Consolidated Hallmark Insurance Plc generated Gross Premium Income of N3.06 billion for the financial year ended December 31st 2010.
The figure represents a 25 per cent improvement over 2009 figure of N2.45 billion.
While briefing shareholders at the annual general meeting which took place in Lagos last week, Chairman of the company, Obi Ekezie, noted that profit after tax came to N211.57 million representing a drop of 12.8 per cent over 2009 figure of N242.67 million while shareholders funds grew by six per cent from N3.97 billion to N4.19billion.
Ekezie stated that it has indeed been a very challenging year not only for Consolidated Hallmark or the insurance sector, but for the entire economy, adding “Recent financial results of hitherto big players in the insurance industry reveal the reality of the economic situation.”
“It is gratifying that in spite of the reduction in profit, the company is in a position to pay dividend for the 2010 financial year.” Shareholders will therefore get a dividend of N180 million which translates to a dividend of 3kobo per share.
The Chairman stated that in line with efforts to expand its foray into other areas of financial services, Consolidated Hallmark has acquired a subsidiary – Grand Treasures Limited (GTL).
He noted that GTL is a CBN licensed finance company and was directly acquired by CHI Capital Limited- another subsidiary of Consolidated Hallmark Insurance Plc.
Its activities will revolve around asset leasing (consumer lease, auto lease), LPO financing, short term loans, commercial papers financing and trade finance.
Ekezie maintained that Consolidated Hallmark is not relenting in its efforts geared towards ensuring that its members of staff, being the most valuable assets of the organisation are continually exposed to the best training internally and eternally , adding that this is aimed at empowering staff to perform at their best.
“Also a new performance management system was put in place in the company in the year, a system which seeks to adequately reward performers, whilst identifying training needs of under performers to enable them improve adequately to meet the expectations of the organisation. The implementation of the PMS has now commenced company-wide,” the Chairman stated.