Consolidated Hallmark Insurance announces N791m profit in 2021

Consolidated Hallmark Insurance Plc (CHI Plc) on Monday declared a nine-digit profit for the year 2021 at N791 million.

The result in 2021, the recovery year, follows the same pattern as that of 2020, the Covid period as the company saw a meagre change in financial report from the income generated down to the profit realised.

The audited financial report by the insurer shows that the profit earned for the year 2021 was a little up by 16 per cent from the N677 million reported in the previous year.

This is as a result of the movement along the financial position of the firm which saw an increase in operating income triggered by exchange gain.

During the year, the company recorded a gain on disposal of foreign currency at N91 million while the gain from the valuation of closing foreign currency balances totalled N174 million.

Gross premium earned amounted to N10.5 billion in 2021 from N9.7 billion in 2020, depicting a 6 per cent increase.

Net premium earned slightly inched upward by just 1 per cent to close at N6.05 in 2021 from N5.5 billion in 2020.

Underwriting profit was valued N1.9 billion in 2020, a 3 per cent rise from N1.86 billion the previous year.

Profit Before Tax was valued at N971 billion, a 26 per cent rise from the N772 billion the previous year.

Net claim paid was down by 11 per cent to close at N2.3 billion against the N2.1 billion in 2020.

Total assets of the company increased to N15.7 billion from N14 billion in 2021 on the back of rise in increase in value of financial assets to N5.3 billion from N4.4 billion in 2020.

However, earnings per share rose to N8.52 in 2021 compared to the N6.90 in the previous year.

Consolidated Hallmark traded at N0.63 as of Friday, 8th April 2022 while its market capitalisation was N6.7 billion.