Consolidated Hallmark Insurance Plc has said it will pay out a total of N180m dividend to its shareholders for the 2012 financial period.

The Chairman, CHI, Dr. Ralph Ekezie, said this during the firm’s 18th Annual General Meeting, which held in Lagos on Wednesday.

“In line with our promise to consistently grow shareholders’ value, the board is recommending a dividend of N180m. This translates to a dividend of 3k per share compared to the 2k paid out in 2012,” he said.

The chairman said the resilience of the company, in spite of the enormous challenges posed by the business climate in the country, was reflected in its ability to maintain its unbroken record of profitability.

He said the company was able to achieve significant growth in key performances metrics.

Ekezie said CHI’s gross premium rose from N.09bn in the 2011 financial period to N4.14bn in the year under review.

Profit after tax, he added, grew by 278 per cent to N560.4m from N148.2m in the 2011 financial period.

According to him, profit after tax rose by 158 per cent to N395.2m in the period under consideration from N153.3m last year.

The chairman said the total assets of the firm in 2012 rose to N6.67bn from N6.07bn in the previous year.

He also said the shareholders’ fund was enhanced by seven per cent to N4.1bn from N3.9bn in 2011.

“We remain committed to our vision of evolving into a leading provider of insurance and other financial services of international standard. Towards this end, we shall continually ensure compliance with best practices in corporate governance issues,” Ekezie said.

The Managing Director, CHI, Mr. Eddie Efekoha, said as the volume of the company’s business continued to grow, its claims also rose.

“A total of N874.7m was paid out as claims in 2012 when compared with N662.5m in 2011, thus, recording 32 per cent increase in claims settlement during the year under review,” he said.

Efekoha said prompt claims settlement was the most formidable way of ensuring growth in patronage.

According to him, the firm has reduced its claims processing time drastically.

 

Source: Punch (by Nike Poopola)