Friday, September 24, 2021

    Insurance Firm Grosses N6.8bn Premium, Announces Dividend Payment to Shareholders

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Anchor Insurance Company Limited, said it grossed N6.8billion premium in the year ended December 31,2020.

    This represents 61per cent growth compared with N4.2billion premium raked in by the company in the same period in 2019.

    The Company’s Profit After Tax grew by 98 percent from N220.2million in 2019 to N436.5million in 2020. Total assets experienced 87 percent appreciation from N7.2billion in 2019 to N13.5billion in 2020.

    These were recently disclosed by the company’s Chairman, Dr. Elijah Akpan, during the organisation’s 31st Annual General Meeting held virtually at its Victoria Island Head Office in Lagos.

    He said these were achieved during the year under review notwithstanding the challenges faced by businesses due to the different devastating happenings in 2020.

    He noted that the company responded to claims demands from its affected genuine policyholders to the tune of N1.3bn in 2020 as against N929.6million paid in 2019, stating that “as a tradition at Anchor Insurance Company Limited, we recognise the crucial role which regular payment of claims plays in keeping any serious insurer strong in the Nigerian insurance market.”

    The Chairman informed the Shareholders of the company that the board and management have done well so far in pursuing the recapitalisation exercise as ordered by the National Insurance Commission (NAICOM).

    He said, “Based on the level we are with the exercise, it is our strong belief that we will sail through. This feat, when achieved, will go a long way in catapulting the company to a more vantage position where it can retain more big ticket businesses in its port-folio than it is currently doing,” he said.

    While thanking God for seeing the company through the harsh economic weather in 2020, the Managing Director, Mr. Ebose Augustine, disclosed that the shareholders have approved 4kobo dividend per share recommended by the board to be paid to them.

    According to him, “It is our standing practice to put smiles on the faces of the owners of the company every year for their investment in the organisation. It is our belief that when you sow, you deserve to reap.”

    He assured the shareholders of better future saying, “With the way business is looking up year to date, we are sure of beating our 2020 records on all indices.”

    He further informed the shareholders about dedication to duty by the workforce.

    “Our workforce has been very wonderful. I can safely say that the ownership spirit they have continued to bring into the discharge of their duties is directly responsible for the rise of the company. We will ensure, on our part, that appropriate rewards are extended to every deserving Staff”, Ebose stated.

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