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The daunting challenges posed by the global economy and the harsh operating environment notwithstanding, the company recorded a 28 per cent increase on profit after tax of N271 million in 2011 as against N211 million recorded in 2010.
Presenting the annual operating result to the shareholders at the 17th annual general meeting of the company, held in Lagos, recently, the Chairman, Board of Directors, Mr Ralph Ekezie, who attributed the company’s success to the unflinching support of customers, and the unwavering determination and commitment of management and staff, said that the company had made a significant progress in the last one year.
According to him, this was evident in the result presented as the company also recorded a significant growth in shareholders fund from N4.1 billion recorded in 2010 to N4.2 billion in 2011, while investment and other income also increased from N76.5 million in 2010 to N125.3 million in 2011.
Based on the result posted, the chairman disclosed that the board had recommended a dividend per share of 2 kobo totalling N120 million for the shareholders, which according to him, was to be paid instantly to the bank accounts of shareholders who have completed their e-mandate form. This was unanimously endorsed by the shareholders.
Mr Ekezie lauded the leadership of National Insurance Commission (NAICOM) on a number of commendable initiatives germane to the development of the industry, such as Market Development and Restructuring Initiatives (MDRI) where efforts to ensure patronage of five compulsory classes of insurance products gathered momentum.
Also speaking at the meeting, the Company’s Chief Executive Officer, Eddie Efekoha, who solicited for continuous support from the shareholders, noted that within the year under review, the company relocated from a leased property in Victoria Island to the company owned property on Ikorodu road in Lagos.
He added that the movement had since imparted their insurance business, adding that it had greatly improved staff productivity through reduction in man hours spent in traffic.
According to him, in line with the Federal Government directives on International Financial Reporting Standard (IFRS), which is a globally accepted financial reporting standards adopted in Nigeria in 2010 with commencement date for companies quoted on the floor of the Nigerian Stock Exchange being 2012, CHI was on course having prepared, obtained approval and published first quarter 2012 result in IFRS.Share