Insurance company records N10.5bn gross premium

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Consolidated Hallmark Insurance Plc’s gross written premium rose to N10.5bn by the end of 2021 financial period.

The Chairman, Board of Directors of the company, Obinna Ekezie, disclosed this during the company’s 27th annual general meeting in Lagos.

He said, “The financial year under review was again another success story by your company, despite the persisting challenges in the operating environment. This has helped to ensure our unbroken streak in profitability.

“Both the top and bottom lines recorded growths as we generated an all-time high gross premium written of N10.5bn. When compared with the N9.8bn recorded in the corresponding period of 2020, this represents a growth of 7.4 per cent.”

He said the profit before tax grew significantly by 26 per cent, from N772.6m in 2020 to N971.7m in 2021, while profit after tax grew by 17 per cent, from N678.0m in 2020 to N790.6m in 2021.

The company, he added, created additional value during the year by growing the Group’s total assets from N 14.3bn in 2020 to N15.7bn in 2021, a growth rate of approximately 10 per cent.

 

Despite the prevailing micro economic environment, he said, investment income grew from N940m to N1.2bn in 2021.

The chairman said the company was presenting a final dividend of N216.8m, translating to two kobo per share.

“Having paid an interim dividend of the same figure earlier, the total dividend we wish to pay or the 2021 financial year now amounts N433.6m or four kobo per share,” he said.

The Group Managing Director/ Chief Executive Officer, Mr Eddie Efekoha, said this year marked the 15th year of seamless operations for the company.

He said, “The journey which started in 2007 following the insurance industry’s consolidation has been one of mixed fortunes for us all as operators, in view of the challenging operating environment. This is another year of stock taking– to reflect on where we are coming from and how we have fared.

“We have grown from one company underwriting general business & special risks only in 2007 to a company 15 years after with subsidiaries in micro life assurance, health management, lending, investments, assets financing & other financial services.”

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