Underwriting firm, Consolidated Hallmark Insurance (CHI) plc
has recorded a gross premium written income of N4.61 billion in the
financial year ended December 31, 2014, an increase of 11.08 percent
from N4.15 billion in 2013.
This resulted to a profit before tax of N205.6 billion in the review
year as against a negative position of N178.2 million in the previous
year, while the profit after tax also grew remarkably from a loss
position of N197.7 million in 2013 to N193 million in the review year.
The Chairman of the company, Obi Ralph Ekezie who will be speaking to
shareholders during it’s 20th Annual General Meeting (AGM) slated to
hold in Lagos Thursday said the
results have placed the company again on the path of profitability, a
trend which was only broken briefly during the 2013 Financial Year when
significant provision was made for impairment charges.
It is good to know that the temporal set back has now been reversed with these results, he said.
Further look into the result shows a total asset of N6.14 billion in 2014 as against N6.17 billion in 2013, while shareholders fund stood at N3.84 billion from N3.65 billion in 2013.
It is good to know that the temporal set back has now been reversed with these results, he said.
Further look into the result shows a total asset of N6.14 billion in 2014 as against N6.17 billion in 2013, while shareholders fund stood at N3.84 billion from N3.65 billion in 2013.
“However, I am pleased to inform you that the Unaudited Financial
Statements of your company for the half year ended 30th June, 2015 is
indicative of the improved health in our finances. Our Profit before Tax
for the period currently stands at N 469,860,599 with retained earnings
of N148,015,245.
“It is hoped that this trend will be sustained for the rest of the
year, and on the account of that, the board has decided to pay an
interim dividend of N120 million upon approval.” He assured.
On the future of the insurance industry, he said insurance industry
remains very bright giving the existing low penetration rate, adding
that Consolidated Hallmark will take full advantage of technology to
drive the retail segment of the insurance market.
He said there are also plans in place to partner with Nigerian Banks
to drive the Bancassurance model for which the Central Bank of Nigeria
recently issued a guideline. “We will continue to service our clients
with our prompt claims payment culture and remain a partner of choice to
the insurance broker community.
On prospect of the Company, the GMD/CEO, Eddie Efekoha said that the
company has continued to re-strategize to ensure the best returns to all
stakeholders. Towards this end, its claims payment policy remains one
to beat in the entire industry as our belief that satisfied customers
will continue to spread the message of prompt service based on their
experience.
He noted that Consolidated Hallmark brand has grown to occupy its
pride of place in the financial services landscape hence cannot ignore
the evolving trend of e-commerce. “We are indeed poised to drive the
retail end of the market through the use of technology. In this regard,
your company is currently working towards the deployment of various
e-business applications that will bring our services within the reach of
our clients anywhere they may be globally.
“We blazed the trail in online marketing of insurance with our launch
of the Motor Third Party portal in 2008. Other companies have now
followed suit”, he said
CHI Plc has carved a niche for itself through big ticket transactions
in Aviation, Oil and Gas, Marine Cargo and Hull Business and other
non-life insurance underwriting including Motor, Fire and Special
Perils, Goods-in-Transit, Engineering Insurance, amongst others.
Modestus Anaesoronye
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