Consolidated Hallmark Insurance Declares Three Kobo Dividend

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Ebere Nwoji

Consolidated Hallmark Insurance Plc, at its 21st annual general meeting, held in Lagos recently, announced 3 kobo dividend per share for its shareholders.
With this, the company approved a total of N180 million dividend for its shareholders nationwide, out of the N535,811,078 profit it made in its business outing for the 2015 financial year.

Outgoing chairman of the company, Dr. Obi Ralph Ekezie, who disclosed this in his valedictory statement to the shareholders at the meeting said: “We have now passed on the baton successfully to a new team of capable hands who we believe will successfully take your company to greater heights, it is my pleasure to inform you again dear shareholders that from the profit of N545,811,078, a dividend of three kobo per share is being proposed for approval at this meeting.”

According to him, the company had earlier paid an interim dividend of N120 million for the half year ended 2015 results.
Ekezie, said Consolidated Hallmark Insurance is one of the few insurance firms in the country that have continued to pay dividend on yearly basis despite the prevailing harsh economic environment.

“Your company has been one of the regular dividend paying insurers in the industry, having made payments four times N300,000,000)prior to this meeting ( in 2009: 2008 Account, N180 million in 2011: 2010 Account, N120 million in 2012: 2011 Account and N180 million in 2013:2012 Account. The total payout of N180 million proposed for your approval in respect of the 2015 accounts will therefore translate to N960 million and five times during our period of stewardship”he stated.

He said in line with the commitment to the growth of shareholders’ value over the years, the company, has annually posted profits except for 2014 financial year where provision was made for impairment charges.

The Consolidated Hallmark Insurance boss, also noted that from 2007, after the consolidation exercise in insurance industry, the company had grown its Asset Base from N4.6 billion to N7.02 billion in 2015, adding that this was an improvement from N6.13 billion posted in its 2014 financial year.

He stressed that Basic and Diluted Earnings per share, in 2015, was 9.10k from N3.22 kobo it recorded in 2014, while profit before tax (PBT) and exceptional items grew by 182.70 per cent from N193 million in 2014 to N545.81 million in the year under review.

He disclosed that the company has appointed six experienced professionals, to fill the vacuum created by the retirement of six directors from the board, listing the new directors as Mr. Obinna Ekezie, Mrs. Eziaku Obidegwu, Chief Andrew Odigie, Mr. Joel Avhurhi, Mrs. Adebola Odukale and Prince Ben Onuorah.

He also said certain strategic measures have been put in place, including the plans to grow the industry.
He expressed optimism that the insurance industry will take its rightful place in the economy.
Also speaking at the AGM, the Managing Director of the company, Mr. Eddie Efekoha said the corporate social responsibility initiative of the firm, which is the Annual Essay Competition, currently in its 5th edition has continued to attract the attention of more participants.