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Sunday, May 28, 2023

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CHI: N4.4bn Claims Payment, N1.4bn Profit in 2022

Mr. Eddie Efekoha, Group Managing Director/CEO, Consolidated Hallmark Insurance Plc says the company recorded a 45% increase (over prior year) in Profit Before Taxation from N971.6m in 2021 to N1.407 billion in 2022.

Efekoha said at the 28th Annual Meeting (AGM) of the company in Lagos that Profit After Taxation also grew by 26% over prior year from N790.6 million in 2021 to N995.98 million in 2022. Also, through prudent underwriting, we were able to grow our underwriting profit by 24%.

On the business outlook, the CHI GMD said:

“On a positive note, the horizon looks bright as a plethora of factors point to a robust growth in insurance operations. We are optimistic of a more aggressive penetration of insurance services with technology. Our self- service portal www.einsurance.chiplc.com is expected to be more active going forward. Customers and prospects alike can access some of our key classes of insurance including Motor (Third Party, Comprehensive, CHI Prime (Third Party with limited own damage cover) and Goods-In-Transit. Motor Claims registration and tracking can also be carried seamlessly.”

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