Consolidated Hallmark Holdings Plc has assured its shareholders that its insurance subsidiary, Consolidated Hallmark Insurance (CHI), has the needed capital to scale through the ongoing insurance industry recapitalisation exercise.
Responding to the shareholders’ concerns at its 2024 annual general Meeting(AGM) in Victoria Island, Lagos, on Wednesday, the group chief executive officer(GCEO), Eddie Efekoha, stated that the subsidiary had sufficient Shareholders’ Funds to cover the N15 billion required by the National Insurance Commission (NAICOM) from a life insurance company.
He said ,”We have about N35 billion as a group, so we are not endangered.”
He also announced to the shareholders that the group obtained a Life Insurance licence in March 2025, adding that this was a good development as the Holdco could now play in the life segment of the insurance market and expand its balance sheet.
“It’s a major development for us. It will grow our revenue base. We will maintain the momentum and get more premium income from the life assurance business. So, we are not endangered in this exercise. However, we will still take advantage of the exercise. We will explore as well, but not in mergers but acquisitions, ” he assured shareholders.
Earlier, the group chairman, Shuaibu Idris, said the Total Assets of the group grew by 117 per cent from N26.2 billion in 2023 to N56.9 billion in 2024, adding that good fortune in the year arose from previous strategic investments made in the oil and gas sector, which became a game changer after many years of waiting and nurturing.
He said, “Insurance revenue rose to N29.42 billion in 2024 from N15.7 billion in the 2023 financial year. Profit Before Tax recorded a 404 per cent leap from N4. 7 billion in 2023 to N23.2 billion, while total profit attributable to shareholders for the 2024 financial year is N22. 58 billion from N3.8 billion in 2023.”
