*Achieves insurance revenue growth of N15.7 billion in 2023
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Chuks Udo Okonta
For Board, Management and Shareholders of Consolidated Hallmark Holdings (CHH) Plc, today would remain a memorial in the history of the organisation as it had the first Annual General Meeting (AGM), which was eventful.
Before the 11:00 am time set for the commencement of the event, many of the shareholders who were excited to see their organisation transformed into a holding company were already in the hall having rushed out of another organisation’s annual general meeting to attend CHH event.
Chairman of CHH, Shuaibu Idris while addressing the excited shareholders at the event told them that despite the odds in the economy, the company was able to record significant improvements in key financial indicators during the 2023 financial year.
He submitted that the results showed an insurance revenue growth from N11.9 billion in 2022 to N15.7 billion in 2023, a 32 per cent growth in revenue and the the total assets of the company recorded a significant leap to N26.2 billion when compared with the N18.2 billion of 2022, a significant 44 per cent growth in the total assets of the company.
According to the Chairman, Profit Before Tax (PBT) rose to N4.6 billion from the N983 million in 2022 while total profit attributable to shareholders for the 2023 financial year is N3.8 billion from N547 million in 2022.
On dividend, he said the board’s commitment to adequate returns on investments to the shareholders through consistent dividend payment remain firm and that the board shall stay focused on that pathway, stating that a dividend of N0.05 or 5 kobo per ordinary share of 50 kobo, which amounted to N542 million will be paid to shareholders.
He assured the shareholders that the bank accounts of qualifying shareholders who have updated their records with the Registrars shall be credited beginning from the end of the annual general meeting.
He told them that though their firm is a nonoperating Holdings Company, it shall strive to effectively carry out its primary functions of maintaining control over the subsidiaries, establishing additional investments in diverse sectors where the opportunities arise, protecting the assets of the Group and providing strategic direction, adding that they had assembled a board made up of experienced business leaders.
“We remain optimistic of a more friendly operating environment in the years ahead, which we hope to take full advantage of and increase the market share of our member companies in all sectors where we are operational.
“The use of technology remains pivotal in our quest to continually consolidate our operations as one of the top players in the financial services sector and beyond,” he posited.
He went further to appreciate the shareholders for their support over the years. “My appreciation also goes specially to our regulators, other partners, the Insurance Brokers, Agents, our loyal customers, our stakeholders in the health and financial services sector generally, and to the Management and Staff of the Group,” he added.
Group Chief Executive Officer (GCEO), CHH Eddie Efekoha, said: ‘In comparative terms, we have been able to achieve a 465 per cent growth from the Total Assets of N4.6billion in 2007.
Disclosing that the company recorded an improvement of 589 per cent growth as its Profit After Tax (PAT) grew from N547million in 2022 to N3.7billion in 2023, he noted that, ‘We had a positive impact of exchange rate gain during the year.’
He submitted that increase in the premium rate of Motor Insurance and strenuous efforts to ensure compliance paved the way for improved income from the class of business, he added that, “Indeed, the increased rate for third party motor insurance from N5,000 to N 15,000 for private cars was the way to go, in view of inflationary trends and the failure of the industry to periodically review rates to reflect the economic realities over the years.”
On claims payment, he stated that, in 2023, Group Claims Settlement was N5 billion from the N4.4billion expended in 2022, adding that, there has been a rise by 2,485 per cent in 2023 FY over the 2007 Claims payment figure of N197.2 million.
To him, “As a Group, we remain committed to prompt claims settlement whether in Health Insurance, Micro life Assurance or in our General Business and Special Risks Insurance. Our quest to significantly grow our market would continually receive a boost with the faith of our customers in our ability and preparedness to meet their needs when claims arise.”
Chairman Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir. Sunny Nwosu, who prayed for the organisation’s board; management; staff and shareholders, applauded the feats achieved by the firm, whilst craving for higher dividend payout.
He lauded the seamless transition to holding company and urged the board to sustain the drive to taking the organisation to lofty heights.
Another shareholder, Nona Awo, also commended the board for the feat recorded, whilst urging them to do more.
