Consolidated Hallmark Insurance (CHI) Plc has assured shareholders that it would sustain regular dividend payment as shareholders approved payment of N162.6 million as dividends for the 2018 business year.
Addressing shareholders at the annual general meeting yesterday in Lagos, Chairman, Consolidated Hallmark Insurance (CHI) Plc, Mr. Obinna Ekezie, said the company has been positioned to sustain regular dividend payment, noting that it has paid dividend for seven years out of its 11 years of operations.
He said shareholders would receive a dividend per share of two kobo for the 2018 business year after the company posted net profit of N407.07 million during the year ended December 31, 2018.
Managing Director, Consolidated Hallmark Insurance (CHI) Plc, Mr. Eddie Efekoha said the performance of the company in 2018 showed an improvement on the growth projections for the industry.
He pointed out that the company’s gross premium rose by 20.85 per cent to all-time high of N6.865 billion while the company has further energized its retail and agency segments to grow new business into the group.
According to him, CHI’s revenue diversification drive was a major factor that aided the sustained financial performance through the challenging market conditions of 2018, further reinforcing its role as a formidable player in the insurance industry.
He outlined that due to management’s unrelenting efforts to ensure that the company is run efficiently, the company recorded a reduction in underwriting expense and operating expense ratios in 2018, closing at 14.57 per cent and 18.6 per cent in 2018 as against 24 per cent and 26 per cent recorded respectively in 2017.