From Edet Udoh, Lagos
Consolidated Hallmark Insurance Plc said it generated a gross premium written (GPW) of N6.86 billion just as it declared a two kobo per share dividend amounting to N162.6 million for its shareholders for the year ended December 31, 2018.
Speaking at the company’s 24th Annual General Meeting (AGM) in Lagos today, the Chairman, Obinna Ekezie, reiterated the company’s commitment to regular dividend payment.
He said the company remains committed to its promise of regular dividend payment, having paid dividends seven financial years out of 11 of its operations in the past, adding that this year’s dividend payout is the highest recorded since its inception.
According to him, “We are proposing a total dividend payment of two kobo per share subject to shareholders’ approval at the meeting,” Ezekie said, adding that “this will translate to a total dividend pay-out of N162,600,000 from 2018 operations.”
On the performance of the company’s subsidiaries, the chairman said the Health Maintenance Organisation, Hallmark HMO, is gaining momentum in its operations with a rapidly expanding client base while Grand Treasurers Limited (GTL), the finance company subsidiary has expanded its clientele base and product line.
He said, “due to investments made in strategic market development initiatives and the high claims pay-out during the year, the operating expenses grew by 26.48 per cent to N1.77billion.
“However, due to Management’s disciplined approach to cost management, the group still recorded a Profit After Taxation growth from N 406,205,406 in 2017 to N407,074,317 in 2018.”
He assured shareholders that the company’s commitment remains unwavering towards evolving into a leading provider of insurance and other financial services in Nigeria.
The Managing Director, Mr. Eddie Efekoha said CHI’s revenue diversification drive was a major factor that aided the sustained financial performance through the challenging market conditions of 2018, further reinforcing its role as a formidable player in the Insurance Industry.
Efekoha however appreciated the over 9,000 shareholders who have continued to show their faith in the company.
He said the company is investment in Information and Communication Technology to drive its operational efficiency and growth strategy aimed at enhancing its performances and profitability.
Coordinator Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir Sunny Nwosu, who commended the company’s performances called on the management to ensure the protection of investors’ investment by doing more to ensure improved return on investment.