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Consolidated Hallmark reports N205.6m profit as GP rose by 11 percent

Consolidated Hallmark Insurance (CHI) plc has recorded a gross premium written income of N4.61 billion in the financial year ended December 31, 2014, an increase of 11.08 percent from N4.15 billion in 2013.
 
This resulted to a profit before tax of N205.6 billion in the review year as against a negative position of N178.2 million in the previous year, while the profit after tax also grew remarkably from a loss position of N197.7 million in 2013 to N193 million in the review year.
 
The Chairman of the company, Obi Ralph Ekezie told shareholders during the 20th Annual General Meeting (AGM) in Lagos on 27th August, 2015 that  the results have placed the company again on the path of profitability, a trend which was only broken briefly during the 2013 Financial Year when significant provision was made for impairment charges.
 
It is good to know that the temporal set back has now been reversed with these results, he said.
Further look into the result shows a total asset of N6.14 billion in 2014 as against N6.17 billion in 2013, while shareholders fund stood at N3.84 billion from N3.65 billion in 2013.
 
“However, I am pleased to inform you that the Unaudited Financial Statements of your company for the half year ended 30th June, 2015 is indicative of the improved health in our finances. Our Profit before Tax for the period currently stands at N 469,860,599 with retained earnings of N148,015,245.
 
“It is hoped that this trend will be sustained for the rest of the year, and on the account of that, the board has decided to pay an interim dividend of N120 million upon approval.” He assured.

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