Consolidated Hallmark Insurance Plc, one of the leading underwriting firms in Nigeria has posted a Profit-After-Tax (PAT) of N519.6 million in its third quarter 2019 results, as against the N355.9 million recorded in the corresponding period of 2018, representing a 46 per cent rise.
The company’s stocks were the highest gainer in percentage terms in the month of October on the floor of the Nigerian Stock Exchange (NSE), garnering over 40 per cent.
This was expressed in its Group Unaudited Financial Results for the period ended September 30, 2019 presented to the Nigerian Stock Exchange.
The result also revealed significant improvements in other indices. Gross Premium Written for the period grew by 23.7% to N6.687 billion from N5.404 billion reported in September 2018. Also, Total Assets of the Group rose to N11.159 billion from N10.821 billion during the corresponding period.
Commenting on the financial result, the Managing Director/CEO of Consolidated Hallmark Insurance Plc, Eddie Efekoha, expressed delight with the company’s consistent impressive performance. He said the unwavering support of the Board and Management of the company was pivotal to the success being recorded.
According to him, “the strong performance reflects the Board and Management’s commitment towards rewarding our shareholders with good returns. There is no gainsaying that consistent improvement is also being driven by the increased confidence of our customers.”
He expressed confidence that the company will successfully beef up its capital base further, ahead of the June 2020 deadline by NAICOM, in view of positive investor confidence displayed during the earlier proactive efforts by the board to raise N500 million through a Rights Issue and an additional N734 million through a Private Placement, both of which, according to him, were fully subscribed even before the recent recapitalization mandated by the National Insurance Commission (NAICOM).
The growing level of confidence reposed in the company by investors, he said, is further attested to by the recent performance of the stock on the floor of the Nigerian Stock Exchange (NSE) as the highest gainer in percentage terms during the month of October, 2019, having garnered over 40% during the month on the strength of positive sentiments.
Recently, CHI Plc improved its credit rating Agusto & Co. from Bbb- to a Bbb. The rating symbolizes a ‘stable’ outlook and potential for growth with a definition as Insurer with a satisfactory financial condition and adequate capacity to meet claim obligations. The rating which is an upgrade from the previous ‘Bbb-‘ reflects the company’s good liquidity, excellent asset quality, as well as a very experienced management team.
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