Insurance

Consolidated Hallmark Insurance Micro-Life Insurance subsidiary begins early 2020

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Chuks Udo Okonta

Consolidated Hallmark Insurance hopes to commence operations of Micro-Life Insurance early next year having paid the statutory deposit and licence application fee to the Central Bank of Nigeria ( CBN) and National Insurance Commission (NAICOM) respectively.

The firm’s Chairman, Obinna Ekezie, disclosed this yesterday, at the companies Extra-Ordinary Meeting (EOM) in Lagos, he said: “I am also delighted to inform you that we are on the verge of being granted an operational license by the National Insurance Commission to operate a Micro-Life Insurance subsidiary. Statutory deposit and license application fee have been paid to the Central Bank of Nigeria and NAICOM respectively. The anticipated commencement date of full operations by this subsidiary is early in the new year.

“We believe firmly that with your approval and continued support, your company will emerge a stronger and more formidable player in the sector, adequately equipped to meet the growing needs of our rapidly expanding clientele and with the ability to retain a higher proportion of risks hitherto ceded.”

He posited that the firm’s recorded Profit-After-Tax (PAT) of N519.6 million during the third quarter as against the N355.9 million recorded in the corresponding period of 2018, representing a 46 per cent rise.

The result, he said also revealed significant improvements in other indices, adding that Gross Premium Written for the period grew by 23.7 per cent to N6.687 billion from N5.404 billion reported in September 2018 and Total Assets of the Group rose to N11.159 billion from N10.821 billion during the corresponding period.

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