Insurance

Shareholders of Consolidated Hallmark Insurance get N120m dividend

From left: Company Secretary, Consolidated Hallmark Insurance Plc, Rukevwe Falana; Chairman, Obinna Ekezie and Managing Director, Eddie Efekoha at the event.

.Posts N5.83bn gross premium income

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Chuks Udo Okonta

Consolidated Hallmark Insurance Plc, is paying N120 million as dividend having received the nod of the shareholders at its 22nd Annual General Meeting (AGM) today in Lagos.

The Chairman of the firm, Obinna Ekezie, who presided over the meeting, said the dividend translates to two kobo per share, stressing that the gesture is to further demonstrate the commitment of the company to reward its shareholders in spite the tough business climate.

He maintained that the dividend is payable to members whose names appear in the register by close of business on the date earlier publicised.

He said the company generated a gross premium income of N5.83 billion against the N6.04 billion generated in 2015, adding that the net premium income rose to N3.51 billion from N3.19 billion during the corresponding period.

According to him, the firm’s profit for the year was N195 million and profit before tax N368.13 million. He noted that the claims payment rose significantly from N1.34 billion in 2015 to N1.73 billion, an increase of 29 per cent and that the total assets moved from N7.02 billion in 2015 to N7.44 billion.

The Chairman emeritus of Independent Shareholders Association of Nigeria (ISAN) Sunny Nwosu, Nwosu! said he was happy about the transformation in the company and went further to commend the firm for paying claims promptly adding that paying claims promptly make insurance company strong.

The Managing Director of the underwriting firm, Eddie Efekoha, said the board and management of the company will continue to work hard to provide good dividend.

He said the company is currently undergoing a digital transformation exercise which will enable it position itself strategically and to also align with its strategic objectives, stressing that the efforts would help the company deliver exceptional returns to shareholders, be profitable and increase its market share, and that this is part of a comprehensive five years strategic plan currently being implemented.

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