Consolidated Hallmark Insurance Plc has announced a Gross Premium Income from the N4,657,411,645 achieved during the nine months ended 30 September 2015 to N 4,884,029,421 as at the third quarter (Q3) 2016, a marginal rise of 5 percent.
The company’s total Assets grew from N6,964,209,568 posted in September, 2015 to N7,794,981,035 during the reporting period, a 12 percent growth.
Also, in line with the prompt claims payment disposition of the company, the amount expended in the settlement of claims increased from N902,208,592 during the corresponding period in 2015 to N1.296billion a significant rise of 43 percent.
The Managing Director of the company, who is also the current chairman of the Nigerian Insurers Association, Mr. Eddie Efekoha is optimistic of an improved outing during the remaining quarter of the year, due to his firm belief that insurance services remain even more relevant during periods of economic downturn to discerning investors.
Meanwhile, there was a modest rise in Net underwriting income from N2.558billion in 2015 to N3.02billion as at close of business on 30th September, 2016.
The 18 percent increase (after provisions for reinsurance expenses and commissions/fees) is attributable to astute management by the firm, in spite of the prevailing economic situation in the country which has seen premium rates remaining stagnant or reducing while inflation spirals to double digit figures.