Consolidated Hallmark Holdings (CHH) Plc, has recorded revenue growth of N15.7 billion in 2023, from N11.9 billion achieved in 2022, representing 32 percent growth in revenue.
Total assets of the company witnessed a significant leap to N26.2 billion when compared to the N18.2 billion of 2022, showing significant 44 percent growth in the total assets of the firm.
Profit Before Tax (PBT) rose to N4.6 billion from the N983 million in 2022 while total profit attributable to shareholders for the 2023 financial year was N3.8 billion, up from N547 recorded million in 2022.
Shuaibu Idris, Chairman of CHH, while addressing shareholders during the first Annual General Meeting (AGM), said despite the odds in the economy, the insurer was able to record significant improvements in key financial indicators in the 2023 financial year.
On dividend, he said the board’s commitment to adequate returns on investments to the shareholders through consistent dividend payment remains firm and that the board shall stay focused on that pathway, and declared a total dividend of N542 million for each shareholder to be paid N0.05 or five kobo per ordinary share of 50 kobo.
Idris assured the shareholders that the bank accounts of qualifying shareholders who have updated their records with the Registrars shall be credited beginning from the end of the AGM.
He told them that though CHH Plc is a non-operating Holdings Company, it shall strive to 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, adding that a board made up of experienced business leaders has been assembled.
He said: “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.”
Idris went further to appreciate the shareholders for their support over the years, adding that: “My appreciation also goes specially to our regulators, other partners, the insurance brokers, agents, our loyal customers, our stakeholders in the health and financial services sector generally and to the management and staff of the group.”
Group Chief Executive Officer of CHH, Eddie Efekoha, explained that: “In comparative terms, we have been able to achieve a 465 percent growth from the total assets of N4.6 billion in 2007.
He disclosed that the firm recorded an improvement of 589 percent growth as its Profit After Tax (PAT) grew from N547 million in 2022 to N3.7 billion in 2023, noting that: “We had a positive impact of exchange rate gain during the year.”
Efekoha said that 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.
“Indeed, the increased rate for third party motor insurance from N5,000 to N 15,000 for private cars was the way to go, in view of inflationary trends and the failure of the industry to periodically review rates to reflect the economic realities over the years,” he said.
He highlighted that in 2023, Group Claims Settlement was N5 billion from the N4.4 billion expended in 2022, indicating a rise by 2,485 percent in 2023 FY over the 2007 Claims payment figure of N197.2 million.
“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.
“Our quest to significantly grow our market would continually receive a boost with the faith of our customers in our ability and preparedness to meet their needs when claims arise,” Efekoha added.
Chairman Emeritus, Independent Shareholders Association of Nigeria (ISAN) Sir. Sunny Nwosu who prayed for the organisation’s board, management, staff and shareholders applauded the feats achieved by the firm, whilst pressing for higher dividend payout.
He lauded the seamless transition to a holding company and urged the board to sustain the drive in taking the organisation to lofty heights.
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