Consolidated Hallmark Insurance Plc has said its Gross Premium Written (GPW) for the period ended December 31, 2020 stood at N9.77 billion.
According to the firm, this figure indicates a 12 per cent growth when compared with the N8.69 billion reported in the same period of 2019. Its Chairman , Obinna Ekezie, who disclosed this at the 26th Annual General Meeting (AGM) of the company in Lagos, noted that despite challenges in the 2020 financial year, the underwriter recorded an impressive performance in its GPW.
Ekezie said: “I am delighted to inform you that, as the results being presented today indicate, despite the limitations on the economy during the financial year 2020, your company is once again reporting a positive result.
“In line with our desire to continually ensure appreciable returns to our shareholders, the board of directors wishes to recommend an interim dividend of N216.8 million for your consideration and approval.
“This translates to two kobo per ordinary share of 50 kobo subject to appropriate withholding tax. We remain committed towards regular dividend.”
Similarly, the firm’s net underwriting income grew from N5.46 billion in 2019 to N6.5 billion in 2020, while claims expenses increased by 21 per cent from N3.45 billion in 2019 to N4.17 billion in 2020, “an affirmation of our commitment to continually maintain our sterling reputation of ensuring that customers get value through prompt payment of all valid claims. “We also recorded a modest growth of 8.6 per cent in profit before tax, which moved from N711 million during the preceding year to N772 million in 2020, while profit after tax increased to N677.98 million from N600.31 million in 2019.
“Total assets increased by 22 per cent, growing from N11.74 billion to N14.31 billion in the year under review,” he said.
Speaking on claims payment, the Managing Director of the firm, Eddie Efekoha, stated: “The Company is continually committed towards meeting its claims obligations to its numerous customers.
“Claims expenses increased from N3.44 billion in 2019 to N4.17 billion in 2020, a 21 per cent jump. I am pleased to inform you that we regularly settle all fully documented claims ahead of the deadline stipulated by the regulators,” he said.