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Vice
Chairman, Consolidated Hallmark Insurance Plc, Tony Aletor (who represented the
Chairman) with the Managing Director/CEO of the Company, Eddie Efekoha (left)
on the occasion of the 19th Annual General Meeting held at Uyo on
Thursday 6th November, 2013. With them is Adedoyin Adeloye of
Foundation Chambers (Company Secretaries).
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Chuks Udo Okonta
Consolidated Hallmark Insurance (CHI Plc) has held its Annual
General Meeting (AGM) where it presented its 2013 result before its
shareholders. The result shows a moderate 8 per cent growth in the Gross
Premium written.
The company however made a significant provision for impairment
for outstanding premium. This they said is to have a clean break from the era
of debtors’ overhang thus paving the way for future profitability.
The Vice Chairman of the company, Tony Aletor who disclosed this
to Shareholders at the 19th AGM held in Uyo,
Akwa Ibom State on Thursday, 6th
November 2013, said the company made a provision of N 547,735.224 as
impairment charges for the period. He also told the shareholders that having
cleaned the books, future results would be better.
CHI during the 2013 Financial Year also grew its Gross Premium
Income to N4,151,298,704, representing a N315,302,209 increase or
8 per cent difference over the N3,835,996,495 achieved in the 2012
Financial Year.
Consolidated Hallmark Insurance recorded an impressive cash flow
position during the period having improved on the N 1,857,303,251
recorded during the preceding period with a jump to N 2,275,501,790 in
its cash and cash equivalents.
The managing director of the company, Eddie Efekoha said in his
statement that one of the major strategies that has sustained the company’s
business is the avowed commitment to prompt and adequate claims settlement.
Efekoha disclosed that in spite of the quite challenging operating
environment in 2013, CHI’s expenses on claims rose from N 846,618,408 in
2012 to N 965,106,416, adding that by close of business on 31st
December 2013, the company ensured that all fully documented claims for the
year were settled.
The Finance Company subsidiary, Grand Treasurers Limited (GTL)
remained upbeat in their contributions to the bottom line of the Group,
according to Efekoha who disclosed that the company grew its loan book by 125
per cent while keeping its loan loss ratio at 5 per cent.
He also said CHI Support Services Limited, the NCC licensed
Vehicle tracking outfit of the company has continued to play a complementary
role to ensure the company meets the emerging needs of auto insurance customers
who desire added benefits.
Some Shareholders who spoke at the event commended the National
Insurance Commission (NAICOM) for the implementation of the “no premium, no
cover” policy but called on them to put measures in place to ensure that the
huge outstanding premium due to insurance companies for previous cover granted
be recovered.
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