Notwithstanding the challenging business environment in the country, Consolidated Hallmark Insurance Plc (CHI) has announced impressive financial performance last year.
For instance, the company recorded an all-time high Gross Premium Written (GPW) of N10.5 billion in the year under review as against N9.8 billion generated in the previous period of 2020, an increase of 7.4 per cent growth.
Besides, the profit before tax (PBT) went up significantly by 26 per cent from N772.6 million in 2020 to N971.7 million in 2021, while profit after tax (PAT) grew by 17 per cent from N678.0 million in 2020 to N790.6 million in 2021.
As a result, the Board of Directors declared dividend payment of N433.6 million for existing Shareholders for this financial year which translates to four kobo per share.
The Chairman of the company, Obinna Ekezie, addressing Shareholders at it’s 27th yearly general meeting (AGM) held in Lagos, said that the company generated an all-time high Gross Written Premium (GPW) of N10.5 billion in the year under review as against N9.8 billion recorded in the previous year of 2020, translating to 7.4 per cent growth.
According to him, profit before tax went up significantly by 26 per cent from N772.6 million in 2020 to N971.7 million in 2021, while profit after tax (PAT) grew by 17 per cent from N678 million in 2020 to N790.6 million in 2021.
According to Ekezie, the company created additional value during the year by growing the group’s total assets from N14.3 billion in 2020 to N15.7 billion in 2021.
He said “Despite the prevailing economic environment, investment income grew from N940 million to N1.2 billion in 2021. The financial year under review was another success story for your company despite challenges in the operating environment”.
The Group Managing Director/CEO, Mr. Eddie Efekoha, in his statement said “I am glad to inform you that some prudent cost control measures we put in place helped us to attain an all-time high Profit Before Taxation of N971.7 million in 2021. Though modest and about N29 million short of a desirable N1 billion mark, it represents a 26 per cent improvement on the N772.6 million recorded in 2020. Profit After Taxation also grew positively from N678.0 million in 2020 to N790.6 million in 2021, representing a growth of 17 per cent.
Said he “Whilst striving to continually meet the needs of our customers through prompt payment of all fully documented and genuine claims, we have also continued to fine-tune our risk undertaking through prudent measures, these have paid-off as we recorded a drop in the amount expended on claims in 2021 to N3.99 billion from N4.2 billion claims expenses in 2020. We however recorded more from robust reinsurance arrangement in 2021 than the previous year as evident in the N1.71 billion recovered when compared with N1.61 billion.”