CHI Pays N433.6mn DividendtoShareholders

Consolidated Hallmark Assurance (CHI) recently put smiles on the faces of its shareholders through payment of N433.6 million divided at the rate of four kilo per share.

The dividend was for 2021 financial year, which translated to four kobo per share. The underwriting firm had earlier paid N216.8 million interim dividend at two kobo per share and its expected to pay final dividend of N216.8 million amounting to 2 kobo per share as well, thereby, bringing the total dividend payment to N433.6 million.

The dividend payment, the company said, was in a bid to reward its teeming shareholders for their commitment and loyalty to the insurance firm.

Addressing the shareholders at its 27th Annual General Meeting (AGM) in Lagos CHI Chairman, Obinna Ekezie, disclosed that the company generated an all-time high Gross Premium Written (GPW) of N10.5billion in the year under review as against N9.8 billion recorded in the corresponding period of 2020, translating to 7.4 percentage growth.

The Profit Before Tax (PBT), he said, grew significantly by 26 per cent from N772.6 million in 2020 to N971.7million in 2021 while Profit After Tax (PAT) grew by 17 per cent from N678 million in 2020 to N790.6million in 2021.

The insurer said it created additional value during the year by growing the Group’s total assets from N14.3billion in 2020 to N15.7billion in 2021, a growth rate of approximately 10 per cent. “Also, despite the prevailing economic environment, investment income grew from N940million to N1.2billion in 2021.