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Consolidated Hallmark Insurance post N791 million profit in 2021

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Eddie Efekoha

Consolidated Hallmark Insurance Plc (CHI Plc) has posted a nine-digit profit for the year 2021 at N791 million.

The result in 2021 – the recovery year – follows the same pattern as that of 2020 – the Covid period as the company saw a meagre change in financial report from the income generated down to the profit realized.

The audited financial report by the insurer shows that the profit earned for the year 2021 was a little up by 16% from the N677 million reported in the previous year. This is as a result of the movement along the financial position of the firm which saw an increase in operating income triggered by exchange gain.

During the year, the company recorded a gain on disposal of foreign currency at N91 million while the gain from the valuation of closing foreign currency balances totalled N174 million.

Key highlight of the report

  • Gross premium earned amounted to N10.5 billion in 2021 from N9.7 billion in 2020, depicting a 6% change.
  • Net premium earned slightly inched upward by just 1% to close at N6.05 in 2021 from N5.5 billion in 2020.
  • Underwriting profit was valued N1.9 billion in 2020, a 3% rise from N1.86 billion the previous year
  • Profit before tax was valued at N971 billion, a 26% rise from the N772 billion the previous year.
  • Net claim paid was down by 11% to close at N2.3 billion against the N2.1 billion in 2020
  • Total assets of the company increased to N15.7 billion from N14 billion in 2021 on the back of rise in increase in value of financial assets to N5.3 billion from N4.4 billion in 2020
  • However, earnings per share rose to N8.52 in 2021 compared to the N6.90 in the previous year.

What you should know

Consolidated Hallmark traded at N0.63 as of Friday, 8th April 2022 while its market capitalization was N6.7 billion.

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Business News

ESG provisions and litigation risks in the oil and gas industry

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ESG

ESG litigation risks exist not just in Nigerian courts but in the home state courts of the parent companies of Nigerian operators. Take for instance the US Alien Tort Statute which gives US court’s jurisdiction to hear lawsuits filed by non-U.S. citizens for torts committed in violation of international law. Note also the Dutch appeals court ruling ordering Shell to pay damages for oil spill in two Niger delta villages. ESG-related litigation can also take the form of suits directed at specific oil and gas projects falling short of ESG standards.  Take for instance litigation by activists against the Keystone pipeline in Canada and the US.

Nigerian courts are starting to adopt a liberal approach towards environmental litigation issues. In Gbemre v. Shell, the Federal High Court of Nigeria ruled that the practice of massive and intense gas flaring violates the fundamental rights to life and human dignity of affected citizens guaranteed under the Nigerian Constitution and the African Charter. More recently, the Supreme Court of Nigeria, in Centre for Oil Pollution Watch v. NNPC, expanded the frontiers of locus standi in environmental litigation. The Supreme Court held that locus standi should not be used to prevent an individual or group from bringing a matter of unlawful environmental conduct to the attention of the court.

It is exigent that oil and gas companies are properly equipped to pass muster in the face of the rise of ESG.  ESG doesn’t portend the end of the fossil fuel industry. ESG not only creates risks but likewise opportunities. The oil and gas industry isn’t going away soon but the way in which it operates will have to change. Big oil is already embracing the ESG revolution. Mid-sized and small players, no doubt constrained by thinner operating margins, will be increasingly motivated by access to capital and consumer concerns to get in step.

Oil and gas companies should limit their ESG exposure by regularly reviewing policies and procedures to ensure they address ESG related issues. This would include setting and implementing ESG sustainability targets and working with legal counsel at an early stage to mitigate exposure or manage crises where it inevitably arises.

Ozi Nwadike Esq., Principal Counsel, Pristine and Sage Attorneys

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Continue Reading

Business News

ESG provisions and litigation risks in the oil and gas industry

Published

on

ESG

ESG litigation risks exist not just in Nigerian courts but in the home state courts of the parent companies of Nigerian operators. Take for instance the US Alien Tort Statute which gives US court’s jurisdiction to hear lawsuits filed by non-U.S. citizens for torts committed in violation of international law. Note also the Dutch appeals court ruling ordering Shell to pay damages for oil spill in two Niger delta villages. ESG-related litigation can also take the form of suits directed at specific oil and gas projects falling short of ESG standards.  Take for instance litigation by activists against the Keystone pipeline in Canada and the US.

Nigerian courts are starting to adopt a liberal approach towards environmental litigation issues. In Gbemre v. Shell, the Federal High Court of Nigeria ruled that the practice of massive and intense gas flaring violates the fundamental rights to life and human dignity of affected citizens guaranteed under the Nigerian Constitution and the African Charter. More recently, the Supreme Court of Nigeria, in Centre for Oil Pollution Watch v. NNPC, expanded the frontiers of locus standi in environmental litigation. The Supreme Court held that locus standi should not be used to prevent an individual or group from bringing a matter of unlawful environmental conduct to the attention of the court.

It is exigent that oil and gas companies are properly equipped to pass muster in the face of the rise of ESG.  ESG doesn’t portend the end of the fossil fuel industry. ESG not only creates risks but likewise opportunities. The oil and gas industry isn’t going away soon but the way in which it operates will have to change. Big oil is already embracing the ESG revolution. Mid-sized and small players, no doubt constrained by thinner operating margins, will be increasingly motivated by access to capital and consumer concerns to get in step.

Oil and gas companies should limit their ESG exposure by regularly reviewing policies and procedures to ensure they address ESG related issues. This would include setting and implementing ESG sustainability targets and working with legal counsel at an early stage to mitigate exposure or manage crises where it inevitably arises.

Ozi Nwadike Esq., Principal Counsel, Pristine and Sage Attorneys

WATCH NOW

DOWNLOAD NOW

Continue Reading