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Business News of Monday, 20 June 2022

Source: thenationonlineng.net

Consolidated Hallmark pays N433.6m dividend

Consolidated Hallmark Insurance (CHI) Plc Consolidated Hallmark Insurance (CHI) Plc

Consolidated Hallmark Insurance (CHI) Plc has paid N433.6 million dividends to shareholders, translating to four kobo per share in its 2021 financial year.

The firm had earlier paid N216.8 million interim dividend at two kobo per share and is expected to pay final dividend of N216.8 million amounting to 2 kobo per share as well.

The dividend, the company said, was to reward its shareholders for their commitment and loyalty to the firm.

Addressing the shareholders at its 27th Annual General Meeting (AGM) in Lagos, the company’s Chairman, Mr. Obinna Ekezie, said the Consolidated Hallmark Insurance generated a huge Gross Premium Written (GPW) of N10.5 billion in the year under review as against N9.8 billion in the corresponding period of 2020, translating to 7.4 percentage growth.

He stated that Profit before Tax (PBT) grew significantly by 26 per cent from N772.6 million in 2020 to N971.7 million 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 N14.3 billion in 2020 to N15.7 billion in 2021, a growth rate of 10 per cent.

He said: “Also, despite the prevailing economic environment, investment income grew from N940 million to N1.2 billion 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. The Group Managing Director/CEO, Eddie Efekoha while reacting to one of the shareholders of Independent Shareholders Association of Nigeria (ISAN) Mr. Sunny Nwosu, on the plan of the company towards recapitalisation, noted that CHI is duly and well-prepared 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 inconclusive amid legal issues surrounding it. However, the good news for the company is that the share capital has been redefined as shareholders fund which is a major step for your company,” he said.

He applauded the shareholders, policyholders, brokers, staff and management as well as other stakeholders for their interest in the company, promising that CHI will continue to serve its stakeholders with 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 the final dividend payment of N216.8 million, among others.