Underwriting firm, Consolidated Hallmark Insurance Plc has grow its gross written premium to N9.77 billion in the 2020 financial years, from N8.69 in 2019, indicating a 12% increase.
Obinna Ekezie, chairman of the Company, disclosed this while addressing shareholders at the firm’s 26th Annual General Meeting (AGM) held yesterday in Lagos.
According to him, despite challenges in 2020 financial year, CHI recorded an impressive performance.“I am delighted to inform you, as the results being presented today indicate, that despite the limitations on the economy during the financial year 2020, your company is once again reporting a positive result.
“In line with our desire to continually ensure appreciable returns to our shareholders, the Board of Directors wishes to recommend an interim dividend of N216.8 million for your consideration and approval. This translates to two kobo per ordinary share of 50 kobo subject to appropriate withholding tax. We remain committed towards regular dividend.”
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“The summary of our key figures shows that we generated an all-time high Gross Premium Written of N9.77 billion which represents a 12 percent growth when compared with the N8.69 billion reported in the same period of 2019. The Net Underwriting Income grew from N5.46billion in 2019 to N6.5billion in 2020.
Claims expenses jumped by 21 percent from N3.45billion in 2019 to N 4.17billion in 2020, an affirmation of our commitment to continually maintain our sterling reputation of ensuring that customers get value through prompt payment of all valid claims.
“We also recorded a modest growth of 8.6% in Profit Before Tax which moved from N711million during the preceding year to N772 million in 2020, while Profit After Tax increased to N677.98 million from N600.31 million in 2019. Total Assets increased by 22 percent, growing from N11.74 billion to N14.31 billion in the year under review”, he said.
Similarly, speaking on claims payment, Eddie Efekoha managing director of the firm, stated, “You company is continually committed towards meeting its claims obligations to our numerous customers. Claims expenses increased from N3.44 billion in 2019 to N4.17 billion in 2020, a 21% jump. I am pleased to inform you that we regularly settle all fully documented claims ahead of the deadline stipulated by the Regulators”, he assured.
