Consolidated Hallmark Insurance assets rise to N7.79bn

The Total Assets of Consolidated Hallmark Insurance  Plc have grown from N 6.96 billion posted in September 2015 to N7.79 billion as at September 30, 2016 according to the recently approved financials of the company for the 3rd quarter ended. This represents a 12 percent growth in total assets during the reporting period.

The company was also able to grow its gross premium income to N 4.88 billion when compared with the N4.66 billion achieved during the corresponding period in 2015, a marginal rise of 5 percent. The managing director of the company, who is also the current chairman of the Nigerian Insurers Association, Eddie Efekoha, is optimistic of an improved outing during the remaining quarter of the year, due to his firm belief that insurance services remain even more relevant during periods of economic downturn to discerning investors.

Consolidated Hallmark Insurance also gave several of its customers many reasons to be happy during the period with increased claims settlement. N1.296 billion was expended on payment of claims to them during the period. The amount is a 43 percent increase over the N902 million the company paid out during the same financial period in 2015. The increase in claims payment is in line with the commitment of the company to promptly settle all fully documented claims at all times.

The nine months ended results show a modest rise in Net underwriting income from N2.56 billion in 2015 to N3.02 billion as at close of business on September 30, 2016. The 18 percent increase (after provisions for reinsurance expenses and commissions/fees) is attributable to astute management by the firm, in spite of the prevailing economic situation in the country which has seen premium rates remaining stagnant or reducing, while inflation spirals to double digit figures.