Underwriter declares N772 million profit before tax

Despite worries about economic challenges in the country, Consolidated Hallmark Insurance (CHI) Plc has recorded profit-before-tax (PBT) of N772 million in its financial year ended December 31, 2020.

This represents a growth of 8.6 per cent from the N711 million recorded in the previous year. The audited result, as approved by both the capital market and the National Insurance Commission (NAICOM), shows that the general insurer posted a gross premium written of N9.77 billion, representing a 12 per cent growth when compared with N 8.7 billion reported in 2019.

A further review of the result shows positive performance across key financial indices despite the unprecedented challenges that came with the COVID-19 pandemic.

The claims expenses of the group jumped by 21 per cent from N3.44 billion in 2019 to N4.17 billion in 2020 as the company continued to maintain its sterling reputation of ensuring that customers get value through prompt payment of all valid claims.

The group’s total assets also increased by 22 per cent, growing from N11.74 billion in 2019 to N14.31 billion in the year under review. Commenting on the performance, the Group Managing Director/Chief Executive Officer, Eddie Efekoha, said: “Against all odds and challenges which the year 2020 confronted us with, we are happy to have delivered this impressive result. “

We are also better prepared to meet the challenges of the future as we see more Nigerians begin to accept insurance as a prudent means of protecting themselves against existing and emerging risks.”