Consolidated Hallmark Holdings Grow Insurance Revenue By 32% To N15.7 billion In 2023

L-R: Eddie Efekoha, Group Chief Executive Officer; Shauibu Abubakar Idris, Non-Executive Director/Chairman; and Rukevwe Falana, Company Secretary, during the 1st annual general meeting of Consolidated Hallmark Holdings Plc held in Lagos, on Wednesday.

Consolidated Hallmark Holdings Plc said it recorded 32 per cent growth in insurance revenue, up from N11.9 billion in 2022 to N15.7 billion in 2023.

The Company also paid N542m dividend to its shareholder during 2023 financial years as part of its commitment to reward its shareholders for their investments.

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 N542 million

He disclosed that the total assets of the company recorded a significant leap to N26.2 billion when compared with the N18.2 billion of 2022, a significant 44 per cent growth in the total assets of the Company.

“Profit before tax rose to N4.6bn from the N983 million in 2022, while total profit attributable to shareholders for the 2023 financial year is N3.8 billion from N547 million 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 N5.097 billion from the N4.468 billion 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.