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Consolidated Hallmark pays N1.29b claims in nine months

By Clement Nwoji, Abuja
21 November 2016   |   2:11 am
The Consolidated Hallmark Insurance Plc said it paid over N1.296 billion as claims to its customers within the past nine months ending 30th September 2016, thereby affirming ...
Consolidated Hallmark

Consolidated Hallmark

The Consolidated Hallmark Insurance Plc said it paid over N1.296 billion as claims to its customers within the past nine months ending 30th September 2016, thereby affirming its ability to settle genuine claims.

Claims are compensations or reimbursement for damages or losses suffered in a financial year, based on the value of the asset insured.

This was disclosed in its financial report as at the end of third quarter, Q3 2016 represents a 43 per cent increase over the N902.208million paid out in the corresponding financial period in 2015.

A brief analysis of the company’s financial statement for 2015, showed gross written premium of over N6.039billion; gross premium earned above N5.875billion; premium earned totalled over N3.189billion; net claims paid was above N958.13million and underwriting profit of over N1.361bilion and above N534.279million as profit after tax.

The Managing Director of the company, who doubles as the chairman of the Nigerian Insurers Association (NIA), Eddie Efekoha, reassured of best service delivery and prompt claims settlement to clients nationwide.

Further analysis of the report showed an increase in net underwriting income from over N2.558billion in 2015 to N3.027billion as at close of business on 30th September.

The 18 per cent increase (after provisions for reinsurance expenses and commissions/fees) was attributed to astute management by the firm, in spite of the prevailing economic situation Nigeria. This has seen premium rates remaining stagnant or reducing, while the latest report by the National Bureau of Statistics (NBS), which provides data to boost informed decision, put inflation, which measures increase in price levels of goods and services at 18.10 per cent in October.

Consolidated Hallmark achieved a Gross Premium Income rise of N4.88billion when compared with the N4.65billion recorded during the nine months period of 2015.

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