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HomeInsuranceConsolidated Hallmark Insurance grows business by 22% as income climbs to N12.83bn

Consolidated Hallmark Insurance grows business by 22% as income climbs to N12.83bn

 It was all applause and commendations as shareholders of Consolidated Hallmark Insurance Plc gathered in Lagos Wednesday for the company’s 28th annual general meeting during which stakeholders reviewed the trading results of the company for the year ended December 31, 2022.

Chairman of Consolidated Hallmark Insurance Plc Mr. Obinna Ekezie started the meeting on a cheering note when he told shareholders that “during the 2022 financial year, your company once again braved all odds in the operating environment and is posting improved results in its top and bottom lines. The results are an all-time high”.

According to him, the trading results for the period under review indicated a growth of 22% in Gross Premium Written which increased from N 10,500,388,477 in 2021 to N12,826,865,218 in 2022. Underwriting Profit he said grew from N 1.915 billion in 2021 to N2.367 billion in 2022 just as total assets of the company appreciated to N18,540,741,526 when compared with the N15,674,166,226 of 2021.

“Your company also maintained its unbroken profitability streak by growing Profit Before Taxation to N1,407,704,796 from the N971,674,800 of 2021 while total profit attributable to shareholders has attained a billion-naira mark, having hit N1,017,432,947 from N 923,095,723 in 2021”, the chairman disclosed.

Consolidated Hallmark Insurance Plc is acknowledged as a leading general business insurance company positioned to change the public perception of insurance in Nigeria. With the help of its people and technology, the company strives to ensure that it focuses on its customers when they need it the most because “our primary objective is to deliver exceptional service to our customer. We are here to reduce anxiety and cater for our customers’ needs. We have got you covered from Aviation to Oil & Gas, Marine, Moto r In s u ra n c e , G a d g et Insurance, Home Insurance to Business Insurance and all General Insurance Classes”

It was along the line of the consideration of the performance of the company for the 2022 business year and in view of the understanding that the company has to move to higher grounds that shareholders approved a dividend of three kobo per ordinary share of 50 kobo. This is a total dividend yield of 6% per share and amounts to N325,200,000 million.

“The use of technology across all sectors was heightened during the lock-down induced by the COVID-19 pandemic and the re-tooling by organisations will subsequently improve processes and ultimately impact on results in the long run. We are poised to take advantage of this, and also explore the opportunities of our emerging structure to improve on our marketholdco share. With the impending change of political baton at the federal level, we are optimistic of a more favourable operating environment for businesses to thrive and diminished political risks hence 2023 is another year of optimism for positive results in our operations. We look forward to further consolidation in our operations as one of the top players in the financial services sector”, the chairman concluded.

Chairman of Consolidated Hallmark Insurance Plc Mr. Obinna Ekezie is the Founder & immediate past Managing Director of one of the fastest growing and largest Internet travel sites in Africa, wakanow.com, which was established after an initial experiment with a travel website, Zeeptravel.com.

 Analysis of Consolidated Hallmark Insurance Plc’s trading results for 2022 showed that the company recorded a 45% increase (over prior year) in Profit Before Taxation from N971.6m in 2021 to N1.407 billion in 2022. Profit After Taxation also grew by 26% over prior year from N790.6 million in 2021 to N995.98 million in 2022. Also, through prudent underwriting the company was able to grow it’s underwriting profit by 24%.

“As mentioned in the opening comments, the 2022 success story reflects succinctly in the key bottom line financial performance indicator where we broke the N1 billion mark jinx in profit attributable to equity holders. Your company recorded a 45% increase (over prior year) in Profit Before Taxation from N971.6m in 2021 to N1.407 billion in 2022. Profit After Taxation also grew by 26% over prior year from N790.6 million in 2021 to N995.98 million in 2022. Also, through prudent underwriting, we were able to grow our underwriting profit by 24% to N2.367 billion in 2022 from the N1.915 billion in 2021.

“Claims payment remains an integral part of our operations. We do not renege on the prompt payment of all genuine and fully documented claims. We expended N4.468 billion on claims in 2022 when compared with the N3.999 billion claims expenses in 2021. Out of this amount however, we were able to recover N1.869 billion from our partners due to the robust reinsurance arrangement within and outside the continent”, Group Managing Director of the company Mr Eddie Efekoha had explained.

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