Anchor Insurance Company Limited said it recorded a gross written premium of N3.4bn at the end of 2018 financial period.
A statement said this represented 54.38 per cent growth over the performance of N2.2bn in 2017 and the highest, since the company was established in the past 30 years.
The Chairman, Board of Directors of the company, Dr Elijah Akpan, disclosed this during its 29th annual general meeting in Uyo, Akwa Ibom State on Friday.
During the meeting, the company ratified a dividend of two Kobo per ordinary shares to reward shareholders.
Akpan, during the review of the company’s business performance in the outgone year, attributed the successes to team work and determination of workers “to change the age-long premium narrative, review marketing strategy by the new management, injection of fresh ideas and added efforts by the new hands that joined the system.”
Akpan, attributed the successes recorded in 2018 financial period to team work and determination of workers to change the age-long premium narrative, review marketing strategy by the new management, injection of fresh ideas and added efforts by the new hands that joined the system.
He said, “Anchor Insurance, in a bid to make a difference, also recorded positive headways in 2018 to include net premium of N2.8bn against N2bn in 2017, showing 41.6 per cent improvement over the performance in the corresponding year, while investment and incomes moved from N229.4m in 2017 to N244.9m in 2018, indicating 6.75 per cent rise over the performance in 2017.
“Profit before tax also rose to N220.2m in 2018 from N180.3m in 2017, representing 22.12 per cent increase over 2017, while profit after tax stood at 22.87 per cent from N133.3m in 2017 to N163.8m in 2018; total assets experienced 5.37 per cent rise from N6.2bn in 2017 to N6.6bn in 2018 and shareholders’ fund rose to N5.2bn in 2018 from N5.1bn, showing 1.67 per cent increase respectively.”
He said the company responded to claims request by paying N816.9m to genuine claimants in 2018 against N540.2m in 2017, indicating 51.2 per cent show of strength.
Akpan stated that the company commissioned and opened Anchor Insurance Multi-Purpose Building in Uyo.
