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Consolidated Hallmark Insurance Plc has recorded a combined ratio of roughly 97.33 percent for the first quarter of 2023, despite rising inflation, currency volatility, and high cost of doing business.
The combined ratio of 97.33 percent for the quarter is an improvement from 105.08 percent the previous year, according to MoneyCentral calculations.
Of course, an efficient underwriting capacity translated into underwriting profit of N1.13 billion, which is 30.24 percent higher than 2022’s N867.53 million.
The improvement in combined ratio and efficient underwriting capacity stem from a reduction in claims ratio that means the insurer earns more in premium income than the claims it pays out.
Claims ratio fell to 33.18 percent in the period under review from 45.55 percent the previous year.
The company paid N930.06 million to policyholders as claims, which is 16.85 percent higher than 2022’s N1.11 billion.
Consolidated Hallmark Insurance’s net profit or profit after tax (PAT) rose by 24.46 percent to N510.01 million as at March 2023 from N441.90 million the previous year.
Ediie Efekoha the MD/CEOÂ of Consolidated Hallmark Insurance, expressed satisfaction at the continued improvement in the financial performance recorded by the Group across its various member companies.
He said that the growth recorded in the Group’s bottom line reflected the prudent measures taken to increase shareholder value.
He assured its investors and other stakeholders that efforts would continually be focused on creating more value for its numerous investors and stakeholders.
The company’s gross premium income was up 21.94 percent to N4.89 billion in the period under review from N4.01 billion the previous year.
Net premium income followed the same growth trajectory as it went up by 8.10 percent to N2.80 billion in March 2o23 from N2.59 billion as at March 2022.