Business

CHI Plc reports N772m profit for FY’20

 

Consolidated Hallmark Insurance Plc has reported a profit before tax of N772million. This represents a growth of 8.6 per cent from the N711 million recorded in the corresponding period of 2019.

Details contained in the recently released financial result for the period ended December 31, 2020, and approved by both the capital market and primary industry regulators, the National Insurance Commission, show that the General Insurance underwriter delivered a Gross Premium Written of N9.77 billion, representing a 12 per cent growth when compared with N8.7 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 COVID-19.

The claims expenses of the group jumped by 21 per cent 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 by22 per cent, growing from N11.74 billion in 2019 to N14.31billion in the year under review.

Commenting on the impressive performance, the Group Managing Director/CEO, Mr. Eddie Efekoha, 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 digitisation 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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