 Plc has reported a rise in pre-tax profit of 103.64 percent to N1.57 billion for the second quarter){kind=link}
|
Listen now
|
Consolidated Hallmark Insurance (CHI) Plc has reported a rise in pre-tax profit of 103.64 percent to N1.57 billion for the second quarter of 2023, even amid elevated costs as the insurer continues to build its momentum while delivering outstanding financial results.
The insurer’s net income spiked by 74.30 percent to N989.60 million in June 2023, which is attributed to interest revenue and fair value gain on financial assets.
Direct premium revenue also increased in the quarter, to N9.47 billion.9 billion in 2023 from N6.60 billion, driven by growth all business segment.
The company’s ability to continue to grow, manage volatility and improve profitability reflects its commitment to underwriting and operational excellence.
Eddie Efekoha CEO at Consolidated Hallmark Insurance Plc Nigeria, 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.
It paid N3.72 billion in claims to policyholders, which represents an 8.14 pe4cent reduction from 2022’s N4.05 billion.
About Consolidated Hallmark
Consolidated Hallmark Insurance Plc is a Nigeria-based general business insurance company. The Company’s segments include General & Micro Life Insurance Business & HMO and Finance and support services.
The General & Micro Life Insurance Business & HMO segment provides cover for indemnifying customers’ properties, and compensation for other parties that have suffered damage as a result of customers’ accidents.