Consolidated Hallmark Insurance Plc paid N4.17 billion in valid claims in 2020, the company’s financials show.
Hallmark’s 2020 account statement presented to shareholders at its 26th Annual General Meeting (AGM) showed that the claims expenses increased by 21 % from N3.45bn in 2019 to N4.17bn in 2020.
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Also, the company’s net underwriting income grew from N5.46bn in 2019 to N6.5bn in 2020.
The company also posted N9.77bn Gross Premium Written (GPW) which represents a 12 % growth when compared with the N8.69bn reported in 2019.
The Chairman of the company, Obinna Ekezie, noted that despite the limitations on the economy during the financial year 2020, the company made a modest growth of 8.6 % in Profit Before Tax (PBT) which moved from N711m during the preceding year to N772m in 2020, while Profit After Tax increased to N677.98m from N600.31m in 2019.