Anchor Insurance records N437m profit, N7bn premium, N14bn total assets

Anchor Insurance Company Limited has reported Gross Written Premium of N6.8 billion in the financial year ended December 31, 2020 as against N4.2 billion recorded in the same period of 2019. This represents a performance of 61 percent over the result of 2019 despite the challenges of the COVID-19 pandemic.

The company’s Profit After Tax also recorded a 98 percent increase from N220.2 million in 2019 to N436.5 million in 2020 just as its total assets experienced an 87 percent appreciation from N7.2 billion in 2019 to N13.5 billion in 2020.

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These details were disclosed by the company’s Chairman, Dr.  Elijah Akpan, during the organisation’s 31st Annual General Meeting held virtually in Lagos.

He noted that the company responded to claims demands from its affected genuine policyholders to the tune of N1.3 billion in 2020 as against N929.6 million paid in 2019, stating that “as a tradition at Anchor Insurance Company Limited, we recognise the crucial role which regular payment of claims plays in keeping any serious insurer strong in the Nigerian insurance market.”

The Chairman told the owners of the company that the Board and Management have done well so far in pursuing the recapitalisation exercise as ordered by the National Insurance Commission (NAICOM).

According to him, “based on the level we are at with the exercise, it is our strong belief that we will sail through. This feat, when achieved, will go a long way in catapulting the Company to a more vantage position where it can retain more big-ticket businesses in its port-folio than it is currently doing.”

While thanking God for seeing the company through the harsh economic weather in 2020, the Managing Director, Mr. Ebose Augustine, disclosed that the shareholders have approved the 4kobo dividend per share recommended by the Board of Directors to be paid to them.

According to him, “it is our standing practice to put smiles on the faces of the owners of the company every year for their investment in the organisation. It is our belief that when you sow, you deserve to reap.”

He assured the shareholders that “with the way business is looking up year to date, we are sure of beating our 2020 records on all indices.”

He further explained to the shareholders that “our workforce have been very wonderful. I can safely say that the ownership spirit they have continued to bring into the discharge of their duties is directly responsible for the rise of the company,” promising that “we will ensure, on our part, that appropriate rewards are extended to every deserving staff.”

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