Prime Business AfricaConsolidated Hallmark Holdings (CHI) Plc has released its interim consolidated audited financial statements for the first half (H1) of 2025, disclosing that the company recorded N22.92 billion in insurance revenue.
CHI reported that its insurance revenue grew from N12.78 billion turnover recorded in the first six months of 2024, representing an increase of 79.32 percent.
Join our WhatsApp ChannelAccording to the financial statements, insurance service expenses increased by 76.77 percent to N16.90 billion during the review period, compared to the N9.56 billion reported in the first half of last year.
Additionally, net expenses from reinsurance contracts held grew by 5.89 percent year-on-year, from N2.60 billion to N2.76 billion.
However, the insurer closed H1 2025 with 431.34 percent growth in insurance service result, as it increased to N3.25 billion, from N613.25 million recorded during the same period in 2024.
But other operating expenses affected the bottom line, as the former grew by 1,524.03 percent, from N160.34 million recorded in H1 2024, to N2.60 billion between January and June.
Also, net income nosedived by 82.54 percent year-on-year, from N10.79 billion to N1.88 billion, while net credit impairment losses grew to N121.11 million in H1 2025, from N20.22 million, representing a 498.95 percent increase.
Consequently, Consolidated Hallmark’s profit before tax (PBT) dropped by 83.63 percent to N1.76 billion in H1 2025, from N10.77 billion in the first half of 2024.
As a result, the company’s income tax for the period decreased by 81.37 percent to N606.29 million, compared to the N3.25 billion taxation filed for H1 last year.
Despite the drop in tax expense, CHI’s profit after tax (PAT) dropped to N1.15 billion in the first half of 2025, failing to replicate the N7.52 billion profit after tax posted in the corresponding period in 2024, reflecting a decline of 84.61 percent.
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