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Shareholders have lavished praises on Consolidated Hallmark Insurance (CHI) Plc, for its N433.6 million dividend payment in 2021 financial year, which translated to four kobo per share
The underwriting firm had earlier paid N216.8 million interim dividend at two kobo per share and its expected to pay final dividend of N216.8 million amounting to 2 kobo per share as well, thereby, bringing the total dividend payment to N433.6 million.
The dividend payment, the company said, was in a bid to reward its teeming shareholders for their commitment and loyalty to the insurance firm.
Addressing the shareholders at its 27th Annual General Meeting (AGM) in Lagos on Tuesday, its Chairman, Obinna Ekezie, disclosed that the company generated an all-time high Gross Premium Written (GPW) of N10.5billion in the year under review as against N9.8 billion recorded in the corresponding period of 2020, translating to 7.4 percentage growth.
The Profit Before Tax (PBT), he said, grew significantly by 26 per cent from N772.6 million in 2020 to N971.7million in 2021 while Profit After Tax(PAT) grew by 17 per cent from N678 million in 2020 to N790.6million in 2021.
The insurer, he stated, created additional value during the year by growing the Group’s total assets from N14.3billion in 2020 to N15.7billion in 2021, a growth rate of approximately 10 per cent.
“Also, despite the prevailing economic environment, investment income grew from N940million to N1.2billion in 2021. The financial year under review was again another success story by your company, despite the persisting challenges in the operating environment,” he said.
Similarly, the Group Managing Director/CEO, Eddie Efekoha, while reacting to a question from the Chairman Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir. Sunny Nwosu, on the plan of the company towards recapitalisation, noted that, CHI is duly and well capitalised to meet future capitalisation buoyed by the definition of new Share Capital in the latest Finance Act which translates to Shareholders funds.
“We are financially positioned to meet recapitalisation requirement, even though, the issue is currently inconclusive amidst legal issues surrounding it. However, the good news for the company is that, the share capital has now be redefined as shareholders fund which is a major step for your company,” he pointed out.
He applauded the shareholders, policyholders, brokers, staff and management as well as other stakeholders for their positive interest in the company, promising that, CHI will continue to serve its stakeholders with upmost sincerity.
At the meeting, the shareholders approved the reappointment of Shuaibu Abubakar Idris as an independent non-executive director of the company as well as approved the final dividend payment of N216.8 million, among others.
Sir. Neosu applauded the company got its consistent growth and dividend payout at a time most insurance firms are not paying dividends to shareholders.