Insurance World

Anchor Insurance Report 98% Growth In Profit To N436.5million FY20 * Declare N0.04kobo As Dividend

BY NKECHI NAECHE-ESEZOBOR--Anchor Insurance Company Limited has announced a growth of N6.8billion in its gross written premium at the end of 2020 when compared to N4.2billion achieved in 2019, indicating 61% increase.

The Chairman of the company Dr. Elijah Akpan, disclosed this during the organisations 31st Annual General Meeting held virtually at their Victoria Island Head Office yesterday that Profit After Tax grew 98% ifrom N220.2million in 2019 to N436.5million in 2020.

Also, total assets experienced an 87% appreciation from N7.2billion in 2019 to N13.5billion 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 N929.6m paid in 2019.

The Chairman told the owners of the company that the Board and Management have done well so far in pursuing the recapitalization exercise as ordered by the National Insurance Commission (NAICOM).

According to him, based on the level we are at 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.”

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 the 4kobo dividend per share recommended by the Board of Directors to be

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