Consolidated Hallmark Insurance (CHI Plc) has reported 108 percent growth in its profit for the financial year ended 31st December, 2017.
In its results, submitted and approved by both the National Insurance Commission, (NAICOM), and the Nigeria Stock Exchange, (NSE) the company posted a profit after tax of N 406,205,406 when compared with the N 194,987,845 of the 2016 financial year.
Also, profit before tax grew by 74 percent from N368,133,129 in 2016 to N641,052,022 in 2017.
Further details of the results made available to shareholders of the company show appreciable progress in investment activities of the company.
According to the result, income from the activities, grew from N472.3 million to N796.2 million in 2017. While total Assets of the company rose by 27 percent from N7.44 billion of 2016 to N9.49 billion.
Premium Written was N5.680 billion, while a Net Underwriting Income of N4,053,742,495 was recorded.
Managing Director of the company, Eddie Efekoha, said the company will continue to fulfil its obligations to customers through prompt claims settlement disclosing that gross amount paid out in this regard during the year under review was N3.354 billion.
According to him, the positive result achieved by the company, is an affirmation of his recent assurance to shareholders that they should expect more returns in the nearest future from Consolidated Hallmark Insurance .
He further assured that recent capacity expansion and growth initiatives of the company would help to grow revenue.
According to Efekoha, Plans are already afoot to hold the Annual General Meeting of the company where in line with its policy of rewarding shareholders for their steadfastness, dividend payment will be proposed to shareholders for approval.
He said CHI Plc has paid dividends seven times in the last ten years.
Linkage Assurance CEO among Top 25 Capital Market Performers in 2017
Managing Director/CEO, Linkage Assurance Plc, Dr. Pius Apere, has been listed among Top 25 Chief Executive Officers (CEOs) who delivered the most value to stakeholders, and contributed to the impressive performance recorded by the Nigerian capital market in 2017.
Last year, listed stocks gained N4.36 trillion in market capitalisation, a development that made the Nigerian capital market one of the best in the world.
The 25 CEOs who were celebrated during the Business Day Top 25 CEO Awards held in Lagos accounted for over 60 percent of the success recorded on the NSE. That means they added some N2.6 trillion to market value in 2017.
Dr. Pius Apere-led new Management of Linkage Assurance Plc with the support of the Board recorded significant achievements in 2017 leading to being awarded as one of the Top 25 CEOs.
On the performance of the company in 2017, In the 2017 financial year, Apere, the Company, recorded gross premium income (GPI) of N4.102 billion as against N4. 032 billion in 2016, and was able to beat negative market sentiments that affected the company before the new management came in early 2017.
â€œFrom 2017 the Company share price has rose above 90 kobo and we were in a position to carry out half year 2017 Accounts audit exercise successfully within two months to pay interim dividend, having wiped out the negative retained earnings which existed for over 10 years. The Company is also in a position to pay final dividend from 2017 audited Accounts which awaits NAICOMâ€™s approval.â€,
Linkage Assurance, had an improved investment performance and profitability in 2017 despite the challenges in the market environment leading to better investment returns to shareholders in terms of payment of dividend and increased shareholders fund.
The Company also in 2017 brought in a new marketing strategy that focused on client/insured, with the ultimate aim of deepening the companyâ€™s marketing outreach which will enable growth of gross premium income, which is expected will manifest from 2018
â€œWe have developed our IT infrastructure in 2017 to put the company in competitive position in line with our peers. To improve our operational efficiency, we have deployed the Virtual Private Network (VPN) to our 13 branches in 2017 to ensure seamless operational link and/or fully integrated with Head office.
â€œOnline sales platform including document Management System (DMS) has been developed in 2017 and deployed in 2018, having got NAICOMâ€™s approval.â€
A lot of progress was made in the area of market visibility, including launching of new innovative retail products, strengthened ties with brokers for bigger market share, closing the gong ceremony at NSEetc to carry all market players along, targeted at increasing the companyâ€™s brand visibility as part of its aggressive revenue generating strategy”, Apere said.
He further said part of the initiatives, is a new staff performance evaluation system which was introduced in 2017 to enhanced the creation of new work culture including ability to work towards pre-agreed deadlines and/or timelines) within the Company, noting that this has increased the level of staff productivity which in turn increased substantially staff contributions to the Companyâ€™s profitability (bottom line).â€