The gross premium income of Consolidated Hallmark Holdings (CHH) Plc rose to N16.62 billion in 2023 financial year from N12.06 billion it was in 2022.
This represents a 31 per cent improvement and a 693% growth from the N1.5billion premium income it recorded in 2007 financial year, during recapitalisation exercise of the insurance industry.
Similarly, the company grew its Total Assets to N26 billion from N18 billion in 2022.
Speaking at its 2023 Annual General Meeting (AGM) in Lagos yesterday, the Group chief executive officer(GCEO), CHH, Eddie Efekoha, said: ‘In comparative terms, we have been able to achieve a 465% growth from the Total Assets of N4.6 billion in 2007.’
Disclosing that his company recorded an improvement of 589 per cent growth as its Profit After Tax (PAT) grew from N547 million in 2022 to N3.7 billion in 2023, he noted that, ‘We had a positive impact of exchange rate gain during the year.’
Saying 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, he added that, “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.”
On claims payment, he stated that, in 2023, Group Claims Settlement was N5 billion from the N4.4 billion expended in 2022, adding that, there has been a rise by 2,485% in 2023 FY over the 2007 Claims payment figure of N197.2 million.
To him, “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.”
Earlier, the chairman of CHH, Shuaib Abubakar Idris noted that the commitment to adequate returns on investments to its shareholders through consistent dividend payment remain firm, promising to continue to focus on that pathway. To this end, he said, the company approved a dividend payment of N0.05 or 5 kobo per ordinary share of 50 kobo even as the total dividend payout amounted to N542 million.
The firm, though a Non-operating Holdings company,he said, 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 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,” he pointed out.