Tuesday, July 5, 2022
HomeConsolidated Hallmark records N971.6m profit

Consolidated Hallmark records N971.6m profit

Consolidated Hallmark Insurance Plc’s profit before tax grew by 26 per cent, from N772.5m as of the end of 2020 financial period to N971.6m at the end of 2021.

The firm disclosed in a statement that its accounts had been approved by the National Insurance Commission and published by the Nigerian Exchange Group.

CHI said it remained consistent with the timely rendition and approval of the operating results as a demonstration of its commitment to regulatory compliance and shareholder information flow.

The statement said, “The Group’s 2021 financial result shows a gross premium written of N10.5bn, which when compared with the N9.8bn recorded in the corresponding period of 2020 represents a growth of 7.4 per cent.

“The profit before tax grew by 26 per cent, from N772.5m in 2020 to N971.6m in 2021,  while profit after tax grew by 17 per cent, from N677.9m in 2020 to N790.6m in 2021.

“Similarly, the Group’s total assets rose from N14.3bn in 2020 to N15.7bn in 2021, approximately 10 per cent growth.”

The Group Managing Director/Chief Executive Officer, CHI, Mr Eddie Efekoha, attributed the result to diligence by different arms of the company that worked on the financial reporting process.

He also acknowledged NAICOM’s positive contribution to ensuring that entities met up with reporting deadlines to the capital market without compromising the quality of financial reporting.

Efekoha expressed satisfaction at the continued improvement in the financial performance recorded by the Group across its various member companies.

He said that the growth recorded in the Group’s bottom line reflected the prudent measures taken to increase shareholder value.

He assured its investors and other stakeholders that efforts would continually be focused on creating more value for its numerous investors and stakeholders.


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