Modupe Gbadeyanka
By Modupe Gbadeyanka
One of the companies listed on the Nigerian Stock Exchange (NSE), Consolidated Hallmark Insurance (CHI) Plc, is looking to obtain a licence for the operation of a micro life insurance subsidiary in 2020.
Chairman of the company, Mr Obinna Ekezie, stated at the Extra-Ordinary General Meeting (EGM) of the firm in Lagos recently that efforts are being made to achieve this soon.
According to him, the statutory deposit and license application fee have been paid to the Central Bank of Nigeria (CBN) and the National Insurance Commission (NAICOM) respectively.
“I am delighted to inform you that we are on the verge of being granted an operational license by the NAICOM to operate a micro-life insurance subsidiary,” he announced to shareholders present at the meeting.
He explained that when operation, this new venture will adequately equip the company in meeting the growing needs of insurance consumers.
Commenting on the company’s performance in the third quarter of 2019, the Chairman said the firm recorded a profit after tax of N519.6 million, better than N355.9 million achieved in the corresponding period of 2018.
According to him, “The Gross Premium Written (GPW) for the period grew by 23.7 percent to N6.7 billion from N5.4 billion reported in September 2018, while the total assets of the group rose to N11.2 billion from N10.8 billion in the corresponding period.”
He assured the shareholders that the board and management will continue to come with ways to improve the performance of the company, expressing optimism that the 2019 financial year should be better than the previous year.
