BY NKECHI NAECHE-ESEZOBOR— Consolidated Hallmark Insurance (CHI) Plc said it recorded 26 per cent growth in its Profit Before Tax (PBT), for the financial year ended 31, December, 2021.
Speaking at it’s 27th Annual General Meeting (AGM) in Lagos on Tuesday, its Chairman, Obinna Ekezie, said that the company generated N971.7million in 2021as profit from
N772.6 million achieved in 2020.
He added that Profit After Tax(PAT) grew by 17 per cent from N678 million in 2020 to N790.6million.
Gross Premium Written (GPW) rose to N10.5billion in 2021 when compared to N9.8 billion recorded in 2020, indicating 7.4% growth.
Group’s total assets from N14.3billion in 2020 to N15.7billion in 2021, a growth rate of approximately 10 per cent.
“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,” he said.
In same vein, the Group Managing Director/CEO, Eddie Efekoha, noted that, CHI is duly and well capitalised to meet future capitalisation buoyed by the definition of new Share Capital in the latest Finance Act which translates to Shareholders funds.
“We are financially positioned to meet recapitalisation requirement, even though, the issue is currently inconclusive amidst legal issues surrounding it. However, the good news for the company is that, the share capital has now be redefined as shareholders fund which is a major step for your company,” he pointed out.
He applauded the shareholders, policyholders, brokers, staff and management as well as other stakeholders for their positive interest in the company, promising that, CHI will continue to serve its stakeholders with upmost sincerity.
In a bid to reward its shareholders for their commitment and loyalty to the company, the board of directors declared N433.6 million dividend, which translate to four kobo per share.
The company had earlier paid N216.8 million as interim dividend at two kobo per share and expected to pay final dividend of N216.8 million amounting to 2 kobo per share, bringing the total dividend payment to N433.6 million.
