“We believe these measures, coupled w i t h o u r r o b u s t r e i n s u r a n c e arrangement to which we devout a significant amount of our revenue, will play a vital role in improving our profitability in the future by Eddie A. Efekoha Group Managing Director/CEO of the Consolidated Hallmark Insurance”
From Left: Mr Eddie Efekoha, Group Managing Director, Mr Obinna Ekezie, Chairman and Mrs Rukevwe Falana, Company Secretary, all of Consolidated Hallmark Insurance @ the 26th Annual General Meeting of the Company in Lagos.
Profile of Consolidated Hallmark Insurance (CHI) Plc as a leading general business insurance company positioned to change the public perception of insurance in Nigeria. With the help of our people and technology, we ensure we are there for our customers when they need us most because our primary objective is to deliver exceptional service to you, our customer. We are here to reduce anxiety and cater for our customers’ needs. We have got you covered from Aviation to Oil & Gas, Marine, Motor Insurance, Gadget Insurance, Home Insurance to Business Insurance, and all General Insurance classes.
While addressing shareholders during the firm’s 26th Annual General Meeting held in Lagos, The Chairman CHI, Obinna Ekezie stated that, “In line with our desire to continually ensure appreciable returns to our shareholders, the Board of Directors wishes to recommend an interim dividend of N216.8 million for your consideration and approval. This translates to two kobo per ordinary share of 50 kobo subject to appropriate withholding tax. We remain committed towards regular dividend”, said.
According to the statement excerpted from the annual report saying this is payable to all investors of the firm whose names appeared in the company register, and this translates to two kobo per ordinary share of 50 kobo.
Also speaking during the event was the Managing Director of the firm, Eddie Efekoha who stated that, your Company has now evolved fully into a One-Stop-Shop for the provision of Insurance and Other Financial Services with our operations in G e n e r a l I n s u r a n c e , M i c r o L i f e Assurance, Health Maintenance and Assets Leasing and other forms of financing.
The company chairman who stated that “Your company is once again reporting a positive result. The summary of our key indicators shows that we generated an all-time high Gross Premium Written of N9.77 billion which represents a 12% growth
Speaking further on the firm’s financial, Ekezie stated that despite challenges in 2020 financial year, CHI recorded an impressive performance as its Gross Premium Written soared to N9.77 billion representing a 12% growth when compared with the N8.69 billion reported in the comparable period of 2019.
“I am delighted to inform you, as the results being presented today indicate, that despite the limitations on the economy during the financial year 2020, your company is once again reporting a positive result. The summary of our key figures shows that we generated an all-time high Gross Premium Written of N9.77 billion which represents a 12% growth when compared with the N8.69 billion reported in the same period of 2019. The Net Underwriting Income grew from N5.46billion in 2019 to N6.5billion in 2020.
Chairman CHI also highlighted on claims expenses as it jumped by a 21% from N3.45billion in 2019 to N 4.17billion in 2020, saying it is an affirmation of our commitment to continually maintain our sterling reputation of ensuring that customers get value through prompt payment of all valid claims.
“With the benefit of hindsight, we are quite optimistic that future operating results would be significantly improved upon as the Macro Economic Environment and Global Outlook presents brighter pictures in the years ahead”
Chairman also acknowledge the company performance “While Profit After Tax increased to N677.98 million from N600.31 million in 2019. Total Assets increased by 22%, growing from N11.74 billion to N14.31 billion in the year under review.”
Similarly, Your Company is continually committed towards meeting its claims obligations to our numerous customers as it recorded a 21% jump in claims expenses to close at N4.17 billion in 2020 from N3.44 billion in 2019.
CHI recorded a modest growth of 8.6% in Profit Before Tax which moved from N711million during the preceding year to N772 million in 2020, while Profit After Tax increased to N677.98 million from N600.31 million in 2019, representing N77.67 million
Total Assets increased by 22%, growing from N11.74 billion to N14.31 billion in the year under review”, he said.
Shareholders fund grew by 25% to close at 8,126,240,232 from 6,481,514,648 as at December last year representing 1,707,902,482
The Managing director said O u r a g s h i p C o r p o r a t e S o c i a l Responsibility initiative, the Annual Essay Competition, is currently in its 10th edition and has continued to a t t r a c t t h e a t t e n t i o n o f m o r e participants in Institutions of Higher Learning offering Insurance and A c t u a r i a l S c i e n c e n a t io nw i d e . Students in these institutions now l o o k f o r w a r d a n nu a l ly t o t h e competition as a veritable means of deepening their research skills, while accessing a substantial monetary award in the process (Prize money – N500,000) and the possibility of employment in the organization