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Consolidated Hallmark Insurance pays N162.6m dividend in 2018



Consolidated Hallmark Insurance Plc on Tuesday paid a dividend of N162.6 million for the financial year ended Dec. 31, 2018.

The News Agency of Nigeria reports that the dividend translated to two kobo per share.

Speaking at the firm’s 24th Annual General Meeting (AGM) in Lagos, Mr Sunny Nwosu, Founder, Independent Shareholders Association of Nigeria (ISAN) commended the board and management for the dividend declared in 2018.

Nwosu said that the company should work harder to ensure enhanced dividend in the coming years.

He said that shareholders were expecting dividend of 50k upwards from the company, going forward.

Reviewing the firm’s performance, Mr Eddie Efekoha, its Managing Director, told the shareholders that total assets rose to N10.8 billion against N9.4 billion in 2017, representing an increase of 14 per cent.

Efekoha said that the company’s capacity to undertake larger and more technical transactions had been greatly enhanced with the recent injection of additional capital through funds generated from a combination of the rights issue and private placement.

He lauded the shareholders for their support during the offer, noting that the company was committed to greater value creation.

He noted that the Nigerian Insurance industry had continued to experience numerous challenges in its operations.

Efekoha said that the company would develop products to address the emerging risks in the society that required insurance protection.

He explained that the implementation of its five-year corporate strategy plan had continued with increased vigor, following the setting up of a full-fledged strategy function.

He said that the company’s internal processes were being reviewed to achieve operational efficiency and eliminate lapses.

Efekoha added that technical operations had been restructured into a strategic business unit model to drive greater efficiency.

“2019 is gradually unfolding with hopes of a more positive economic performance.

“We hope as an organisation to harness the existing potential from the continued growth of the national economy with the successful conclusion of 2019 general elections,” he said.

He said the company achieved a gross premium written of N6.86 billion during the period under review, an increase of 20.85 per cent over the 2017 figures.

Efekoha said that the company spent the sum of N4.79 billion in claims settlement in 2018 against N3.35 billion in 2017.