Consolidated Hallmark Insurance Records NGN63 Million Loss In Q3

Canada Life

Consolidated Hallmark Insurance PLC said its reported a net loss of NGN63 million in the third quarter of the year.

However, a nine months view of its affairs shows that it made a net profit of NGN196 million within the period of January to September.

Gross premium written rose to NGN 1,4 billion in the third quarter compared to NGN1,1 billion recorded last year.

Total asset at the end of the period rose to NGN7,8 billion in the first nine months compared to NGN 7,0 billion reported as at December 2015.

Also total liabilities have increased to NGN3,4 billion versus NGN2,7 billion reported last year.

Corporate information

The Group

The group comprises of Consolidated Hallmark Insurance Plc and its subsidiary – CHI Capital Limited. CHI Capital Limited also has two wholly owned subsidiaries, Grand Treasurers Limited and CHI Support Services. Consolidated Hallmark Insurance Plc (formerly Consolidated Risk Insurers Plc) was incorporated on 2 August 1991. The Company changed its name from Consolidated Risk Insurers Plc to Consolidated Hallmark Insurance Plc following its merger with Hallmark Assurance Plc and The Nigerian General Insurance Company Limited in line with the consolidation reform of NAICOM announced in 2006.

Consolidated Hallmark Insurance Plc came into effect from 1 March 2007. During the year under review, the Company engaged in general insurance business and maintained offices in major cities with Corporate headquarters at 266 Moshood Abiola way, Lagos. The principal activities of the subsidiaries are portfolio management, short term lending, equipment leasing and auto tracking services