BY ZAKA KHALIQ, Lagos
Consolidated Hallmark Insurance(CHI) Plc recorded profit-before-tax (PBT) of N772 million, in its financial year ended 31st of December, 2020.
This 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 (NAICOM) shows that the general insurer posted 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 N3.44 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.
The group’s total assets also increased by 22 per cent growing from N11.74 billion in 2019 to N14.31billion in the year under review.
Commenting on the 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.”