Anchor Insurance increases revenue by 23%

…Settles N1.43b claims in five years

Underwriting firm, Anchor Insurance Company Limited said its gross premium income grew by 23 per cent for the financial year ended December 31, 2015.

Total assets also grew by seven per cent to N5.4 billion recorded in 2015 compared to N5.0 billion recorded in 2014.

The Managing Director/Chief Executive Ademayowa Adeduro, who revealed this at a pre-Annual General Meeting media parley held in Lagos, to announce its forthcoming AGM slated for Friday, October 14, 2016 in Uyo, Akwa Ibom State.


He added that average gross premium growth for five years was 21.4 per cent, while the company’s total claim for the year increased by 85 per cent from N273 million to N505 million in 2015.

Poised to remain committed to claims payment, Adeduro said Anchor had paid a total of N1.43billion in claims in the past five years.

He said: “The company managed its level of activity during the year, as its net premium income increased from N1.630 billion in 2014 to 1.842 in
2015 representing an increase of 13 per cent,” he further stated.

The company also announced the retirement of three of its directors having served the stipulated time as regulated by National Insurance Commission (NAICOM). Dr Micheal Ntuk, Barrister Bassey Anwanane and Dr Emerson Udom.

He however affirmed that with a penchant for prompt claims payment and innovative insurance products, the company is set to launch her newest product; Anchor Loss of Employment Insurance Scheme (LoIES).

The product is designed and approved by NAICOM to meet the yearning of insuring public for innovation to address contemporary challenges of workers in the event of loss of job. This product guarantees a maximum of 24-month salary payment after job loss.


Source: Guardian