Anchor Insurance Achieves 55% Growth In Gross Written Premium To N10.4bn in 2021
Mr. Austin Ebose, MD/CEO, Anchor Insurance
Underwriting firm, Anchor Insurance Company Limited has overcome setbacks brought about by the global pandemic (COVID-19) to come out of the 2021 financial year with a gross written premium of N10.4 billion as against the N6.8 billion achieved in 2020. This indicates a 54.43% performance in 2021 over the results of 2020.
Disclosing this at the company’s annual general meeting in Lagos recently, the Chairman of the company, Dr. Elijah Akpan, stated that 2021 was generally acknowledged as a year of recovery for businesses.
Akpan said: “2021 was generally acknowledged as a year of recovery for businesses, having suffered gross drawbacks following the lockdowns that greeted the global health pandemic in 2020. Despite the challenges businesses faced while trying to regain their full feet, we came out of the year with a gross written premium of N10.4 billion as against the N6.8 billion achieved in 2020. This indicates a 54.43% performance over the results of 2020.”
The Chairman also noted that the company experienced an astronomical rise in Profit Before Tax which stood at N1.02 billion from N336.55 million recorded in 2020, representing a whopping 203.13% increase.
He said: “Our Profit After Tax rose to N867.55 million compared to the N436.49 million position in 2020, showing a 98.75% growth.
“The Company’s Total Assets grew from N13.54 billion in 2020 to N15.49 billion in 2021, indicating a 14.33% rise. Similarly, the Shareholders’ Funds had a 13.76% positive change from N5.67 billion in 2020 to N6.45 billion at the end of 2021.”
Also speaking, Managing Director/CEO of the company, Mr. Ebose Augustine said that regular claims payment has always set the company apart from others.
He said: “We held on to our avowed regular claims payment policy which has continued to set us apart in the competition. We paid a total sum of N997.42 million as claims to genuinely affected policyholders as against the N1.29 billion response in 2020. This shows a 22.62% positive drop in claims paid. This positive claims management was a direct result of the improvement the Claims Team has continued to make. The Team’s thorough investigations and assessments have severally saved the Company from incurring fraudulent claims.
“We would have surpassed the above income generated if premiums for most businesses (mainly in the public and financial sectors) we had concluded were paid.”
On dividend payment, Augustine noted that in keeping with the Company’s avowed policy to always make its shareholders smile, it paid a dividend of 4.5kobo per share to the owners of the business for the 2021 financial year as against the 40k it paid to them in 2020.
“The Board assured the shareholders it would keep the trend increasing proposed figure for dividend as the profit margin continues to gain such yearly momentum.”
On future outlook, Augustine stated: “Though the National Insurance Commission has suspended its ordered industry recapitalization, we will pursue the recapitalization of our dear Anchor Insurance Company to its quickest conclusion, knowing the advantages available for the Company when achieved.
“We will look at creating more people-oriented retail products as further multiple premium generation channels. We value our Management and Staff for their dedication and ownership spirit in the discharge of their duties. They are directly responsible for the good report the Company turns in each year. The Board will work closely with the Management and ensure that appropriate welfare rewards are extended to all deserving hands in the Company’s employ.”
Anchor Insurance jointly sponsored the Inauguration of the new executives of the National Association of Insurance and Pension Correspondents, NAIPCO which took place recently.
