MARKET NEWS
By Goddy Egene
Consolidated Hallmark Insurance Plc (CHI Plc) has recorded a revenue of N5.4 billion and a profit of tax (PAT) of N422 million for the nine months ended 30 September 2018. The revenue growth represented an increase of 19.7 per cent from N4.5 billion recorded for the corresponding period of 2017.
A further breakdown of the results showed that its investment income grew from N611 million to N746.5 million in 2018 which represented 22 per cent increase. Total assets of the company rose by 11.56 per cent from N9.4 billion in 2017 to N10.5 billion. A profit before tax of N422 million was recorded during the period under review when compared with the N360 million, indicating 17.2 per cent increase.
Also, there was 13.3 per cent growth in the net underwriting profit from N836.9 million in 2017 to N948.3 million. Although it’s claims expenses rose significantly by 96 per cent from N2.066 billion in 2017 to N4.057 billion, this was cushioned by the robust reinsurance arrangement in place. The claims expenses percentage increase reaffirms the company’s commitment to fulfilling its obligations to its customers through prompt claims settlement.
Commenting on the financial performance, Managing Director/CEO, CHI Plc, Mr. Eddie Efekoha, stated that the result clearly showed the company’s relentless efforts to meet and exceed customers’ expectations and also deliver good returns to its shareholders.
“We are excited to report a stronger third quarter financial result. Our strong business performance made possible through capacity expansion and digital channels optimisation drove revenue growth in this quarter and we remain resilient to do much more for our shareholders,” he said.
CHI Plc has been consistent in compliance with the insurance industry and capital market regulations, with prompt filing of financials returns, remittance of taxes, and adherence to strong corporate governance practices. The company has also maintained a track record of regular dividend payments.
Recently, the company unveiled its new transaction enabled website – www.chiplc.com and introduced additional online payment channels, including GTBank portal, Quickteller and Paydirect. All of these are to improve customers’ experience at the point of renewal.
Also, CHI Plc was presented with the NIS ISO 9001:2015 Quality Management System Standard certificate by the Standards Organisation of Nigeria (SON). CHI has emerged the second insurance firm out of the existing 56 insurance and reinsurance firms to be presented with the global quality standard certification.
