Consolidated Hallmark Insurance Posts 48% Growth in Profit

Recording the Profit After Tax (PAT) of the year ended on December 31st, Consolidated Hallmark Insurance Plc (CHI Plc) gains 48P% in PAT.

According to the company, there was a positive improvement in the performance of the year.

The company posted a growing written premium of N8.691 billion in 2019, showing a growth of 27% compared to N6.864 billion, while net earned stood at N4.945 billion, up from N4.273 billion in 2018. Net commission paid was N1.679 billion as against N1.799 billion the previous year.

Management expenses rose 16% to N2.067 billion, compared with N1.778 billion. Understanding profit jumped 51% to N1.828 billion, from N1.207 billion.

CHI Plc ended the year with profit before tax of N711.474 million, indicating an increase of 33% compared with 534.438 million in 2018, while PAT grew from N406.71 million to N600 million in 2019.

CHI Plc recently floated the right issue to raise additional capital of N1. billion fresh capital of about N1.057 billion.

Commenting on the development, the Managing Director/Chief Executive Officer of the CHI Plc, Mr. Eddie Efekoha, said; “We have shown a commitment to shareholder value creation and paid dividend time and again. 

"The company is one of the most consistent dividend-paying publicly quoted firms amongst listed companies generally, and particularly in the insurance sector. We enjoin the shareholders to exercise their rights in full,” he said.

The company added that it is financially expanding; “The latest subsidiary that has been added to the stable is the CHI Microinsurance Limited, a micro life assurance company recently granted approval in principle by NAICOM and set to commence operations by the second quarter of this year,” he said.