Consolidated Hallmark Holdings pledge good dividend payment to shareholders
Consolidated Hallmark Holdings Plc has expressed commitment to always reward its shareholders for their investments. For instance, the insurance company paid N542m dividend to its shareholders in 2023 financial year.
The Chairman, Board of Directors, Shuaib Abubakar Idris, disclosed this during its inaugural annual general meeting in Lagos.
He said the annual report and accounts being presented during the meeting was a review of the 2023 financial year, under the then Consolidated Hallmark Insurance Plc and its then subsidiaries.
Despite the challenges in the economy, he noted that the company posted impressive result in in the year under review.
The chairman said, “Our commitment to adequate returns on investments to our shareholders through consistent dividend payment remains firm and we shall stay focused on that pathway.
“Towards this end, we wish to hereby present to you for your consideration and approval, a dividend of N0.05 or 5 kobo per ordinary share of 50 kobo. The total dividend payout will amount to N542m.”
The results showed an insurance revenue growth of 32 per cent from N11.9bn in 2022 to N15.7bn in 2023, he said.
He disclosed that the total assets of the company recorded a significant leap to N26.2bn when compared with the N18.2bn of 2022, a significant 44 per cent growth in the total assets of the Company.
“Profit before tax rose to N4.6bn from the N983m in 2022, while total profit attributable to shareholders for the 2023 financial year is N3.8bn from N547m in 2022,” the chairman said.
He noted that its transformation journey to a Holding Company started in November 2022 with the shareholders’ unanimous approval then at the Extra-Ordinary General Meeting.
“The process was successfully concluded in November 2023 with the listing of the shares of Consolidated Hallmark Holdings Plc on the trading floor of the NGX,” he said.
Group Chief Executive Officer, Eddie Efekoha, said, one of its major strategies remains the prompt payment of fully documented claims.
He said, “This has continued to endear us to our clients in retail, corporates, and brokerage. We have further simplified the processes using technology to Fasttrack the claims journey.”
The amount expended on claims, he added, has risen significantly over the years as it fully meet its obligations.
The Group CEO said, “In 2023, Group claims settlement was N5.097bn from the N4.468bn expended in 2022. There has been a rise by 2,485% in 2023 FY over the 2007 claims payment figure of N197.2m.
“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.”
As a Holding company, he said, it was currently working with, Messrs PwC, an international consulting firm to develop our 3-year Strategic Plan.
