Despite the unfavourable economic weather facing Nigeria’s insurance sector, Anchor Insurance Company Limited has braced the odds to record a gross written premium of N3.4bn at the close of business in 2018.
This represents 54.38 per cent growth over the performance of N2.2bn in 2017 and the first of its kind, since the company was established in the past 30 years.
The company, during the meeting also ratified a dividend of 2 Kobo per ordinary shares to reward shareholders while promising to ensure a geometric improvement in the different relevant indices come 2019.
Chairman, Board of Directors of the company, Dr. Elijah Akpan, announced this at its 29th Annual General Meeting (AGM), held at Ibom Le’ Meridien and Golf Resort, Uyo, Akwa Ibom State on Friday.
Dr. Akpan, during the review of the company’s business performance in the outgone year, attributed the successes to team work and determination of workers “to change the age-long premium narrative, review marketing strategy by the new management, injection of fresh ideas and added efforts by the new hands that joined the system.”
He said “Anchor Insurance, in a bid to make a difference, also recorded positive headways in 2018 to include net premium of N2.8bn against N2bn in 2017, showing 41.6 per cent improvement over the performance in the corresponding year, while investment and incomes hopped from N229.4m in 2017 to N244.9m in 2018, indicating 6.75 per cent rise over the performance in 2017.
Profit before tax also rose to N220.2m in 2018 from N180.3m in 2017, representing 22.12 per cent increase over 2017, while profit after tax stood at 22.87 per cent from N133.3m in 2017 to N163.8m in 2018, total assets experienced 5.37 per cent rise from N6.2bn in 2017 to N6.6bn in 2018 and shareholders’ fund rose to N5.2bn in 2018 from N5.1bn, showing 1.67 per cent increase respectively.
The Chairman maintained that propelled by the Company’s pay-off ‘‘…where insurance works,’’ the Company responded to claims request by paying N816.9m to genuine claimants in 2018 against N540.2m in 2017, indicating 51.2 per cent show of strength.
In addition to the above achievements, Dr. Akpan stated that the company commissioned and opened Anchor Insurance Multi-Purpose Building in Uyo, appointed a new Executive Director, Technical and engaged Head, Claims/Re-Insurance, which has ensued in the tremendous improvement of under-writing/claims administration amongst others.
While assuring that 2019 would be more fruitful considering the achievements so far recorded, he called for all hands to be on deck to realize the recapitalization of the company for big ticket businesses.
He added that the company would invest more on the Anchor brand repositioning project and expand products basket to open rooms for additional income.