First Quarter 2020 Results: Consolidated Hallmark Insurance Plc sustains growth in performance

Lagos, Nigeria – July 1, 2020 – Consolidated Hallmark Insurance (CHI Plc) has continued on its growth path based on the company’s unaudited Group Financial Results for the First Quarter (Q1) Ended March 31, 2020, recently approved by the regulators.

The Group Result, consisting of the Financials of the parent company, Consolidated Hallmark Insurance Plc (Insurance), and its fledging subsidiaries- Grand Treasurers Limited (Finance Company), CHI Capital Limited, CHI Microinsurance Limited and Hallmark Health Services Limited (HMO), achieved a Profit Before Tax (PBT) of N346.2m when compared with the N278.1million recorded in the corresponding period of 2019. This represents a 24% rise. The result also revealed growth in other financial indices of the Group. Gross Premium Written for the period grew by 21.05% to N3.113 billion during the same 2019 review period.

On a further positive note, the claims expense dropped significantly by 49.53% to N519 million as against N1.028 billion that was expended in 2019. While the experience of just one quarter may be too early to draw valid conclusions, this improvement in the claims experience however could be partly attributed to the various improvements in the underwriting and claims management processes the Group has put in place in recent times.

The economic lockdown period too is a contributory factor. The company met all its claims obligations timely and extended premium rebate offers to its policyholders as palliatives for the lockdown period.

Commenting on the performance, Mr. Eddie Efekoha, the Group Managing Director/CEO of the company who currently doubles as the President and Chairman in Council of the Chartered Insurance Institute of Nigeria (CIIN) said: “ We are pleased to start the fiscal year with a considerably better first-quarter result despite the challenging operating environment. We are very mindful that the period we are reporting now happened before the full weight of the COVID-19 began to take its toll on businesses in Nigeria. However, our records over the years show that we have been quite resilient and consistent in delivering good performance and therefore remain optimistic about our future results in the quarters ahead.”

Mr. Efekoha added that with the commitment and dedication of members of staff, the company was able to quickly adapt to the various challenges COVID-19 posed. According to him “we re-strategized our business model such that we have been able to carry on with  operations through our various digital channels while not compromising on the health and safety of our staff and customers.” “This is in line with the reality of the New Normal, which individuals and corporates necessarily have to adjust to, as it is no longer business as usual,” he said.