Consolidating Hallmark shareholders endorse N162m total divided

Shareholders of Consolidated Hallmark Insurance  Plc has approved a dividend of N162 million culminating to two kobo per share, due to every of its investor for the 2018 financial year.
 
Reviewing its performance at the 24th yearly general meeting held in Lagos, on Tuesday, Company Chairman, Obinna Ekezie, said amid harsh operating environment, the group recorded a gross premium written of N6.86billion, representing 20.85 per cent 2017 level, while  basic earnings per share was N0.0579 compared to N0.0677 achieved a year earlier.
 
He said due to investments made in strategic market developments initiatives, and the high claims payout during the year, the operating expenses grew by 26.48 per cent to N1.77 billion despite the harsh environment.
 
“However, due to management’s disciplined approach to cost management, the group still recorded a profit after taxation growth from N406 million in 2017 to N407 million in 2018. Toward our commitment to evolving into a leading provider of insurance and other financial services in Nigeria, measures have been firmly put in place in this regard while the deployment of funds generated through capital raise will no doubt ensure further improvements in the company’s income.”
 
The Managing Director the company, Eddie Efekoha, said the firm’s total assets increased from N9.4 billion in 2017 to N10.8 billion in 2018 representing a growth of 14 per cent. He also said the company’s capacity to undertake larger and more technical transactions has been greatly enhanced with the recent injection of additional capital through funds generated from a combination of the rights issue and private placement, noting that the Nigerian Insurance industry has continued to experience numerous challenges in its operations.