Anchor Grows Income by 23%

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  • Anchor Grows Income by 23%

Anchor Insurance Company Limited said it has increased its gross premium income by 23 per cent from N1.905 billion in 2014 to N2.342 billion in the financial year ended December 31, 2015.

Its Managing Director, Mayowa Adeduro, made this known in Lagos at the Pre-Annual General Meeting media parley in Lagos.

He said the Annual General Meeting (AGM) is slated for October 14, at Uyo, the Akwa Ibom State capital.

According to Adeduro, the company’s total assets showed a growth of seven per cent with N5.4 billion recorded in 2015 compared to N5.0 billion in 2014, adding that average gross premium growth for five years was 21.4 per cent while the company’s total claim for the year increased by 85 per cent from N273 million to N505 million in 2015.

He also said the company paid N1.43 billion in claims for five years, adding that it managed its level of activity during the year as its net premium income increased from N1.63 billion in 2014 to N1.842 in 2015 representing an increase of 13 per cent.

The board and management of the company, he assured, were certain that the company’s future was brighter, but refrained from commenting on dividends to the shareholders.

Adeduro, however, announced the retirement of three directors from the company having served the stipulated time as regulated by National Insurance Commission (NAICOM). They are: Dr. Michael Ntuk, Barrister Bassey Anwanane and Dr. Ime Emerson Udom.

He said Anchor Insurance was set to launch her newest product: Anchor Loss of Employment Insurance Scheme (LoIES). “With a penchant for prompt claim payment and innovative insurance products, Anchor Insurance is set to launch her newest product: Anchor Loss Employment Insurance Scheme (LoIES). A product designed and approved by NAICOM to meet the yearning of insuring public for innovation to address contemporary challenges of working class in the event of loss of job. This product guarantees a maximum 24-month salary payment after job loss,” he added.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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