Consolidated Hallmark Insurance Plc said it would pay dividend of N120m to its shareholders in its 2016 financial report.
The Chairman of the company, Mr. Obinna Ekezie, disclosed this during its annual general meeting in Lagos.
Ekezie said, “The board is recommending a dividend of N120m for your approval. This translates to two kobo per share.”
According to him, this demonstrates the commitment of the company to reward its shareholders in spite of the tough business climate.
He said the company intensified efforts to improve on key performance metrics despite the prevailing economic situation in 2016.
Ekezie said the firm recorded a gross premium of N5.83bn in 2016 from N6.04bn in 2015, while net premium income rose to N3.51bn from N3.19bn in the previous year.
He also said the company’s claims payment rose by 29 per cent from N1.34bn to N1.73bn in the year under review.
The chairman said its profit before tax declined to N368m from N705 in the previous year, while profit after tax was N195m, rising from N546m in 2015.
The Managing Director of the company, Mr. Eddie Efekoha, said the company was undergoing digital transformation, which would enable it to position itself strategically and align with its objectives.
According to him, this is part of a comprehensive five year strategic plan currently being implemented.
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