Lagos, Nigeria – August 4, 2020 – The Consolidated Hallmark Group in its recently published 2020 unaudited Half Year Ended 30th June results announced a Gross Premium Written of N 5.334 billion representing a 12% growth from N 4.758 billion recorded in the same period of 2019.
According to the result recently approved by the regulators, Net Premium Written grew by 2% to N 2.928 billion from N 2.864 during the same period in 2019. Profit-Before-Tax (PBT) rose to N444.4 million from N426.5 million recorded during the corresponding period of 2019 representing a 4% rise while the Group’s Total Assets now stands at N12.170 billion from N11.741 billion, a 4% growth when compared to the figures for the 2019 Financial Year.
On a positive note, the Group’s Claims Expense dipped by 35% due to more efficient Risk Management and Underwriting measures put in place by the parent company, Consolidated Hallmark Insurance Plc. N1.05 billion was recorded as claims expense against the N1.638 billion expended during the same period in 2019.
Commenting on the performance, Mr Eddie Efekoha, the Group Managing Director/CEO was upbeat about the performance which was achieved despite the effects of the COVID 19 pandemic which slowed down operations of most businesses during the second quarter. According to him, “though the operating environment was significantly impacted during the lockdown, we were quick to retool our operations technologically to enable us to adapt to the New Normal in business transaction processes such that our clients have continued to access our services from any location. Though our revenue projections were higher for the period but growth across the CHI group has been sustained through prompt and continued adaptation to technology as we continue to optimize prompt service delivery to our esteemed customers.”
He also added that “the third-quarter is expected to return a more significant growth in revenue as the states and federal government continue to gradually open the economy through the further easing of movements across the country.”