By Favour Nnabugwu
Consolidated Hallmark Insurance Plc’s financial year ended December 31, 2021 announced a gross premium income of N10K.5billion representing a 7.4 percent increase from the N9.8billion recorded in 2020
CHI at its 27th Annual General Meeting, AGM in Lagos yesterday, posted a profit before tax grew by 26 per cent, from N772.5m as of the end of 2020 financial period to N971.6m at the end of 2021.
“The profit before tax grew by 26 per cent, from N772.5m in 2020 to N971.6m in 2021, while profit after tax grew by 17 per cent, from N677.9m in 2020 to N790.6m in 2021.
“Similarly, the Group’s total assets rose from N14.3bn in 2020 to N15.7bn in 2021, approximately 10 per cent growth.”
Speaking at the AGM, the Group Managing Director of CHI, Mr Eddie Efekoha, who thanked all sections of the company for the collective efforts, said without them, the CHI would not be what it is today.
While reviewing the year under review, Efekoha stated, “The 2021 Financial Year was filled with a lot of hopes for us all, not just in the Insurance Industry and by extension the Financial Services Sector, but the entire economy”.
He continued, “It was a year which marked the near full reopening of the operations space for businesses to thrive, following the easing of the global lockdowns and restrictions that characterised the previous year 2020”..
“For us in Consolidated Hallmark Insurance Plc, our story is not different from that of the nation as the year whose operations we are reviewing during this 27th Annual General Meeting marks another positive outing for us in the various key financial indices
“Overview of our optimism for 2021 was bolstered by the projection of a 2.6 percent and 2.4 percent GDP growth for Nigeria by International Financial Institutions like the IMF and World Bank respectively, up from the 1.94 percent contraction in 2020”.
The MD stated that that the company was able to achieve the feat due to measures it applied to cut cost. “I am glad to inform you that some prudent cost control measures we put in place helped us to attain an all-time high Profit Before Taxation of N971.7m in 2021”
Though modest and about N29m short of a desirable N1bn mark, it represents a 26 percent improvement on the N772.6m recorded in 2020. Profit After Taxation also grew positively from N678.0 million in 2020 to N790.6 million in 2021, representing a growth of 17 percent Peculiar Environment
