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Anchor Insurance gross premium up 25.9% to N13bn

Anchor Insurance gross premium up 25.9% to N13bn

Underwriting firm, Anchor Insurance Company Limited has reported a N13.15 billion gross written premium in the 2022 financial year, a 25.85 percent increase over N10.45 billion in 2021 despite the stormy economic environment.

Elijah Akpan, chairman of the board who disclosed this during the Company’s 33rd Annual General Meeting (AGM) held in Lagos further told the shareholders that the risk-bearing outfit’s Profit Before Tax went up by 37.82 percent from N1.02 billion in 2021 to N1.41 billion, stating that Profit After Tax increased to N1.22 billion from N867.55 million in 2021, showing a 41.01 percent leap.

According to him, “whereas the Shareholders’ Funds jumped astronomically by 102.28 percent from N6.45 billionn recorded in 2021 to N13.05 billion in 2022, the Company’s Total Assets grew to N18.56 billion from N15.49 billion in the corresponding year of comparison, representing a 19.81 percent increase.”

While stating that the Company’s Solvency Margin moved up by 38.85 percent from 157 percent position in 2021 to 218 percent in 2022, he noted that “as a Company that keeps its words, we paid out N1.42 billion as claims to our genuine affected policyholders as against the N997.42 million paid in the previous year, showing 42.60 percent rise in claims paid.”

He explained that “as the volume of businesses transacted in 2022 outweighed what was done in 2021, it was only analytically natural that claims that would come from such a high transaction would equally be more.”

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At a time most companies find it difficult to pay dividends, we paid a dividend of 4kobo per share in line with our yearly practice of ensuring that Shareholders enjoyed their reason for investing in the Company, Elija said, assuring that the Board would not fail to do more than the current figure whenever there was any quantum profit margin.

Speaking further at the meeting, Ebose Augustine Osegha, Company’s managing director/CEO, reiterated the socio-economic daunting situations which imposed untold hardship on the populace and the business community in 2022, saying that “we can only thank God for the eventual positive results recorded on all key indices.”

He explained that the Company carried out a rebranding exercise on its logo and came up with a new world-class Television Commercial which was launched during the year, stating that” these deliberate activities caused exponential excitement for the Anchor Insurance brand nationally as well as internationally and consequently shot up its awareness status, acceptance rating and market performance.”

Ebose noted further that in the course of the year being reported, the Company created the Local Passengers’ Flight Welfare Scheme to cater for the different risks faced by passengers on the local flight routes, promising that “in 2023, we will look further into introducing more people-centred insurance products to the market.

He reassured the public that Anchor Insurance will not toy with the major reason it is in business which is to pay claims and as at when due, with no stress to be suffered by affected genuine policyholders.