Consolidated Hallmark records N4.8bn premium income Q3

By ABDUL OLALEKAN

Consolidated Hallmark Insurance Plc posted a Gross Premium Income of N4.84 billion in its third quarter,2016 as against N4.65 billion posted in the corresponding period in 2015, representing a marginal rise of 5 per cent.

The Total Assets of the insurance firm also grew from N 6.96 billion posted in September, 2015 to N7.79 billion as at 30th September, 2016, according to the recently approved 3rd quarter, 2016 financials of the company.

A statement from the firm over the weekend stated that this represents a 12 per cent growth in Total Assets during the reporting period.

Responding to this development, the Managing Director of the company, Eddie Efekoha said he was optimistic of an improved outing during the remaining quarter of the year, due to his firm belief that insurance services remain even more relevant during periods of economic downturn to discerning investors.

Efekoha, who is also the current chairman of the Nigerian Insurers Association NIA), stated that the claims settlement of the company equally increased from N902 million in Q3, 2015, to N1.29 billion in the same period of 2016.

This, he said, represents a 43 per cent within the period, adding that the increase in claims payment was in line with the commitment of the company to promptly settle all fully documented claims at all times.

The nine months ended results show a modest rise in Net underwriting income from N2.558billion in 2015 to N3.02billion as at close of business on 30th September, 2016.

The 18 per cent increase (after provisions for reinsurance expenses and commissions/fees) is attributable to astute management by the firm, in spite of the prevailing economic situation in the country which has seen premium rates remaining stagnant or reducing while inflation spirals to double digit figures.