November 26, 2019

CHI to establish micro life insurance subsidiary in 2020

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By Cynthia Alo

Consolidated Hallmark Insurance Plc, has announced that it will soon establish a micro life insurance subsidiary in 2020.

Chairman of the company, Mr. Obinna Ekezie disclosed this during the company’s Extra-Ordinary General Meeting  (EGM) in Lagos.

He said  that this will adequately equip   the company in  meeting the growing needs of insurance consumers .

He said : ” I am  delighted to inform you that we are on the verge of being granted an operational license by the National Insurance Commission  (NAICOM) to operate a Micro-life insurance subsidiary.

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Also, the statutory deposit and license application fee have been paid to the Central Bank of Nigeria and NAICOM respectively.

Commenting on the  company’s performance in the third quarter (Q3’19), he said: ”Profit-After-Tax (PAT) of N519.6 million was recorded during the third quarter as against the N355.9 million recorded in the corresponding period of 2018, representing a 46 percent rise.

”Also, 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.”