BY NKECHI NAECHE-ESEZOBOR— Consolidated Hallmark Insurance Plc, a major player in the insurance sector, said despite the difficult business environment, the company’s Profit Before Tax rose by 45% from N971.6 million in 2021 to N1.407 billion at the end of full year December 31, 2022.
The Chairman of the company, Obinna Ekezie, disclosed this during the company’s 28th Annual General Meeting held today in Lagos, that Profit After Tax also went up from N790.6 million in 2021 to N995.98 million in 2022, indicating 26% growth over prior year.
The insurer’s underwriting profit also appreciated by 24% to N2.367 billion in 2022 from the N1.915bllion in 2022.
On claims he said “Claims payment remains an integral part of our operations. We do not renege on the prompt payment of all genuine and fully documented claims. We expended N4.468 billion on claims in 2022 when compared with the N3.999 billion claims expenses in 2021.
“Out of this amount however, we were able to recover N1.869 billion from our partners due to the robust reinsurance arrangement within and outside the continent.”
Total assets rose by 18% from N15.674 billion in 2021 to N18.54 billion in 2022, while investment Income rose marginally by 15% from N1.202 billion in 2021 to N1.377 billion in 2022.
On human Capital development, the Group Managing Director of the company, Mr. Eddie Efekoha, said: “We have always believed in human resources as the most vital
component of an organisation and therefore put in place /robust training programmes for our personnel. These programmes are conducted locally and internationally with regular online training sessions now contributing significantly to the transfer of knowledge.
“Also, our Graduate Trainee Scheme ensures that opportunities are provided biannually for young graduates to be enlisted into our workforce and rise through the ranks through hard work and dedication. They are drawn from diverse areas of study including insurance, finance, marketing, technology, amongst other disciplines and they have all contributed their quota to our corporate success story.
“Employee Performance is measured and rewarded through the 360-degree appraisal system which has since become fully operational,” he said.
On business outlook, he said ” on a positive note, the horizon looks bright as a plethora of factors point to a robust growth in insurance operations. We are optimistic of a more aggressive penetration of insurance services with technology.