Consolidated Hallmark Holdings revenue hits N29.42bn in 2024, assures shareholders of enough capital to scale recapitalisation hurdles
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Chuks Udo Okonta
Consolidated Hallmark Holdings Plc said its insurance revenue rose to N29.42 billion in 2024, even as it assured shareholders that the insurance Subsidary – Consolidated Hallmark Insurance has the needed capital to scale through the ongoing insurance industry recapitalisation exercise.
Responding to the concerns of the shareholders at its 2024 Annual General Meeting (AGM) in Victoria Island, Lagos today, the Group Chief Executive Officer, Eddie Efekoha, said the subsidary has sufficient Shareholders Fund to cover the N15 billion required by the National Insurance Commission (NAICOM) from a life insurance company.
“As a group, we have about N35 billion, so, we are not endangered, ” he said.
He also announced to the shareholders that the group has obtained and granted a Life Insurance license in March 2025, adding that, this is a good development as the Holdings can now play in the life insurance market and expand its balance sheet.
“It’s a major development for us. It will grow our revenue base for the company. We will maintain the momentum and get more premium income from the life assurance business. So, we are not endangered in this exercise. However, we will still take advantage of the exercise. We will explore as well, but not in mergers but acquisition, ” he assured the shareholders.
Earlier, the Group Chairman, Shuaibu Idris said, the Total Assets grew by 117 per cent from N26.2 billion in 2023 to N56.9 billion in 2024, adding that, good fortune in the year arose from previous strategic investments made in the oil and gas sector which became a game changer after many years of waiting and nurturing.
According to him, “Insurance revenue rose to N29.42 billion in 2024 from the N15. 7 billion in 2023 financial year. Profit Before Tax recorded a 404 per cent leap from N4. 7 billion in 2023 to N23. 2 billion while total profit attributable to shareholders for the 2024 financial year is N22. 58 billion from N3. 8 billion in 2023.”
The General Secretary Independent Shareholders Association of Nigeria (ISAN) Chibuzo Eke, commended the company for the great stride and called for a robust business relationship with insurance brokers to sustain the growing strides.
He also canvassed the need for deployment of state-of-the-art information technology in the sales and execution of the firm’s operations, adding that information technology remains one of the bests infrastructure every forward looking organisation should leverage to sustain progress.
Another shareholder, Moses Ayodele, commended the group on the feats attained amidst the economic headwinds.
Echoing him, another shareholder, Okunola Emmanuel, expressed delight over the group’s financial performance, whilst praying for better operations in the years ahead.
The National Coordinator Independent Shareholders Association of Nigeria (ISAN) prayed for God’s continued support for the group and shareholders. He commended the group for staying above the waters amidst the numerous challenges confronting businesses in the country.
