By LOVETH AZODO, Lagos
Consolidated Hallmark Insurance (CHI) has announced that its Gross Premium Written rose to N10.5bn in 2021 as against N9.8bn recorded in the previous year representing 7.4percent increase.
The Chairman, Obinna Ekezie made the revelation while addressing shareholders at the company’s 27th Annual General Meeting (AGM) in Lagos on Tuesday.
The underwriting firm is set to pay a total of 433.6million dividends to its share holders in the year under review.
According to its report, the firm has paid N216.8million as dividends to shareholders at two Kobo per share and set to pay a second batch of N216.8 million at same 2kobo per share totaling N433.6million
Commenting on the dividends, Ekezie explained that the dividend payment was in a bid to reward its teeming shareholders for their commitment and loyalty to the insurance firm.
He added that the Profit Before Tax (PBT), grew significantly by 26 per cent from N772.6 million in 2020 to N971.7million in 2021 while Profit After Tax(PAT) grew by 17 per cent from N678 million in 2020 to N790.6million in 2021.
He said “Also, despite the prevailing economic environment, investment income grew from N940million to N1.2billion in 2021. The financial year under review was again another success story by your company, despite the persisting challenges in the operating environment.”
Also speaking on the performance ratio, the Group Managing Director/CEO, Eddie Efekoha while addressing the shareholders explained that the company had to put some prudent cost control measures in place which assisted in it’s all time high Profit Before Taxation of N971.7million in the year under review.
“Though modest and about N29m short of a desirable N1billionmark,it representsa 26% improvement on the N772.6m recorded in 2020. Profit After Taxation also grew positively from N678.0 million in 2020 to N790.6 million in 2021,representingagrowthof17%.”
“The success of our fund raising exercise in the past has helped to reaffirm the confidence you all have in your company as key stakeholders. We shall continually look forward to your similar support in the future.” He said.
“The positive performance indicator also reflected in Total Assets which rose from N14.3 billion in 2020 to N15.7 billion in 2021, a growth of 9.8%.
“On another positive note, despite the low interest rates in the money market, we were able to manage our funds effectively as our investment Income rose from N940million to N1.20billion. He revealed.
The shareholders approved the reappointment of Shuaibu Abubakar Idris as an independent non-executive director of the company as well as approved the final dividend payment of N216.8 million, among others.
