• Monday, May 20, 2024
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Anchor Insurance premium up 6%, pursues 5-year growth plan

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Anchor Insurance Company Limited has secured the approval of its 2013 financial accounts from the National Insurance Commission (NAICOM), showing a 6 percent growth in written premium, and closing at N2 billion.

This performance, the firm said, would form the baseline, as it pursues it five-year growth trajectory that places it among the top 10 insurance companies in the country.

Kehinde Olaniyi, head, corporate communications, revealed that the growth was mainly as result of increasing marketing network via the various agency outlet spreads across the country with key emphasis on providing insurance services that meet the global needs of customers.

The company incurred net claim expenses of over N236 million while the underwriting result at the end of the year amounted to N814 million, compared with N1.154 billion earned during the previous year.

Its investment income was N145 million in 2013, as against of N117 million in 2012, an increase of 24 percent.

The company improved operational efficiency in 2013, by a drop of 34 percent in operational cost from N1.2 billion in 2012, to N0.75 billion in 2013, while its shareholders fund grew from N3.9 billion to N4.1 billion in the year 2013, thus showing 6.4 percent growth in shareholders fund.

Adeduro Mayowa, managing director/CEO, said that in the last five five years, the company had grown above the industry’s average, paid claims promptly in excess of N1 billion, meet regulatory requirement as at when due, grew its branch network from five to 21 with spread in the major geopolitical zones of Nigeria, and had consistently declared profit and paid dividends to its shareholders in the last four years.

The company is repositioning to play big in the insurance market within the next five years, Adeduro revealed, stating that, a new strategic plan put in place by the management was recently approved by the board of directors, as “the five years strategic plan will seek to build a unique identity for Anchor Insurance Company Limited.”

Relevant to this is the recent acquisition of Aviation Treaty with capacity up to $500 million. The plan also envisaged to shore up the company’s current capital base and erect its own befitting corporate head office in Lagos, the CEO said.

The objectives of this strategic plan also focuses on ranking the company among the first 10 leading insurance company in Nigeria in terms of net asset; premium income; and profitability before tax by the year 2018; establish a strong presence in the micro-insurance market; gain above 3 percent market share in 2018; strengthen the quality of our human capital, generate competitive returns on investment; deliver superior and quality service to all our customers, he further said.

In his words, the Anchor Insurance Company’s promise is: “All stakeholders will surely enjoy a pleasant experience.”

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