Insurance

Consolidated Hallmark Insurance posts N772m profit before tax for FY 2020

Efekoha

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Chuks Udo Okonta

Consolidated Hallmark Insurance Plc, in its recently released Financial Result for the period ended December 31, 2020, has reported a Profit-Before-Tax (PBT) of N772 million, which represents a growth of 8.6 per cent 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 per cent growth when compared with N 8.7 billion reported in the same period of 2019. A further review of the result shows 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 per cent from N3.44b in 2019 to N4.17b 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%, growing from N11.74 billion in 2019 to N14.31billion in the year under review.

Commenting on the impressive performance, 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.”

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.”

Consolidated Hallmark Insurance Plc is a pioneer in online insurance service delivery platforms and has continued to push towards full digitalization of its processes to deliver the most value to customers. The technology initiative has helped the company in a great way to keep the business on the path of growth while also keeping members of Staff and customers safe in the middle of the Coronavirus pandemic.

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