Consolidated Hallmark gives optimistic Q4 earnings forecast despite COVID-19
Consolidated Hallmark Insurance Plc is being very optimistic, having projected a rise in gross premium written to N9.261 billion in Q4 2020.
The insurer also forecast a profit after tax of N502,847 million for the period, indicating an expected better performance while Profit before tax projection stood at N703.324million at the end of same period of December 2020.
The earnings forecast, which was sent to the Nigerian Stock Exchange also estimated that net claims incurred for Q4 will be at N2.423 billion while net income, net operating income, investment income and underwriting/ management expenses, were equally put at N5.856billion, N4.285billion, N751.1million and N2.732billion respectively.
Note that this forecast is coming amid the negative economic impacts wrought by the Coronavirus pandemic. But while some companies are downgraded their 2020 earnings and profitability forecasts, CHI as is popularly called is expecting growth.
In its company’s consolidated half-year ended June, 2020, the group reported gross premium written of N5.334billion and a profit after tax of N295.396million.
The company’s also reported N444.429 million in its profit before tax at the end of June 2020.
Underwriting profit was not let out as it reported N1.103billion at the end of June 202, while Net premium and gross premium stood at N2.928billion and N5.061 billion respectively