Consolidated Hallmark Insurance Announces N772M PBT In 2020

Consolidated Hallmark Insurance Plans Private PlacementTHISDAYLIVE

 Yemisi Izuora

Consolidated Hallmark Insurance Plc, has reported a Profit-Before-Tax (PBT) of N772 million, in its Financial Result for the period ended December 31st 2020.

This represents a growth of 8.6 percent from the N711 million recorded in the corresponding period of 2019.

The Audited Result, as approved by both the Capital Market and primary industry regulators, the National Insurance Commission shows that the General Insurance underwriter delivered a Gross Premium Written of N9.77 billion, representing a 12 percent growth when compared with N 8.7 billion reported in the same period of 2019.

There are also positive performance across key financial indices despite the unprecedented challenges that came with the COVID-19 pandemic.

The claims expenses of the Group jumped by 21 percent from N3.44 billion in 2019 to N4.17 billion in 2020 as the Company continued to maintain its sterling reputation of ensuring that customers get value through prompt payment of all valid claims.

It will be recalled that the Company embarked on a Rights issue in 2020, an offer that was fully subscribed, and which has helped to further strengthen its capital base.

The Group’s Total Assets also increased by 22 percent, growing from N11.74 billion in 2019 to N14.31 billion in the year under review.

Commenting on the impressive performance, Mr. Eddie Efekoha, the Group Managing Director/CEO said, “against all odds and challenges which the year 2020 confronted us with, we are happy to have delivered this impressive result. We are also better prepared to meet the challenges of the future as we see more Nigerians begin to accept insurance as a prudent means of protecting themselves against existing and emerging risks.”

Mr. Efekoha also added that the company “is encouraged by the trust and loyalty of our numerous customers and insurance brokers, and therefore continue to develop our operating and technology capabilities to ensure that we meet and exceed their expectation.”

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