of last year.

The company said due to the impact of natural calamities like Cyclone 'Biparjoy', 'Michaung' and floods, their profitability got a hit by over Rs 55 crore during the last financial year.

"Chola MS has gained momentum over the last 10 calendar quarters and is poised to pursue strong growth. I would like to express my gratitude to all policyholders, employees, business partners and the investors for their enduring trust and goodwill," said company Managing Director V Suryanarayanan.

"Chola MS is committed to sustainable value creation and operating with the philosophy of trust and transparency in its dealings with customers," he said. The investment corpus fund during the financial year ending March 31, 2024 touched Rs 16,811 crore.

Cholamandalam MS General Insurance is pursuing a technology transformation programme and investing in data analytics. The company has adopted Artificial Intelligence and Machine Learning in its private car damage claims assessment and has attained accuracy levels of over 95 per cent, the statement added.