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Published On: Wed, Nov 12th, 2014

Consolidated Hallmark grows N4.1bn GP

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Consolidated Hallmark Insurance Plc has recorded a Gross Premium Income of N4.1 billion during the 2013 financial year, representing an eight per cent surge when compared with the 2012 figure of N3.8 billion.

The company’s Cash flow position during the period as well improved by N 2.2 billion from N1.2 billion recorded during the preceding period of 2012.

Interestingly, CHI had assured that the excellent result recorded within the period under review has assisted it in clearing up its old debts thus paving way for future profitability.

Addressing shareholders at its 19th Annual General Meeting held in Uyo, the Akwa Ibom State capital, the Vice Chairman of the company, Mr Tony Aletor commended the company for posting an improved performance adding that it has paved way for future profitability for the company.

Also speaking at the event, the Managing Director of the company, Mr Eddie Efekoha stated that one of the major strategies introduced by the firm which has sustained its business was its commitment to prompt claims settlement.

He disclosed that in spite of the quite challenging operating environment in 2013, CHI’s settled claims to tune of 965.1 million representing 12 per cent over 2012 figure of N 846.6 million .

The Finance Company subsidiary, Grand Treasurers Limited (GTL) remained upbeat in their contributions to the bottom line of the Group, according to Efekoha who disclosed that the company grew its loan book by 125% while keeping its loan loss ratio at 5%.

He also said CHI Support Services Limited, the NCC licensed Vehicle tracking outfit of the company has continued to play a complementary role to ensure the company meets the emerging needs of auto insurance customers who desire added benefits.

Some Shareholders who spoke at the event commended the National Insurance Commission (NAICOM) for the implementation of the “no premium, no cover” policy but called on the commission to put measures in place to ensure that the huge outstanding premium due to insurance companies for previous cover granted be recovered.

 

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