Consolidated Hallmark Holdings Plc has recorded strong growth across all indices in its first year of operation, with profit before tax hitting N23.2 billion at the end of 2024, as against N4.7 billion in 2023, indicating a 404 percent year-on-year growth.
Shuaibu Idris, chairman, Board of Directors who disclosed the result at the Holding Company’s 2nd Annual General in Lagos said “We are glad to announce that the result of the first year of our operations were very positive, notwithstanding the enormous challenges faced in the operating environment.
According to him, the results show a 117 percent growth in Total Assets from N26.2 billion in 2023 to N56.9 billion in 2024. “Our good fortune in the year arose from previous strategic investments made in the oil and gas sector, which became a game changer after many years of waiting and nurturing. This lends fillip to our belief in long term positioning and resilience, Idris said.
Insurance revenue rose to N29.42 billion in 2024 from the N15.7 billion of 2023, while total profit attributable to stakeholders for the 2024 financial year is N22.58 billion from N3.8b in 2023.
Shaibu Idris told shareholders at the meeting that more opportunities abound in the Nigerian economy for the company to continually leverage on for growth.
“Our Life insurance licence is in place, which presents us with additional opportunity to access long term investment funds that would be deployed into the critical sectors of the Nigerian economy and generate decent investment returns.”
He said the Group was already beginning to see the benefits of our HoldCo restructure and business diversification during this first year of operations. We shall continue to seek and explore more investments without losing sight of appropriate risk management, he said.
Eddie Efekoha, group chief executive officer, in his speech took memory lane the journey of the company into becoming a HoldCo.
He said: “The delisting of our flagship subsidiary, Consolidated Hallmark Insurance Plc from the trading floor of the Nigerian Exchange Group Limited (NGX) and the listing of Consolidated Hallmark Holdings Plc in its place was concluded seamlessly, paving the way for the task ahead of us; maintaining coordinated leadership across the subsidiaries, establishing additional investments in diverse sectors where the opportunities arise, protecting the assets of the group and providing direction.
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Efekoha said the results for the 2024 financial year portend good tidings. “They are consistent with our growth trajectory and positive returns on investment to our stakeholders over the years.”
On commitment to claims payment, he stated that the core of its insurance operations lies in our unwavering commitment to fulfilling claims obligations.
“This isn’t just about customer satisfaction, it’s fundamental to our solvency, our reputation, and ultimately, our brand value. We ensure that all genuine claims, once fully documented, are settled promptly and efficiently. This disciplined approach to claims management is crucial for maintaining market trust and reinforcing the robust financial standing that underpins your investment in the company.”
Efekoha further stated that the implementation of its robust 3- Year Strategic Plan, developed in close collaboration with Messrs PWC, has since commenced. The implementation is on course, and we are already seeing tangible positive results from our first year of executions. We shall not relent in the execution.
“Our internal strategies are perfectly aligned to capitalize on the evolving market and drive sustainable growth. Our investment in Life Assurance operations remains a significant strength. This segment serves as a crucial source of pooling long term investment funds, a sustainable opportunity we are fully prepared to harness as our subsidiary, CHI Life rolls out in full swing.”
