Cholamandalam MS General Insurance Company Ltd. (Chola MS) reported standalone net profit for the first quarter ended June more than doubled from the year-earlier period to ₹134 crore.

Chola MS achieved a Gross Written Premium of ₹1,945 crore, a growth of 14.3%compared with the industry average of 12.4%, the Murugappa group company said in a statement.

Chola MS holds a 3% market share among multi-line insurers. It has a 5.37% share in the motor line.

The company recently won a three year contract for four districts in Maharashtra for crop insurance. Last year, it fetched an additional revenue of ₹525 crore.

The company settled 1.3 lakh claims through its extensive network of more than 15,000 garages and 12,000 hospitals. The solvency ratio stood at 1.92x, exceeding the regulatory requirement of 1.5 times.

“Looking ahead, the company is fuelled by the ongoing technology transformation efforts aimed at enhancing growth, customer experiences and enhanced service quality,” said MD V. Suryanarayanan.

Chola MS is a joint venture a between Murugappa Group and Mitsui Insurance Co. Ltd. of Japan.