By Bisi Bamishe
Consolidated Hallmark Insurance Limited, the flagship non-life insurance subsidiary of Consolidated Hallmark Holdings Plc, has secured an upgraded A+(NG) national scale financial strength rating from GCR Ratings, rising from A(NG) (previously on a Stable Outlook), with a Positive Outlook, following a rating action announced on 31 August 2026.
The upgrade, GCR’s first improvement since commencing coverage of the insurer in August 2023, reflects stronger risk-adjusted capitalisation, adequate liquidity, an improving earnings profile and a significant turnaround in underwriting performance.
A key driver of the upgrade was the sharp improvement in the combined ratio, which declined from 113.5% in 2023 to 83.9% in 2024 and 78.2% in 2025, significantly outperforming the Nigerian non-life insurance industry average of 95.0%. GCR attributed the improvement to fewer high-value claims, optimised reinsurance arrangements, scale efficiencies and disciplined cost management.
Commenting on the rating outcome, Mrs. Mary Adeyanju, Managing Director/Chief Executive Officer, said the rating validates the company’s strategic focus on underwriting discipline, financial resilience and customer value.
“The A+(NG) rating is a strong affirmation of the discipline and resilience behind our transformation. We have deliberately strengthened underwriting quality, risk management and reinsurance while ensuring that our growth remains supported by adequate capital and liquidity. Most importantly, this milestone reinforces the confidence of our customers, brokers and partners in our ability to deliver on our promises.”
The company recorded a 33.7% five-year compound annual growth in insurance revenue, reaching ₦41.7 billion in 2025, supported by its distribution network and intermediary relationships across eight business lines.
Capital strength also improved, with GCR’s capital adequacy ratio rising to 2.5x, from 1.9x, while the statutory solvency margin reached 11.9x, against a regulatory minimum of 1.0x. Liquidity coverage remained strong at 2.2x, with cash and short-term placements representing 54.8% of investments.
Adeyanju said the Positive Outlook would further reinforce the company’s focus on sustainable growth.
“Our objective is not growth for its own sake. We are focused on profitable, sustainable and responsible growth. The Positive Outlook is encouraging, but it also raises the standard we have set for ourselves. We will continue to invest in underwriting excellence, innovation, customer experience, operational efficiency and prudent capital management as we deepen our presence in the market.”
GCR noted that further rating improvement would depend on sustained underwriting and competitive gains, while maintaining capital adequacy and liquidity above 2.2x and 1.8x, respectively. GCR projects CHI’s capital adequacy ratio to range between 2.2x and 2.4x, and its liquidity coverage to remain above 2.0x, over the next 12 to 18 months. The outlook also recognises the modest growth contribution of CHI Life Assurance Limited, the Group’s relatively new, wholly owned life insurance subsidiary, and Other expected diversifications.
The upgrade reinforces the company’s growing financial resilience and commitment to profitable, sustainable and customer-focused growth.
About Us:
Consolidated Hallmark Insurance Limited is one of the leading General Business and Special Risk Insurance underwriters in Nigeria. Over the years, the company has played a leadership role in the underwriting of key transactions in Aviation, Oil & Gas, Marine Cargo and Hull Business as well as in Motor insurance business. We have built a reputation on Professionalism, Integrity and Excellent Service Delivery. Leveraging on the capabilities and unique skills of the entire group, we provide premium risk management solutions to our clients. Our commitment to serving you better has seen us make key investments in our People, Technology and Processes.
