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    Friday, September 3, 2021

    Consolidated Hallmark Insurance Records Profit After Tax N677.98m from N600.31m in 2019


    Profile of Consolidated Hallmark Insurance (CHI) Plc as a leading general business insurance company positioned to change the public perception of insurance in Nigeria. With the help of our people and technology, we ensure we are there for our customers when they need us most because our primary objective is to deliver exceptional service to you, our customer. We are here to reduce anxiety and cater for our customers needs. We have got you covered from Aviation to Oil & Gas, Marine, Motor Insurance, Gadget Insurance, Home Insurance to Business Insurance, and all General Insurance classes.

    Addressing shareholders at the firms 26th Annual General Meeting held yesterday in Lagos, the Managing Director of the firm, Eddie Efekoha stated that, We recorded a modest growth of 8.6% in Profit Before Tax which moved from N711million during the preceding year to N772 million in 2020, while Profit After Tax increased to N677.98 million from N600.31 million in 2019, representing N77.67 million

    Total Assets increased by 22%, growing from N11.74 billion to N14.31 billion in the year under review”, he said.

    From Left: Mr Eddie Efekoha,Group Managing Director,Mr Obinna Ekezie,Chairman and Mrs Rukevwe Falana, Company Secretary,all of Consolidated Hallmark Insurance @ the 26th Annual General Meeting of the Company in Lagos
    Similarly, Your Company is continually committed towards meeting its claims obligations to our numerous customers. Claims expenses increased from N3.44 billion in 2019 to N4.17 billion in 2020, a 21% jump.

    Shareholders fund grew by 25% to close at 8,126,240,232 from 6,481,514,648 as at December last year representing 1,707,902,482

    Also speaking at the event, the chairman who stated that “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 N9.77 billion which represents a 12% growth

    “We believe these measures, coupled w i t h o u r r o b u s t r e i n s u r a n c e arrangement to which we devout a significant amount of our revenue, will play a vital role in improving our profitability in the future by Eddie A. Efekoha, Group Managing Director/CEO of the Consolidated Hallmark Insurance”

    “Your Company has now evolved fully into a One-Stop-Shop for the provision of Insurance and Other Financial Services with our operations in G e n e r a l I n s u r a n c e , M i c r o L i f e Assurance, Health Maintenance and Assets Leasing and other forms of financing”

    The Chairman CHI, Obinna Ekezie stated,” In line with our desire to continually ensure appreciable returns to our shareholders, the Board of Directors wishes to recommend an interim dividend of N216.8 million for your consideration and approval.

    This translates to two kobo per ordinary share of 50 kobo subject to appropriate withholding tax. We remain committed towards regular dividend”, said.

    According to the statement excerpted from the report saying this is payable to all investors of the firm whose names appeared in the company register, and this translates to two kobo per ordinary share of 50 kobo.

    Speaking on the firm’s financial, Ekezie stated that despite challenges in 2020 financial year, CHI recorded an impressive performance as its Gross Premium Written soared to N9.77 billion representing a 12% growth when compared with the N8.69 billion reported in the comparable period of 2019.

    “I am delighted to inform you, as the results being presented today indicate, that despite the 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 N9.77 billion which represents a 12% growth when compared with the N8.69 billion reported in the same period of 2019. The Net Underwriting Income grew from N5.46billion in 2019 to N6.5billion in 2020.

    Claims expenses jumped by 21% from N3.45billion in 2019 to N 4.17billion in 2020, an affirmation of our commitment to continually maintain our sterling reputation of ensuring that customers get value through prompt payment of all valid claims.

    “With the benefit of hindsight, we are quite optimistic that future operating results would be significantly improved upon as the Macro Economic Environment and Global Outlook presents brighter pictures in the years ahead”

    Chairman also acknowledge the company performance “While Profit After Tax increased to N677.98 million from N600.31 million in 2019. Total Assets increased by 22%, growing from N11.74 billion to N14.31 billion in the year under review.”

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