Anchor Insurance Grows Gross Premium By 25.85% To N13.15bn In 2022
ANCHOR INSURANCE 33RD ANNUAL GENERAL MEETING: L-R: Mr. Akinola Taiwo (Independent Director), Mr. Ebose Augustine Osegha (Managing Director/CEO), Dr. Elijah Akpan (Chairman), Mr. Ime Umoh (Company Secretary/Legal Adviser) and Mr. Imo-Abasi Jacob (Non-Executive Director) at the Company’s 33rd AGM last Thursday in Lagos.
…Pays N1.42bn As Claims
The Board of Directors of Anchor Insurance Company Limited has reported that despite the stormy economic weather under which businesses operated in 2022, the organisation raked in a N13.15bn gross written premium, indicating a 25.85% growth over the N10.45bn result of 2021.
The Chairman of the Board, Dr. Elijah Akpan, who disclosed this during the Company’s 33rd Annual General Meeting (AGM) held in Lagos on Thursday, further told the Shareholders that the risk-bearing outfit’s Profit Before Tax went up by 37.82% from N1,02bn in 2021 to N1.41bn, stating that Profit After Tax increased to N1.22bn from N867.55m in 2021, showing a 41.01% leap.
According to him, “whereas the Shareholders’ Funds jumped astronomically by 102.28% from N6.45bn recorded in 2021 to N13.05bn in 2022, the Company’s Total Assets grew to N18.56bn from N15.49bn in the corresponding year of comparison, representing a 19.81% increase.”
While stating that the Company’s Solvency Margin moved up by 38.85% from 157% position in 2021 to 218% in 2022, the Chairman noted that “as a Company that keeps its words, we paid out N1.42bn as claims to our genuine affected policyholders as against the N997.42m response from us in the previous year, showing 42.60% rise in claims paid.”
He explained that “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.”
At a time most companies find it difficult to meet dividends’ demand, Dr. Elijah said that “we paid a dividend of 4kobo per share in line with our yearly practice of ensuring that Shareholders enjoyed their reason for investing in the Company,” assuring that the Board would not fail to do more than the current figure whenever there was any quantum profit margin.
Speaking further at the meeting, the Company’s Managing Director/CEO, Mr. Ebose Augustine Osegha, reiterated the socio-economic daunting situations which imposed untold hardship on the populace and the business community in 2022, saying that “we can only thank God for the eventual positive results recorded on all key indices.”
He explained that the Company carried out a rebranding exercise on its logo and came up with a new world class Television Commercial which were launched during the year, stating that ”these deliberate activities caused exponential excitement for the Anchor Insurance brand nationally as well as internationally and consequently shot up its awareness status, acceptance rating and market performance.”
The Managing Director noted further that in the course of the year being reported, the Company created the Local Passengers’ Flight Welfare Scheme to cater for the different risks faced by passengers on the local flight routes, promising that “in 2023, we will look further into introducing more people-centred insurance products to the market.
He reassured the public that Anchor Insurance will not toy with the major reason it is in business which is to pay claims and as at when due, with no stress to be suffered by affected genuine policyholders
