Prime Business AfricaOver N13.31 billion revenue was generated by Consolidated Hallmark Holding in the first quarter (Q1) of 2025, compared to the N6.19 billion recorded in the same period in 2024, indicating a 114.87 percent increase.
Also, its insurance service expenses increased by 48.13 percent from N4.96 billion in Q1 2025 to N7.34 billion in Q1 2025, according to Consolidated Hallmark’s Q1 2025 financial statements.
Join our WhatsApp ChannelThe company’s net expenses from reinsurance contracts held also grew by 121.80 percent year-on-year from N1.31 billion to N2.92 billion.
However, this did not stop Consolidated Hallmark from overcoming the N82.40 million loss in insurance service results in the first quarter of last year, as the insurer recorded N3.04 billion insurance service results.
During the period under review, the company’s other operating expenses dropped by 3.97 percent year-on-year from N805.36 million to N773.36 million.
Also, net income declined by 79.91 percent to N439.20 million in the first quarter of this year, compared to the N2.18 billion recorded in the corresponding period in 2024.
However, the company’s bottom line was boosted by zero net credit impairment losses during the quarter under review, compared to the N7,73 million net credit impairment losses posted in Q1 last year.
According to the earnings report, Consolidated Hallmark closed the first quarter of this year with N439.20 million profit before tax (PBT), falling below the N2.17 billion PBT recorded in Q1 2024, indicating a decrease of 79.83 percent.
Also, tax expenses paid by the insurer dropped to N79.90 million in the first three months of the year, compared to the N707.04 million filed in the corresponding period in 2024.
However, the 88.69 percent year-on-year decrease in the company’s income tax didn’t stop its profit after tax (PAT) from dropping to N359.30 million in Q1 2025, failing to surpass the N1.47 billion reported in Q1 2024.
Meanwhile, Consolidated Hallmark’s total assets increased marginally by 1.84 percent from N56.94 billion recorded in December 2024, to N57.99 billion at the end of March 2025.
Similarly, the company’s total liabilities ended the first quarter of this year at N22.81 billion, rising by 3.80 percent compared to the N21.98 billion reported at the end of last year.
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