Consolidated Hallmark Insurance posts 12% growth
Notwithstanding the challenges posed in year 2020 particularly the Insurance sector by Covid-19 pandemic, the Consolidated Hallmark Insurance Plc (CHI Plc), one of Nigeria’s leading insurers, has posted a sterling performance in the year under review in comparison to the previous year.
The Chairman, Board of Directors, CHI Plc, Mr. Obinna Ekezie stated this at the Annual General Meeting (AGM) held in Lagos recently.
He described year 2020 as one of the most challenging years in recent times even as he remained optimistic that the future operating results would be significantly improved as the macroeconomic environment and global outlook presents brighter pictures in the years ahead. Addressing the shareholders, the Chairman said, “Despite limitations on the economy during the financial year 2020, your company is once again reporting a positive result. The summary of our key figures shows that we generated an all-time high Gross Premium Written of N9.77bn which represents a 12 percent growth when compared with the N8.69bn reported in the same period of 2019.”
The Chairman also added that the Net Underwriting income grew to N6.5bn in 2020 from N5.46bn, adding that Claims expenses rose by 21 percent to N4.17bn in 2020 from N3.45bn in 2019.
He added, “We also recorded a modest growth of 8.6 percent in profit before tax which moved from N711mn during the preceding year to N772mn in 2029, while profit after tax increased to N677.98mn from N600.31mn in 2019. Consequently, the Board of Directors has recommended an interim dividend of N216.8mn for shareholders consideration and approval.
“This translates to two Kobo per ordinary share of 50 Kobo subject to appropriate withholding tax. The dividend is payable to members whose names appear in the register by close of business on the date earlier published in the notice of annual general meeting,” the Chairman added.
CHI Plc’s total asset increased by 22 percent from N11.74bn to N14.31bn in year 2020.
Commenting on the performance, the Group Managing Director/CEO, CHI Plc, Mr. Eddie Efekoha remarked that the results showed that the insurer recorded an all-time high growth in the key financial performance indicators. “Your company has now evolved fully into one-stop-shop for the provision of insurance and other financial services with our operations in General Insurance, Micro Life Assurance, Health Maintenance and Asset Leasing and other forms of financing,” Efekoha said.
