Newly established Consolidated Hallmark Holdings (CHH) determined to position itself as a leading financial services provider in Nigeria is considering additional investments in diverse sectors.
According to the Group, it has assembled a Board made up of experienced business leaders to drive the organisation’s growth plan.
“We are establishing additional investments in diverse sectors where the opportunities arise, protecting the assets of the Group and providing strategic direction, says Shuaib Abubakar Idris, chairman of the board.
Speaking at its first Annual General Meeting held in Lagos Idris reaffirms the Group’s commitment to adequate returns on investments to its shareholders through consistent dividend payment while remaining firm and focused on that pathway.
He announced a dividend of N0.05 or 5 kobo per ordinary share of 50 kobo, amounting to total payout N542 million for the financial year ended December 31, 2023.
According to him, the gross premium income of Consolidated Hallmark Holdings (CHH) Plc rose to N16.62billion in 2023 financial year from N12.06billion it in 2022, representing a 31 percent improvement and a 693 percent growth from the N1.5billion premium income it recorded in 2007 financial year, during recapitalisation exercise of the insurance industry.
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Similarly, the company grew its Total Assets to N26 billion from N18 billion in 2022.
Also speaking AGM, Eddie Efekoha, group chief executive officer (GCEO), CHH, said: ‘In comparative terms, we have been able to achieve a 465 percent growth from the Total Assets of N4.6 billion in 2007.
He disclosed that his company recorded an improvement of 589 percent growth as its Profit After Tax (PAT) grew from N547million in 2022 to N3.7 billion in 2023, stating, ‘We had a positive impact of exchange rate gain during the year.’
Efekoha said the increase in the Premium rate of Motor Insurance and strenuous efforts to ensure compliance paved the way for improved income from that class of business, he added.
“Indeed, the increased rate for third-party motor insurance from N5, 000 to N 15,000 for private cars was the way to go, in view of inflationary trends and the failure of the industry to periodically review rates to reflect the economic realities over the years.”
On claims payment, he stated that, in 2023, group claims settlement was N5billion from the N4.4 billion expended in 2022, adding that, there has been a rise by 2,485 percent in 2023 FY over the 2007 Claims payment figure of N197.2 million.
To him, “As a Group, we remain committed to prompt claims settlement whether in Health Insurance, Micro life Assurance or in our General Business and Special Risks Insurance. Our quest to significantly grow our market would continually receive a boost with the faith of our customers in our ability and preparedness to meet their needs when claims arise.”
