In spite of the harsh economic challenges, Consolidated Hallmark Holdings has announced the Group’s Insurance Revenue to N16.62billion in 2023 from N12.06billion recorded in 2022.
This represents a 31 per cent improvement and a 693per cent growth from the N1.5billion premium income of the 2007 financial year.
The company also announced a 44 percent growth in total assets to N26.2billion in 2023 compared with the N18.2billion in 2022. While Profit Before Tax rose to N4.6billion from N983million in 2022, total profit attributable to shareholders for the 2023 financial year stood at over N3.8billion from N547million in 2022.
Shuaib Abubakar Idris mni, Chairman, Board of Directors who announced this at the holding company’s first annual general meeting held in Lagos last week disclosed that the firm’s commitment to adequate returns on investments to its shareholders through consistent dividend payment remains firm, assuring that the board and management would continue to stay focused on that pathway.
The sum of N542million was declared a dividend at N0.05 0r 5kobo per ordinary share of 50kobo.
On the company’s outlook, the board chair said: “Your Company, though a Non-operating Holdings Company shall strive to effectively carry out its primary functions of maintaining control over the subsidiaries, establishing additional investments in diverse sectors where the opportunities arise, protecting the assets of the Group and providing strategic direction. We have assembled a Board made up of experienced business leaders. I wish to note that we have a good balance of old and new Members. This is deliberate as it ensures stability while at the same time engendering fresh ideas to create the future we seek.
“We remain optimistic of a more-friendly operating environment in the years ahead, which we hope to take full advantage of and increase the market share of our member companies in all sectors where we are operational.
“The use of technology remains pivotal in our quest to continually consolidate our operations as one of the top players in the financial services sector and beyond.”
On his part, Mr Eddie Efekoha, the Group Chief Executive Officer (GCEO) of the company noted that the year 2023 was fully packed with the transition to a new government, the introduction of two policies which had remarkable impact on the operations of many businesses across all sectors of the economy.
These, he said, were the deregulation of the downstream sector of the petroleum industry through the removal of subsidy on petrol and the attempt to achieve a converge between the official and other exchange rates of the Naira with other currencies in the forex market had all impacted greatly in prices of commodities which are mostly imported including replacement parts in Motor Insurance Claims, Buildings Insurance and across other classes of insurance.
He, however, asserted that the increase in the Premium rate of Motor Insurance and strenuous efforts to ensure compliance paved the way for improved income from the class of business.
Efekoha disclosed that in 2023, Group Claims Settlement was over N5,097billion from the N4.468billion expended in 2022, representing a rise by 2,485 percent in 2023 FY over the 2007 Claims payment figure of N197.2 million .
He assured of the Group’s commitment to prompt claims settlement whether in Health Insurance, Micro life Assurance or in General Business and Special Risks Insurance adding that although the insurance arm remains one of the major revenue generators, other member companies are increasingly contributing a significant proportion of income to that of the Group, with improvements in their operations.