Insurers to drive policy uptake with micro-life in 2020

In a bid to deepen insurance penetration and awareness in the nation’s insurance industry, underwriters have revealed plans to commence Micro-Life insurance subsidiary by the next year 2020

The Chairman, Consolidated Hallmark Insurance, Obinna Ekezie, who spoke with The Guardian, in Lagos during Extra-Ordinary General Meeting, said plans are on the verge of being granted approval and operational license by the National Insurance Commission, (NAICOM) to operate the business.

He maintained that statutory deposit and license application fee has been paid to the Central Bank of Nigeria ( CBN) and NAICOM respectively.

Speaking on its third-quarter result for 2019, he said Profit-After-Tax (PAT) rose to N519.6 million from N355.9 million in the corresponding period of 2018 to N519.6 million in the same period of 2019, representing a 46 per cent rise.

Gross Premium Written for the period grew by 23.7 per cent to N6.687 billion from N5.404 billion reported in September 2018.

Total Assets of the Group rose to N11.159 billion from N10.821 billion during the corresponding period.