Consolidated Hallmark Insurance (CHI) Plc has posted a Gross Premium Written (GPW) of N12.83 billion for the financial year ended Dec. 31, 2022.
Mr Obinna Ekezie, Chairman, Board of Directors of the company, confirmed this at the insurer’s 28th Annual General Meeting (AGM) on Wednesday in Lagos.
Ekezie said that the figure represented an increase of 22 percent in contrast with N10.50 billion achieved in the preceding period of 2021.
He said the firm’s underwriting profit rose to N2.4 billion in 2022 from N1.92 billion in 2021.
Ekezie added that the underwriting firm’s total assets stood at N18.54 billion in the review period from N15.7 billion recorded in 2021.
He noted that the company’s profit before tax rose to N1.41 billion from the N971.7 million recorded in 2021.
The chairman said the total profit attributable to shareholders had attained a billion-naira mark, having hit N1.02 billion, from N923.1million in 2021.
Ekezie disclosed that the underwriting firm accounted for a total dividend yield of six per cent per share, amounting to N325,200,000 million.
He assured the shareholders that the company would remain committed to consistent dividend payment in line with its firm belief in the return-on-investments.
“In line with our ﬁrm belief in the Return On Investments to Shareholders through consistent dividend payment, we wish to hereby present to you for your consideration and approval, a dividend of N0.03 or 3k per ordinary share of 50k.
“This is a total dividend yield of six per share and amounts to N325,200,000 million,” he said.
According to him, the year 2022 results indicated that the company was able to brace the odds associated with the year, to report improvements in key performance indicators.
Ekezie disclosed that the company’s performance was impacted by several factors at both local and global levels.
He said that in spite of the challenges the company remained committed to giving value to our customers for their money and trust.
“With the support of our shareholders, we were able to make progress in our journey toward a Holding Company.
“Other processes are ongoing and shall be concluded with the official delisting of Consolidated Hallmark Insuring from the Nigerian Exchange Ltd. and transfer of holdings to the Holdco,” he said.
In his address, Mr Eddie Efekoha, the company’s Group Managing Director, said the 2022 financial year was remarkable for CHI, as it marked its 15th anniversary.
Efekoha stated that the firm haf progressed notably, having received unwavering support and unanimous approval from its shareholders to embark on all the necessary processes.
He noted that the AGM might be the last under the umbrella of CHI Plc, as it would soon bid the quoted insurance stock farewell and welcome the holding company, whose formal birth would be announced soon.
Efekoha stated the company would not renege on prompt payment of all genuine and fully documented claims, as claims payment remains an integral part of its operations.
“We expended N4.47 billion on claims in 2022, when compared with the N3.99 billion expended on claims in 2021.
“Out of this amount, however, we were able to recover N1.87 billion from our partners, due to the robust reinsurance arrangement within and outside the continent,” he said.
Efekoha appreciated the company’s board, management, staff and shareholders for their contributions in marching the underwriting company to greater heights.
He expressed optimism that the incoming administration at the national level would tweak policies such that the operating environment shall be positively impacted.
Efekoha said the company would gear up to take advantage of emergent opportunities to continually grow its business and post appreciable returns to our stakeholders.