Consolidated Hallmark Holdings Plc has reassured shareholders that its insurance subsidiary, Consolidated Hallmark Insurance (CHI), is well-positioned to meet the ongoing industry recapitalisation requirements set by the National Insurance Commission (NAICOM).
Speaking at the company’s 2024 Annual General Meeting (AGM) in Victoria Island, Lagos, Group Chief Executive Officer (GCEO), Eddie Efekoha, confirmed that CHI has more than enough capital to surpass the ₦15 billion threshold required for life insurance companies.
“As a group, we have about ₦35 billion, so we are not endangered,” Efekoha said.
He further announced that the group secured a Life Insurance licence in March 2025, describing it as a major milestone that allows the Holdco to operate in the life insurance segment and expand its balance sheet.
“This development will grow our revenue base. We will maintain momentum and generate more premium income from the life business. We are not threatened by the recapitalisation exercise. In fact, we see opportunities—not through mergers, but acquisitions,” he told shareholders.
Strong Financial Performance
Group Chairman, Shuaibu Idris, also highlighted the company’s robust financial growth in 2024, attributing its strong performance to strategic investments in the oil and gas sector that have started yielding significant returns.
According to him, total assets surged by 117 percent, rising from ₦26.2 billion in 2023 to ₦56.9 billion in 2024. Insurance revenue nearly doubled, climbing to ₦29.42 billion from ₦15.7 billion the previous year.
Profit before tax also saw a remarkable increase of 404 percent, reaching ₦23.2 billion in 2024 compared to ₦4.7 billion in 2023. Profit attributable to shareholders rose to ₦22.58 billion from ₦3.8 billion in the prior year.
Idris assured shareholders that the group’s strategy of diversification and long-term investment is paying off and will continue to strengthen the company’s financial resilience.
