NAICOM Approves Anchor’s Accounts

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Anchor Insurance Company Limited said it has secured approval of its audited financial statement for the year ended 31st December, 2018, by the National Insurance Commission (NAICOM).

The company’s Managing Director/CEO, Mr. Ebose Augustine, quoted NAICOM’s letter which conveyed the approval details and dated 3rd July, 2019, as stating in part that “the Commission has no objection to the publication of your audited financial statements for the year ended 31st December, 2018 as submitted,” noting further that approval was “granted after a confirmation that you have substantially complied with our regulatory requirements.”

He explained that the company’s financial statement was approved without any official query from the regulatory body, a situation which he credited to the company’s culture of getting things right the first time.

Ebose, disclosed that the company’s gross premium written during the year was N3.43 billion as against N2.22 billion written during the corresponding period of 2017, indicating a 54.38 percent growth over the previous performance.

He further highlighted that the total assets of the company during the period grew from N6.2 billion in 2017, to N6.6 billion, while shareholders’ fund moved from N5.07 billion in 2017, to N5.2 billion, with the company’s solvency margin standing at N4.8 billion. He noted that the company paid a gross claim of N756.8 million to its various policy holders during the period, as against N540.3 million in 2017.

“It demonstrates our strength to accommodate any volume of genuine claims reported and by direct implication, our ability and readiness to handle any quantum of general insurance business anytime.”

He explained that with the trend of results already being achieved by the company in 2019, the Management was hopeful of comfortably beating the 2018 results to the delight of the owners of the company at the end of the year.