Cholamandalam General's 62% biz to be motor insurance portfolio: MD

The motor insurance vertical of Cholamandalam MS General Insurance Company Ltd will contribute to 62-63 per cent of the business by the end of this financial year, a top official of the company said.

The company, a joint venture between Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group, also expects to increase its equity investments, Managing Director V Suryanarayanan said.

The city-based company recorded a Gross Written Premium of Rs 1,945 crore for the April-June 2024 quarter, a growth of 14.3 per cent compared to the industry average of 12.4 per cent.

Briefing reporters, Suryanarayanan said the company expects motor insurance to make up 62-63 per cent of its business by the end of the current financial year, while it was looking at strong growth in the health insurance portfolio.

"We expect motor insurance (portfolio) to be at around 62-63 per cent by the end of the year (from the current 60 per cent), commercial vehicle insurance will be 16 per cent, health shoul