CHI News

July 25, 2023

Consolidated Hallmark Insurance Grows Profit by 45%

Consolidated Hallmark Insurance plc grew its Profit Before Tax by 45

Per cent in its business outing for the year ended December 31,2022.

The company said within one year period its Profit grew from N971 million in

2021 to increase (over prior year) in Profit Before Taxation from N971.6m in 2021

to N1.407 billion in 2022.

Disclosing this at the 28th Annual General Meeting of the company held in Lagos, the Company’s chairman, Mr. Obinna Ekezie, said Profit After Taxation also grew

by 26 per cent over prior year from N790.6 million in 2021 to N995.98 million in

2022, adding that through prudent underwriting, the company was able to grow

its underwriting profit by 24 per cent.

He also said also said total assets of the company was not left out in the impressive performance, as it is now stands at N18,540,741,526  compared to

N15,674,166,226 of 2021.

Ekezie further said during the 2022 financial year, the company once again braved all odds in the operating environment and posted improved results in its top and bottom lines, adding that the results were an all-time high, as they showed a growth of 22 per cent in Gross Premium Written (GPW), from

N10,500,388,477 in 2021 to N12,826,865,218 in 2022.

Also speaking, Group Managing Director, of the company, Eddie Efekoha, said the financial year 2022, was a remarkable one for Consolidated Hallmark Insurance as

it marked the 15th anniversary of the journey embarked upon in 2007.

He noted that it was also the beginning of another journey for the transformation

of the company into a financial powerhouse for the transaction of insurance and other financial services under one formidable umbrella.

“We have truly progressed in that journey, having received your unwavering support and unanimous approval to embark on all necessary processes.

“There is cheering news by colleagues on the Board having, once again, to the best of our abilities, carried out the assignment you gave us, to grow your investments in this going concern. I am therefore pleased to inform you that year 2022, as the results now before you show, was another good outing for us.

“We may not have achieved the very impressing outing we all continually craved

for, but our modest growth in key financial indicators is a good way to bid the

quoted insurance stock farewell and welcome the Holding Company whose

formal birth shall be announced soon,” he stated.

Source: Leadership Newspaper

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