Consolidated Hallmark Insurance returns to profitability

Consolidated Hallmark Insurance Plc said it returned to profitability in 2014, a development reflected in the company’s financial results approved by the regulatory authorities for the year.
A statement from the firm on Tuesday said it recorded a premium of N4.67bn in 2014 from the N4.15bn premium it declared in 2013 financial year.

“While the company also recorded an underwriting profit of N863.2m compared to N1.05bn in 2013, the profit attributable to equity holders of the parent company took a forward leap from a negative position of N200.5m in 2013 to yield N193.07m in 2014,” it stated.
The firm said the results had brought to fruition, the assurance to shareholders by the management during the company’s annual general meeting, which held in Uyo in 2014, that with the end of the outstanding premium debacle in the industry and particularly for the company, better days of profitability were ahead.
“It is indeed, a promise fulfilled as the company’s 2014 accounts have shown. CHI is one of the few industry players that have so far received the approval of the industry and other regulators for their 2014 financials,” the firm said.
Meanwhile, the equities segment of the Nigerian Stock Exchange was little-changed on Tuesday after investors exchanged 208.086 million shares valued at N2.238bn in 3,787 deals.

The market capitalisation of the listed equities inched lower by N1bn or 0.008 per cent to close at N11.395tn, while the NSE All-Share Index lost 3.13 basis points to close at 33,380.84 basis points.
Seventeen stocks recorded price appreciation, while 26 others recorded price depreciation.
University Press Plc was the biggest gainer, rising by 7.44 per cent or 0.45 to close at N6.50 per share.
On the other hand, Vono Products led the losers, falling by 8.70 per cent or 12 kobo to close at N1.26 per share.