Consolidated Hallmark Q3 profit up 120%

Consolidated Hallmark Insurance (CHI) Plc, has recorded a 120 per cent growth in its Profit After Tax for the third quarter ended last September 30, when compared with the corresponding period in the preceeding financial year.

The unaudited results, which have been presented to shareholders by the Nigerian Stock Exchange, showed that  Profit After Tax rose from N176.78 million during the nine months ended September 2014, to N389.74 million, this year.

The firm also recorded an improvement in its gross premium income during the period under review, having increased revenue in this area from N3.87 billion to N4.93 billion, despite the increasing competition in the industry and difficult operating terrain.

Further details of the result revealed a 64 per cent growth in underwriting profit, as it posted N1. 25 billion when compared with N768. 3 for the third quarter ended 30th September, 2014.

CHI Managing Director, Eddie Efekoha,  attributed the modest results to high premium the firm has continued to place on customer service and the attention given to prompt claims settlement.

The amount expended on claims by the company during the period rose to N902.2 million from N826.14 million spent during the corresponding period in 2014.

Efekoha said the firm is desirous of maintaining excellent customer service reputation, as it  currently leverages on technology to ensure seamless transactions through the deployment of e-payment channels, whilst also engaging more with numerous customers through the social media platforms.

 

Source: The Nation