By Akunne Chika
Consolidated HallÂ mark Insurance PLC (CHI) achieved significant growth in all its key performance metrics in 2008 as the company achieved 100 per cent growth in its gross earnings as its gross premium income increased from N1.5bn in 2007 to N3.0bn in 2008.
CHIâ€™s profit before tax increased by 26 per cent from N237m in 2008 to N298.9m in 2008, its profit after tax grew tremendously by 56.7 per cent from N230m in 2007 to N360m in 2008 whilst its total assets rose from N4.65bn in 2007 to N5.17bn in 2008.
The companyâ€™s shareholders fund increased from N3.73bn in 2007 to N4.08bn in 2008, representing a growth of about 9.72 per cent.
The impressive results achieved by the insurance firm have been attributed to sheer determination and commitment of the management and staff with a lot of support from the market.
In keeping faith with its tradition, its shareholders were also rewarded with a dividend of 5 kobo per share, amounting to N300m.
In 2008, Consolidated Hallmark successfully esta-blished a financial services subsidiary, CHI Capital Limited, in line with itsÂ growth plan.
CHI Capital is to serve as the investment arm of the insurance firm, as well as provide financial advisory, fund management and investment services for other clients.
During the last financial year, Consolidated Hallmark applied to the National Insurance Commission of Ghana for an operating licence to start a general insurance company in the country.
The application, which is said to be at an advance stage with the necessary requirement having been complied with, is intended to mark the beginning of its expansion into other regional markets in Africa.
As the companyâ€™s vision is to evolved into a leading provider of insurance and other financial services of international standard, the organisation is conscious of the fact that the task ahead is challenging, desirable and indeed achievable.
While the company continues to carefully pursue its expansion drive, more focus is being placed on achieving more penetration within the potentially vast retail end of the nationâ€™s insurance market.
The company also appreciates the need to grow its financial capacity so as to compete effectively in the market place and achieve competitive returns for the shareholders.
Consolidated Hallmark Insurance Plc is a high profile, technology-driven and customer oriented company conceived by its stakeholders to be among the first five risk underwriters in the country within a very short period of time.
The insurance outfit is adequately equipped with high quality human capital and the requisite technology to competitively offer perfect, consistent and analytic services to its numerous customers.