Anchor Insurance’s gross premium rises by 22%
Anchor Insurance Company Limited said its gross premium written rose by 22 per cent to N2.22bn in the 2017 financial year from N2.05bn in 2016.
A statement from the company said this was contained in the 2017 account that was approved by the National Insurance Commission.
The company’s Managing Director/Chief Executive Officer, Mr Ebose Augustine, quoted NAICOM’s letter, which conveyed the approval details, as saying that “approval is granted after a confirmation that you have substantially complied with our regulatory requirements.”
He explained that the company’s financial statement was approved as submitted without any form of query from the regulatory body, noting that the outcome was a fallout of the company’s culture of getting things right the first time.
He put the company’s total assets, shareholders’ fund and solvency margin during the period at N6.24bn, N5.07bn and N5.12bn, respectively.
Ebose noted that the company paid a total claim of N540.3m to its affected genuine policyholders in 2017 as against N268.2m in 2016, stating that “it demonstrates our strength to accommodate any volume of genuine claims reported.”
He explained that with the trend of results already being achieved by the company in the current year, the management was hopeful of delivering a better bottom line to the owners of the company at the end of the year.