Consolidated Hallmark Insurance Plc said its profit before tax rose by 8.6 per cent to N772m as of the end of 2020 financial period from N711m in the corresponding period of 2019.
It said this in a statement on its financial result for the period ended December 31st 2020.
The audited result approved by both the capital market and primary industry regulators, the National Insurance Commission, showed that the general insurance underwriter’s gross premium written rose by 12 per cent to N9.77bn from N 8.7bn reported in the same period of 2019.
A review of the result showed positive performance across key financial indices despite the unprecedented challenges that came with the COVID-19 pandemic, it stated.
The statement said claims expenses of the group jumped by 21 per cent from N3.44bn in 2019 to N4.17bn in 2020 as the company continued to maintain its reputation of ensuring that customers got value through prompt payment of all valid claims.
It recalled that the company embarked on a rights issue in 2020, an offer that was fully subscribed, and which had helped to further strengthen its capital base.
The group’s total assets also increased by 22 per cent, growing from N11.74bn in 2019 to N14.31bn in the year under review, it stated.
Commenting on the performance, the Group Managing Director/Chief Executive Officer, Mr Eddie Efekoha, said, “Against all odds and challenges which the year 2020 confronted us with, we are happy to have delivered this impressive result.
“We are also better prepared to meet the challenges of the future as we see more Nigerians begin to accept insurance as a prudent means of protecting themselves against existing and emerging risks.”
Efekoha said the company was encouraged by the trust and loyalty of its customers and insurance brokers, and therefore continued to develop its operating and technology capabilities to ensure that it met and exceeded their expectation.