Group Chief Executive Officer of Consolidated Hallmark Holdings Plc Mr Eddie Efekoha has assured all stakeholders in the company that the two insurance companies under the umbrella of Consolidated Hallmark Holdings Plc have scaled through the hurdles of the insurance industry’s recapitalization exercise saying that these companies do not require fresh capital injections to remain in business.
Mr Efekoha was emphatic when he declared that insurance industry’s regulatory authority, the National Insurance Commission is now on the verge of announcing the capital and solvency adequacies of Consolidated Hallmark Insurance Limited and CHI Life Assurance Limited.
The other companies operating under the Consolidated Hallmark Holdings Plc are Hallmark Finance Company Limited and Hallmark Health Services Limited (Hallmark HMO).
The Group Chief Executive Officer of Consolidated Hallmark Holdings Plc who spoke at the third annual general meeting of the company which held in Lagos May 21, 2026 revealed that Consolidated Hallmark Insurance and CHI Life Assurance companies have submitted themselves to the verification officers from the insurance commission wherein indications are that all is well with the subsidiary companies.
“You are all aware of the Nigerian Insurance Industry Reform Act 2025 which prescribed N15 billion and N10 billion for non-life and life insurance companies respectively. Your companies have all gone far above that. There will be no need for fresh funds; your companies are well capitalized, the companies have been verified by NAICOM and very soon there will be the formal announcement confirming these”, Mr Efekoha explained while answering questions from shareholders who came in their numbers to the Federal Palace Hotel venue of the meeting.
Addressing shareholders earlier, Chairman of the company Mr Shuaibu Idris said that Consolidated Hallmark Holdings Plc recorded growth across key financial indicators for the business year ended December 31,2025. This he said was supported by improved underwriting results, prudent risk management and enhanced operational efficiency.
“For the year under review, we are happy to report that all the companies in the Group grew their operating income and recorded profits, albeit at different levels.
“The Group achieved a 61% growth in its operating and other non-insurance income from N4.09 billion in 2024 to N6.59 billion in 2025 while insurance revenue grew by 47 per cent from N29.42 billion to N43.27 billion”, the chairman had announced.
He added that the Group’s net insurance service result rose sharply by 121 per cent from N3.10 billion in 2024 to N6.85 billion in 2025 after meeting claims, reinsurance obligations and other direct costs.
Idris, however, explained that profit before tax declined from N22.65 billion in 2024 to N8.44 billion in 2025 due to a sharp drop in the mark-to-market valuation of the Group’s capital market investments.
“The fundamentals of the investment remained strong and hold better prospects for the future,” he said.
The chairman noted that the Group maintained a healthy balance sheet during the year, with cash and cash equivalents increasing by 96 per cent from N3.76 billion to N7.38 billion, while financial assets rose by 65 per cent from N27.88 billion to N45.90 billion.
He further disclosed that total assets increased by 33 per cent from N56.95 billion in 2024 to N75.94 billion in 2025, while shareholders’ funds also grew by 21 per cent within the period.
“In a year where volatility was the norm, consistency and diversity became our strength,” Idris stated, expressing appreciation to shareholders for their continued trust and support.
On dividend distribution, the chairman said the Board adopted a balanced approach aimed at rewarding shareholders while retaining sufficient capital for expansion and innovation.
Consequently, he announced a proposed final dividend of 15 kobo per share, which, when added to the interim dividend of 10 kobo already paid in 2025, brings the total dividend for the year to 25 kobo per share.
“This is the highest dividend that we have ever paid, and our aspiration is that with your support we can continue in this growth trajectory into the future,” he said.
It was the Group Chief Executive Officer, Mr. Eddie Efekoha who revealed that the 2025 financial year was shaped by inflationary pressures, exchange rate volatility, rising interest rates and weakened consumer spending.
According to him, the difficult macroeconomic environment increased operating costs for businesses and tightened access to affordable credit, while reforms in the financial system also affected liquidity conditions.
Efekoha noted that despite these pressures, the insurance industry remained relevant as businesses and individuals increasingly sought dependable financial protection amid economic uncertainty.
He said the company remained resilient through disciplined underwriting, cost optimization and improved operational processes across its subsidiaries.
“Our Group does not require additional capital to meet the new regulatory thresholds. We are not compelled to seek mergers or external funding, as our capital base remains strong and sufficient,” he said while commenting on the implementation of the Nigerian Insurance Industry Reform Act (NIIRA 2025).
The CEO described NIIRA 2025 as an opportunity for the Group to consolidate its market position and take advantage of growth opportunities within the insurance industry.
Efekoha also reiterated the company’s expansion strategy into the life assurance segment following the acquisition of a Life Assurance licence.
He disclosed that the Group is considering the acquisition of an existing life insurance portfolio to accelerate market entry and strengthen revenue generation.
“Given the low penetration of life insurance in Nigeria, this move presents significant growth potential for the Group,” he said.
Looking ahead, Efekoha said the Board and management would continue to focus on expanding revenue streams, strengthening operational efficiency and pursuing strategic opportunities, including acquisitions, to sustain long-term growth.
