By Bisi Bamishe
Customer friendly underwriter, Consolidated Hallmark Insurance Plc recorded N4.17 billion claims expenses in 2020, representing 21 percent rise over N3.45billion paid in 2019.
This was made known by the chairman of CHI, Chief Obinna Ekezie at the 26th annual general meeting of the company held in Lagos recently.
According to him, the increase was an affirmation of the company’s commitment to continually maintain its sterling reputation of ensuring that customers get value through prompt payment of all valid claims.
Ekezie who was delighted with the company’s performance during the year under review, disclosed that CHI Plc also recorded Gross Premium Written of N9.77billion.
He described it as an all – time high GPW which represents a 12 percent growth when compared with N8.69billion recorded during the same period of 2019.
Also, a modest growth of 8.6 percent in Profit Before Tax which moved from N711 million during the preceding year to N772 million in 2020 was recorded. While Profit After Tax increased to N677.98 million from N600.31 million in 2019.
In the same vein, the total assets increased by 22 percent, from N11.74 billion to N14.31 billion in the year under review.
The Chairman assured the shareholders that as the environment becomes more conducive for operators, coupled with the injection of additional capital and improved drive towards awareness creation, CHI will record improved performance in the years ahead.
Mr. Eddie Efekoha, Group Managing Director/CEO of CHI Plc who reaffirmed that the company is continually committed towards meeting its claims obligations said,
“I am pleased to inform shareholders and other stakeholders that we regularly settle all fully documented claims ahead of the deadline stipulated by regulators, and do not have a single unsettled claim in our books which is overdue. While increasing claims settlement is not a bad development, it could also reflect the need for improved underwriting measures to isolate bad risks and reward good ones. We have therefore adopted enhanced underwriting measures to enhance operational efficiency and customer service.”
Speaking on the future outlook, of CHI, Efekoha said that the company has now evolved fully into a One-Stop-Shop for the provision of Insurance and other financial Services with operations in general insurance, micro insurance, life assurance, health maintenance and assets leasing and other forms of financing.
He added, “our outlook about the future remains very bright and we foresee an increasing positive contribution of the subsidiaries – Grand Treasurers Limited, Hallmark HMO, and recently CHI Micro-Insurance to the overall results of the Group.”
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