Chiamaka Ajeamo

Consolidated Hallmark Insurance (CHI) Plc has declared an increase in Gross Written Premium (GWP) by 21 per cent to N6.8 billion in its 2018 financial year as against N5.6 billion in 2017.

The underwriting firm also restated its commitment towards the regular payment of dividend to shareholders, having paid dividend for seven years out of its 11 years.

It declared the final dividend of N162 million translating to two kobo per share to shareholders for the year under review.

Commenting on the group performance, its Chairman, Obinna Ekezie, who stated this at its Annual General Meeting in Lagos recently, said that despite the country’s macroeconomic challenges, the firm recorded its highest GWP of N6.8 billion since inception.

Related News

He noted that, due to investments made in strategic market development initiatives and the high claims payout during the year, the operating expenses of the firm grew by 26.48 per cent to N1.77 billion. However, with the management’s disciplined approach to cost management, the group still recorded a profit after tax (PAT) growth of N407 million in 2018 from N406 million in 2017.

“This year, we are proposing a total dividend payment of two kobo per share subject to your approval at this meeting. This will translate to a total dividend payout of N162.6 million from our 2018 operations. We shall remain committed to our promise of regular dividend payment, God willing, having paid dividends seven financial years out of eleven of our operations in the past,” Ekezie said.

Also speaking, the Managing Director/CEO, Eddie Efekoha, stated that the firm’s total assets increased from N9.4 billion in 2017 to N10.8 billion in 2018 representing a growth of 14 per cent, adding that the implementation of the firm’s five-year corporate strategy plan has continued with increased vigour and the year is gradually unfolding with hopes of more positive economic performance.

Efekoha said the results of their performance in 2018 was an improvement on the growth projections for the industry, adding that the company’s capacity to undertake larger and more technical transactions has been greatly enhanced with the recent injection of additional capital through funds generated from a combination of the rights issue and private placement, noting that the Nigerian Insurance industry has continued to experience numerous challenges in its operations.

Commenting on the future outlook Ekezie said, the group’s commitment remains unwavering towards evolving into a leading provider of insurance and other financial services in Nigeria .