Consolidated Hallmark Q3 profit up by 120%

Photo; chasmic-research

Photo; chasmic-research

CONSOLIDATED Hallmark Insurance (CHI) Plc has recorded a 120 per cent growth in profit after Tax for the third quarter ended September 30, 2015, when compared with the corresponding period last year.

The unaudited results which have been presented to shareholders of the company by the Nigerian Stock Exchange, show that profit after tax rose from N176.781 million during the nine months ended September 2014 to N389.749 million, a growth of 120 per cent.

There was also an improvement in the gross premium income during the period under review, having increased revenue in this area from N3.872 billion to N4.939 billion despite the increasing competition in the industry and difficult operating terrain.

Further details of the result reveal a 64 per cent growth in underwriting profit as Consolidated Hallmark posted N1.258 billion when compared with N768.309 million for the 3rd quarter ended September 30, 2014.

The Managing Director of the company, Eddie Efekoha, attributed the modest results to the high premium CHI 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 N902.209 million from N826.149 million spent during the corresponding period in 2014.

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