Consolidated Hallmark has said it will pay its shareholders N325.2m dividend for 2022 financial period.
The Chairman, Obinna Ekezie, disclosed this during its 28th annual general meeting.
In the annual report he presented to the shareholders, the chairman said, “In line with our firm belief in the return on investments to shareholders through consistent dividend payment, we wish to hereby present to you for your consideration and approval, a dividend of N0.03 or 3kobo per ordinary share of 50 kobo.
“This is a total dividend yield of six per share and amounts to N325.2m.”
Speaking on the 2022 financial performance, he said the company once again braved all odds in the operating environment and improved results in its top and bottom lines.
According to him, “They show a growth of 22 per cent in gross premium written, from N10.5bn in 2021 to N12.83bn in 2022.
“Underwriting profit grew from N1.9bn in 2021 to N2.37bn in 2022, while the total asset of the company was not left out in the impressive performance. Total asset is now N18.54bn when compared with the N15.67bn of 2021.”
He said the company also grew its profit before taxation to N1.41bn from the N971.67m of 2021, while total profit attributable to shareholders attained a billion-naira mark, having hit N1.02bn from N923.09m in 2021
The chairman said 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 would 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 holdco structure to improve on our market share,” he said.
The Group Managing Director/Chief Executive Officer, Eddie Efekoha, said, claims payment remained an integral part of its operations.
He said, “We do not renege on the prompt payment of all genuine and fully documented claims. We expended N4.47bn on claims in 2022 when compared with the N3.99bn claims expenses in 2021.
“Out of this amount however, we were able to recover N1.87bn from our partners due to the robust reinsurance arrangement within and outside the continent.”
During the year under review, he said, its total assets rose by 18 per cent from N15.67bn in 2021 to N18.54bn in 2022.
