CHI’s profit up by 108%

Consolidated Hallmark Insurance (CHI Plc) has reported a 108 per cent leap in its profit for the financial year ended December 31, 2017.

In its results, which were submitted within the regulatory timelines and recently approved by all regulators, including the Capital Market, the company posted a Profit After Tax of N406.21 million, when compared with the N194.9 million of the 2016 Financial Year.

Also, Profit Before Tax grew by 74 per cent from N368.1 million in 2016, to N641.1 million in 2017.

Further details of the results made available to shareholders of the company showed appreciable progress in investment activities as well.

Income from investments grew from N472.3 million to N796.2 million in 2017, while total assets of the company rose by 27 per cent from the N7.44 billion of 2016 to N9.49 billion.

Revenue reported for the period through Gross Premium Written was N5.680 billion, while a Net Underwriting Income of N4.05 billion was recorded.

The company continues to fulfil its obligations through prompt claims’ settlement, as gross amount paid out in this regard during the year under review was N3.354 billion.

The positive result is an affirmation of the recent assurance by the Managing Director of the company, Eddie Efekoha, to shareholders that they should expect more returns in the nearest future from the underwriter, even as recent capacity expansion and growth initiatives will help to grow revenue.

Plans are already afoot to hold the Annual General Meeting, where in line with its policy of rewarding shareholders for their steadfastness, dividend payment will be proposed to shareholders for approval. CHI Plc has paid dividends seven times in the last 10 years.