By Ngozi Onyeakusi — Shareholders of Consolidated Hallmark Insurance Plc, one of the frontline insurance firms in Nigeria has approved a total dividend payment of two kobo per share for the financial year ended 31st December, 2018.
The dividend is payable to firms investors whose names appeared in its register and this translates to a total dividend of N162.6 million.
The Chairman of the firm, Mr Obinna Ekezie wile addressing shareholders at the company’s 24 annual general meeting in Lagos stated, “We shall remain committed to our promise of regular dividend payment, God willing, having paid dividends seven financial years out of eleven of our operations in the past. This year, we are proposing a total dividend payment of two kobo per share subject to your approval at this meeting. This will translate to a total dividend payout of N162.6 million from our 2018 operations.
Speaking on the financial performance of the company within the period, Ekezie noted that Consolidated Hallmark Insurance made nice outing within the period
“Notwithstanding Nigeria’s macroeconomic challenges highlighted earlier, the group recorded a Gross Premium Written of N6.8 billion an increase of 20.85% from 2017, the highest recorded since its inception, however due to investments made in strategic market development initiatives; and the high claims payout during the year, the operating expenses grew by 26.48% to N1.77billion. However, due to
Management’s disciplined approach to cost management, the group still recorded a Profit After Taxation growth from N 406.2 million in 2017 to N407 million in 2018”, he acclaimed.
Also speaking at the meeting the Managing Director of the firm, Eddie Efekoha assured that the board of the company will focus on the continues growth of the firm.
“We are developing products to address the emerging risks in the society that require insurance protection.
For us at Consolidated Hallmark, it has been 12 years of determination to continually improve on our records of performance. It is heartwarming to note that there have been incremental progress, Year on Year in overall company performance during this period of stewardship”, he said.