CHI approves N140m dividend payment

June 18th, 2018

From Edet Udoh, Lagos

Shareholders of Consolidated Hallmark Insurance (CHI) Plc, has approved the recommended 2 kobo dividend per share, amounting to N140 million dividend payout to shareholders for 2017 business year.

The Chairman of the firm, Obinna Ekezie, at the 2017 Annual General Meeting (AGM) in Lagos, sought the approval, which was granted by the shareholders.

Ekezie, said the firm believes shareholders deserve all the reward they can get through regular dividend payments and more for their continued faith and firm belief in the company, stressing that the dividend is payable to shareholders whose names appear in the register, he stated that, “we shall continue to live up this expectation as we have done severally, in the past.”

He expressed optimism about the future of the insurer, pointing out that the successful completion of the final phase of the capital it raised, full deployment of funds realised and the eventual emergence of the company as one of the top players in the financial service sector, will benefit its esteemed shareholders in the long run.

The Managing Director/CEO of the underwriting firm, Eddie Efekoha, at the AGM, said the company continues to fulfil its obligations through prompt claims settlement as gross claims amount paid out in its 2017 financial year was N3.354 billion.

The Total Assets of the firm, he said, stood at N9.49 billion in its 2017 financial year, up from N7.44 billion it was in 2016, representing 27 per cent growth.

He stated that CHI also posted a profit after tax of N406.2 million as against N194.9 million posted in its 2016 financial year, adding that its profit before tax grew by 74 per cent from N368.1 million in 2016 to N641 million in 2017.

The Gross Premium Written reported for the period, he stressed, was N5.6 billion, while a Net Underwriting Income of N4 billion was recorded.

Pointing out that the company made appreciable progress in investment activities as well as its Investment Income which grew from N472.3

million to N796.2 million in 2017, he promised the shareholders to expect more returns in the nearest future from the insurance firm even as recent capacity expansion and growth initiatives in the underwriting firm will help to grow its revenue.

The Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), Igbrude Moses, lauded the firm for its performance and dividend payout and urged the board and management to tap the enormous opportunities in the country to enable the firm give enhanced dividend in the future.

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