• Wednesday, June 12, 2024
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BusinessDay

Consolidate Hallmark gross written premium up 22% to N12.83bn

Consolidated Hallmark Insurance rewards winners of 2021 annual essay competition

Consolidated Hallmark Insurance Plc (CHI) has reported positives across all measurement indices in the 2022 financial year, with gross written premium up 22 percent to N12.83 billion compared to N10.50 billion in 2021.

Underwriting profit grew from N1.915 billion in 2021 to N2.367 billion in 2022, just as the company also maintained its unbroken record, growing profit before taxation to N1.408 billion from N971. 675 million of 2021, while total profit attributable to shareholders attained a billion-naira mark, having hit N1.017 billion from N923.096 million the previous year.

Obinna Ekezie, chairman, the board of directors made the disclosure its Annual General Meeting (AGM) held in Lagos.

Ekezie said the total assets of the company were not left out in the impressive performance, as it rose to N18.541 billion compared with N15.674 billion the previous year.

Shareholders during the review year got a dividend payout of 3kobo per share amounting to N325.2 million.

On future outlook, Ekezie said the use of technology across all sectors was heightened during the lockdown induced by the Covid-19 pandemic and the re-tooling by organizations will subsequently improve processes and ultimately impact on results in the long-run.

“We are poised to take advantage of this, and also explore the opportunities of our emerging holdco structure to improve on our market”.

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Ekezie said, with the impending change of political baton at the federal level, we are optimistic of a more favourable operating environment for businesses to thrive and diminished political risks, hence 2023 is another year of optimism for positive results in our operations.

“We look forward to further consolidation in our operations as one of the top players in the financial services sector.”

Eddie Efekoha, managing director/CEO, who applauded performance of the company during the review year, said the company recorded a 45 percent increase (over prior year) in Profit Before Taxation from N971.6 million in 2021 to N1.407 billion in 2022.

“Profit After Taxation also grew by 26 percent over prior year from N790.6 million in 2021 to N995.98 million in 2022. Also, through prudent underwriting, we were able to grow our underwriting profit by 24 percent.”

He said claims payment remains an integral part of the company’s operations. “We do not renege on the prompt payment of all genuine and fully documented claims. We expended N4.468 billion on claims in 2022 when compared with the N3.999 billion claims expenses in 2021. Out of this amount however, we were able to recover N1.869 billion from our partners due to the robust reinsurance arrangement within and outside the continent.”

“On a positive note, the horizon looks bright as a plethora of factors point to a robust growth in insurance operations. We are optimistic of a more aggressive penetration of insurance services with technology. Our self- service portal is expected to be more active going forward.”

“Customers and prospects alike can access some of our key classes of insurance including Motor (Third Party, Comprehensive, CHI Prime (Third Party with limited own damage cover) and Goods-In-Transit. Motor Claims registration and tracking can also be carried seamlessly.”