Consolidated Hallmark Insurance Posts N422m Profit in Q3

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  • Consolidated Hallmark Insurance Posts N422m Profit in Q3

Consolidated Hallmark Insurance Plc has recorded a Profit after Tax of N422m in the third quarter of the year.

The financial statements of the company showed that for the nine months period to September 30, 2018, the revenue increased by 19.7 per cent to N5.4bn from N4.5bn recorded for the corresponding period of 2017.

A Profit Before Tax of N422m was recorded during the period under review, compared to the N360m in 2017, indicating 17.2 per cent increase.

The company’s investment income grew from N611m to N746.5m in 2018, representing a 22 per cent increase.

The total assets of the company also rose by 11.56 per cent to N10.5bn from N9.4bn in 2017.

The Managing Director/Chief Executive Officer, CHI Plc, Mr Eddie Efekoha, said in a statement that the result showed the company’s relentless efforts to meet and exceed customers’ expectations and also deliver good returns to its shareholders.

He said, “We are excited to report a stronger Q3 financial result. Our strong business performance made possible through capacity expansion and digital channels optimisation drove revenue growth in this quarter and we remain resilient to do much more for our shareholders.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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