Consolidated Hallmark Insurance plc is reporting 54% fall in net profit for the second quarter 2017, profit for the year fell to NGN119.0 million compared to NGN259.1 million in the same quarter 2016.
The insurance company said is gross premium fell to NGN3.1 billion from NGN3.2 billion reported in the year before and reinsurance expenses lowered to NGN1.0 billion against NGN1.3 billion in the previous year.
Net premium income increased to NGN2.1 billion from NGN1.9 billion posted in the fiscal year 2016 while investment income was higher at NGN387.3 million compared to NGN192.1 million in the previous year.
Total asset was NGN8.7 billion to NGN7.7 billion acquired same period 2016 while total liabilities was NGN4.3 billion versus NGN3.2 billion in the year before.
Consolidated Hallmark Insurance (CHI) Plc is a General Business and Special Risks Insurance underwriting firm fully capitalized in line with statutory requirements of the industry regulatory body – the National Insurance Commission.
The company has carved a niche for itself through big ticket transactions in Aviation, Oil and Gas, Marine Cargo and Hull Business and other non-life insurance underwriting including Motor, Fire and Special Perils, Goods-in-Transit, Engineering Insurance, amongst others.
With a formidable Team of highly experienced professionals, CHI Plc prides itself with a robust training and retraining programme to enable the team keep abreast of developments locally and at the global level. This is backed by the deployment of a state-of-the art technology infrastructure that ensures prompt service delivery across the on-line real time network of regional offices across Nigeria.