Consolidated Hallmark posts N209.51m profit in 1Q 2020
Consolidated Hallmark Insurance Plc has recorded profit after tax of N209.509 million for the period ended March 31, 2020.
The amount represents an increase of N9.674 million compared with N199.835 million reported in the previous year.
The result submitted at the Nigerian Stock Exchange showed the company profit before tax grew by N59.11 million or 24.48 per cent to N346.270 million from N278.159 million reported the previous year.
A review of the company result for the period indicated that gross premium written
increased to N3.113 billion from N2.572 billion reported in the preceding year. Gross premium income also went up to N2.805 billion from N2.364 billion in 2019, Reinsurance Premium expenses stood at N988.721 million from N763.960 milliion
reported in the preceding year.
Net underwriting income grew from N1.719 billion at the end march 2019 to N1.900 billion while underwriting expenses went to N607.692 million against N541.457 million. The company reported underwriting profit of N788.859 million from N483.790 million in the comparative period of 2019.
Cash and Cash equivalents surged to N2.828 billion from N1.717 billion.
Total assets that stood N11.741 billion in the preceding year went to N12.267 billion,
representing a growth of N526 million or 4.48 per cent while total liabilities rose to N5.444 billion from N2.572 billion.
