Anchor Insurance Company Limited, a leading underwriting firm, has announced its impressive financial performance for the 2022 fiscal year, defying the stormy economic environment.
The company reported a substantial increase of 25.85 percent in its gross written premium, reaching an impressive N13.15 billion compared to N10.45 billion in 2021.
During the Company’s 33rd Annual General Meeting held in Lagos, Elijah Akpan, Chairman of the board, disclosed these remarkable results to shareholders. He highlighted that the company’s Profit Before Tax witnessed a significant surge of 37.82 percent, rising from N1.02 billion in 2021 to N1.41 billion in 2022.
Moreover, the Profit After Tax experienced an impressive leap of 41.01 percent, reaching N1.22 billion compared to N867.55 million the previous year.
Akpan further emphasized the notable increase in Shareholders’ Funds, which skyrocketed by an astounding 102.28 percent, reaching N13.05 billion in 2022 from N6.45 billion in 2021. Also, the company’s Total Assets grew to N18.56 billion, indicating a 19.81 percent increase from N15.49 billion in the corresponding year.
Highlighting the company’s robust financial health, Akpan stated, “Our Solvency Margin rose by 38.85 percent, from 157 percent in 2021 to an impressive 218 percent in 2022.”
He also highlighted the company’s commitment to policyholders, explaining that claims paid to genuine affected policyholders surged by 42.60 percent, reaching N1.42 billion, compared to N997.42 million in the previous year.
Akpan attributed the company’s success to the increase in business transactions in 2022 compared to the previous year, stating, “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.”
Despite the socio-economic challenges faced by the populace and the business community in 2022, Ebose Augustine Osegha, the Company’s Managing Director/CEO, expressed gratitude for the positive results achieved across all key indices.
Osegha highlighted the company’s rebranding efforts, including a new logo and a world-class Television Commercial, which greatly increased the Anchor Insurance brand’s awareness status, acceptance rating, and market performance.
Furthermore, Osegha announced the creation of the Local Passengers’ Flight Welfare Scheme, designed to address the various risks faced by passengers on local flight routes.
He pledged to introduce more people-centered insurance products to the market in 2023, demonstrating Anchor Insurance’s commitment to meeting the evolving needs of its customers.
Osegha reassured the public that Anchor Insurance would continue prioritizing prompt claims payment, ensuring that genuine policyholders do not experience any unnecessary stress.
He concluded by expressing the company’s dedication to exceeding its current achievements whenever there is a quantum profit margin, emphasizing the commitment to providing value to its shareholders.