Consolidated Hallmark Insurance Plc has grossed a premium income of N3.8 billion in 2011, some 36 percent rise against the N2.8 billion it recorded in 2010, the company's Chairman, Ralph Ekezie has said.

Giving the breakdown of the company's financials at its 17th 2011annual general meeting held in Lagos, Ekezie said its profit before tax rose from N253 million in 2010 to N378 million in 2011, while the profit after tax increased from N211 million in 2010 to N271 million in 2011.

The company's shareholders fund grew from N4.1 billion in 2010 to N4.2 billion in 2011, while its insurance fund increased from N766 million in 2010 to N985 million in 2011.

The company's board recommended a dividend per share of two kobo totalling N120 million and this was approved by the shareholders at the meeting.

The chairman explained that the second round banking sector reform during the year under review resulted to draught of credit to the real sector and the middle class, thus eroding their assets acquisition capabilities.

This development according to him affected the operations of many insurance companies as they were unable to generate revenues up to their operating capital because naturally they depend on the activities of other sectors.

The company's Managing Director, Eddie Efekoha said the recent relocation of its head office from a leased property to the company-owned property has greatly improved staff productivity through reduction in man hours spent in traffic and more spacious working environment.

Efekoha also informed the shareholders that the company has reinvigorated its credit control drive in line with its resolve to ensure significant recovery of outstanding premium while ensuring that age of debts for new transactions is reduced to the barest minimum, in some cases not exceeding three months.