Consolidated Hallmark Insurance Plc has announced a Profit After Tax of N3.7billion for the year ended December 31, 2023 as against N547million earned in 2022, indicating a 589 per cent growth.

The company equally announced 32 per cent growth in premium generation from N11.9 billion in 2022 to N15.7 billion in 2023.

Total assets of the firm grew by 44 per cent from N18.2 billion in 2022 to N26.2 billion in the year under review.

The company's new Chairman, Shuaib AbubakarsIdrisdisclosed thia while addressing shareholders at the inaugural annual general meeting of the company held in Lagos.

Idris who presided over the maiden meeting of consolidated Hallmark after it was converted to a holding company, said the company achieved the impressive result despite the enormous challenges faced by business operators in the country which compelled many conglomerate to flee the country.

"Some of these challenges led to the exit of some multinationals from our shores. However, despite the odds, your company was able to record significant improvements in key financial indicators during the 2023 Financial Year", he said.

Also speaking, the Group Chief Executive Officer of the company, Mr Eddie Efekoha, said the inaugural meeting created history as it marked the very first in the life of the new company, Consolidated Hallmark Holdings Plc.

"I would like to specially express my delight over the successful migration of all erstwhile shareholders of our legacy insurance company to the Holdco platform. The future of your investment can only be better and brighter", he assured.

Giving background of formation of the new holding company, Efekoha, recounted that the journey to the holding company status started from 2007, following the market recapitalisation exercise which led to the emergence of the then Consolidated Hallmark Insurance Plc, which was focused on the General Insurance business.