Anchor Insurance Records 11% Growth in Profit

Okon Bassey in Uyo

Akwa Ibom State Government own Anchor Insurance Company Limited has recorded increased profit from N205 million in 2015 to N228 million in the year ended December 2016.

The Chairman, Board of Directors of the company, Dr. Elijah Akpan disclosed this in Uyo at the 27th annual general meeting (AGM).

Akpan attributed the 11 per cent growth in profit after tax to improved efficiency in operations of the company and introduction of unique and acceptable insurance products backed with cutting-edge innovative technology
The insurance company declared a dividend payment of 3.6 kobo per share for the 2016 insurance year, hinting that the shareholders approved the dividend payment of 3.6kobo per share following the impressive performance of the company which is 12 per cent growth in dividend pay-out.

He added that the firm investment and other incomes grew by 16 per cent from N182million in 2015 to N212million in 2016, as a result of shrew investment operations and decisions.

He said: “The company incurred claims of over N371million while the underwriting result at the end of the year amounted to N1.013billion compared to approximated N965million earned during the year ended December 2015 which amounted to 5.04 per cent in 2016”.

“The company total asset increased in 2016 by 6.5 per cent with an approximated total of 5.8billion compared to N5.4billion recorded in 2015 while its shareholders fund grew from N4.5 billion in 2015 to N4.7 billion in the year 2016 thus showing a 5.03 growth.”

Akpan noted that “it is heart-warming that despite the hash challenges in the global and domestic environments, the company recorded growth in some key indices in the year ended December 31, 2016.
The company, he said is implementing its plans to improve capital base through available instruments in the market with introduction of tailored-made insurance products, retail and micro insurance, property investment and Leasing.

“The recent expansion in the board composition was taking with the strategic plan to expanding opportunities in the public sector insurance. We shall continue to invest in infrastructure, create an enabling environment for our staff with adequate motivation”, he declared.

Also speaking the Managing Director/CEO, Mr. Adeduro Mayowa said with the launch of AnchorLoeis the company is poised to develop and introduce more innovative insurance products into the insurance market.
This, he said, is aimed at making the company the trailblazer while setting standard for others to follow in respect to non-generic insurance products.