Stories by Ebere Nwoji
Anchor Insurance Limited, has said the company is targeting N10 billion premium generation this year.
The company also said in years to come, it would continue to toe the path of success.
The Managing Director/Chief Executive Officer of the company, Mr. Augustine Ebosa, who stated this at a media parley organised by the company in Lagos, said Anchor Insurance, which was 30 years in its operation in October last year, did not experience bumper premium generation until recently.
According to him, since inception, the highest premium ever generated by the company was N2.2billion.
He said in 2017, when he took over the administration of the company, the company’s premium increased from N2.2 billion to N3.4 billion, showing a 72 per cent increase.
He said from the unaudited accounts of the company in 2019, Anchor Insurance, was looking at achieving 82 per cent premium growth to N5 billion as well as targeting N10 billion premium in the current year.
Ebosa, attributed the success of the company to good management team and its board.
He said with the effort of the current board and management, Anchor insurance was now a brand and household name.
He said the company, has a peaceful board devoid of board room crisis with very cooperative shareholders.
He, however, disclosed that the company, is currently looking for funds to beef up its capital to N11.6 billion, to meet regulator’s requirement.
According to him, the Akwa Ibom state government, which owns 61 per cent stake in the company, has through right issues, injected N9.6 billion into the firm.
He said the company hopes to meet the target through contributions of other shareholders.
With this, Ebosa, said Anchor Insurance, has no stress over recapitalisation but will conveniently meet the requirement.
According to him, to achieve the N10billion set target for 2020, the firm, has concluded plans to increase its branch network across the country and would leverage on the use of technology to sell its products and improve on its agency system to reach esteemed customers.
According to him, the firm, was poised to play big in the sector post recapitalisation.
He added that the company, has so far achieved about 85 per cent of the new minimum capital required to remain afloat post recapitalisation.