Consolidated Hallmark insurance grows profit by 39% in Q1’21

Zainab Iwayemi

Consolidated Hallmark Plc has improved Profit After Tax, PAT in the first quarter of 2021 by 39 percent translating into an N81 million increase from the amount recorded in the same period last year. This is according to the Financial report made available on the Nigerian Exchange group.

Total Profit After Tax recorded for the first quarter of 2021 stood at N291 million compared to the amount recorded in the same period last year at N209 million. But before deducting tax expenses, profit was valued at N449 million in 2021 compared to the N346 million recorded same period last year.

Total gross premium written and gross premium income for the first quarter this year was worth N3.5 billion and N3.2 billion while that of last year stood at N3.1 billion and N2.8 billion respectively. Similarly, the net premium income was valued at N2.25 this year compared to last year’s at N1.8

Compared to 2020 first quarter result, the reinsurance premium expenses declined by N13 million to close at N975 million in 2021 while fee and commission income fell drastically from N83.8 million to a negative N1.38 million in 2021.

The period under study saw net underwriting income at N2.25 billion in the early months of 2021 compared to the N1.9 billion recorded during the same period last year while Claims expenses in 2021 rallied in the same position with that of the previous year even though bigger claims were settled in 2021. The first quarter of 2020 saw Claim expenses down to N519 million. In 2021, this amount further dipped reaching a negative value of N915.

While the underwriting profit in 2021 amounted to N918 million, that of the previous year valued at N788, the Investment income also improved as it amounted to N284.8 million compared to the N224 million it recorded the previous year.