BY NKECHI NAECHE-ESEZOBOR-Consolidated Hallmark Holdings on Wednesday said its profit before tax rose by 404% to N23.2billion at the end of financial year of 2024.
The company disclosed this today during its second Annual General meeting held today in Lagos, that PBT grew from N4.7billion to in 2023 to N23.2billion in the year under review while total profit attributable to stakeholders for the 2024 financial year stood at N22.58 billion from N3.8b in 2023.
Speaking at the event, the Chairman of the company, Mr. Shuaibu Idris, said the company’s Insurance revenue rose to 29.42 billion in 2024 from the N15.7 billion of 2023.
Total Assets grew appreciated from N26.2 billion in 2023 to N56.9 billion in 2024, indicating 117% growth.
On future outlook he said : “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.
“We are already beginning to see the benefits of our HoldCorestructure 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.
“With the relative stability in the exchange rate and a slowdown in the rate of inflation in 2025 and going forward, we look forward to more disposable income in the hands of consumers across sub sectors in insurance and other financial services.”
Also, Group Chief Executive Officer, Mr. Eddie Efekoha, while commenting on claims payment said “at the core of our insurance operations lies 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.
He noted that “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.
Group Insurance Service Expenses wherein lies claims settled moved from the N12billion in 2023 to N21.56 billion in 2024. However, the net expenses from reinsurance contracts held during the year was N5.6 billion. To our numerous customers and partners, we wish to reiterate that you can count on us at all times.”
On group Strategic Initiatives he said: “The implementation of our robust 3- Year Strategic Plan, developed in close collaboration with Messrs PWC, has since commenced. The plan is designed to reposition the group for accelerated innovation, enhanced customer engagement, and deeper market penetration-laying a robust foundation for long-term value creation and sustainable profitability. We are driving towards this by focusing on portfolio value maximization, orchestrating our ecosystem, portfolio diversification and expansion, strengthening our investor relations, and fostering shared capabilities and efficient strategy execution across all our operations.
“We have also accelerated our digital transformation journey in recognition of the industry’s technology-driven future. In the process, there has been a significant enhancement in our capabilities across the subsidiaries. From core system upgrades to customer-facing innovations, we have continued to embed technology at the heart of our operations thereby improving agility, expanding digital access, and future-proofing the group’s competitive edge.”
