CHI Plc grows profit by 30% to N449 Million

Lagos, Nigeria – Consolidated Hallmark Insurance (CHI Plc) in its recently released unaudited financials for the first quarter (Q1) ended 31 March 2021 recorded a 30% growth in its Profit-Before-Tax (PBT), from the N346 million recorded as at the Quarter Ended 31^st December 2020 to N449 million during the period ended 31^st March 2021.

A review of the key financial metrics including Gross Premium Income, Assets, Investment Income, amongst others, highlights the firm’s commitment to delivering sustainable returns to its shareholders despite the harsh operating environment at the macroeconomic level.

Details of the result show that the Group, comprised of General Insurance, Micro Insurance (Life), Health Management, and Financing Company business delivered a Gross Premium of N3.229 billion representing a 15% growth when compared with the N2.805 billion reported in 2020.  The underwriting profit recorded in the period is N918 million, an improvement of 16% when compared with the N789 million recorded in the previous quarter of 2020.

In the same vein, the Investment Income grew to N285 million from the N224 million recorded in Q1 2020, which represents a growth of 27%. The Group’s Total Assets also grew to N15.17 billion, up 6% when compared to N14.31 billion opening balance.

Commenting on the performance, the Group Managing Director, Mr. Eddie Efekoha attributed the good performance to “the continued faith and belief in the services of the Group by its numerous loyal customers, as well as the resilience and doggedness of the entire staff, management and support of the board of Directors.”

“We have therefore remained energized across the group to continually deliver value to our various stakeholders,” he said, adding that “the CHI Group continues to benefit from its diversified business model and is constantly taking measures to adapt to the difficulties in the operating climate.”

On an optimistic note, Mr. Efekoha said “Although some emerging trends at the global and local economy such as the increasing rate of unemployment and inflation caused by the pandemic have cast a shadow on the operating environment, we nevertheless still look forward to a good year. We are constantly putting measures in place to ensure that we meet the needs of our customers and support their aspirations for insurance covers financial services.”

CHI Plc is ISO 9001:2015 Quality Management System certified and continued to build on that platform to ensure its efficiency and consistent service delivery.