Ebose Augustine
* Pays N756.8million As Claims
BY NKECHI NAECHE–National Insurance Commission (NAICOM) has approved the audited financial statement of Anchor Insurance Company Limited for the year ended 31st December, 2018
According to statement released today by Nelson Egboboh that the letter dated July 2rd, 2019 which was conveyed to the company’s Managing Director/CEO, Mr. Ebose Augustine, thus reads: “the Commission has no objection to the publication of your audited financial statements for the year ended 31st December, 2018 as submitted,” noting further that approval was “granted after a confirmation that you have substantially complied with our regulatory requirements.”
The letter further explained that the company’s financial statement was approved without any official query from the regulatory body, stating that “this outcome was a fallout of the company’s culture of getting things rightthe first time.”
Speaking on the account, the Anchor boss said that the company’s gross premium written during the year rose by 54.38 percent to stand at N3.43billion as against N2.22billion recorded in the corresponding period of 2017.
He further said that the total assets of the company during the period grew from N6.2billion in 2017 to N6.6billion while shareholders’ fund moved fromN5.07billion in 2017 to N5.2billion with the company’ssolvency margin standing at N4.8billion.
He noted that the company paid a gross claim of N756.8million to its various affected genuine policyholders during the period as against the N540.3m in 2017, stating that “it demonstrates our strength to accommodate any volume of genuine claims reportedand by direct implication, our ability and readiness to handle any quantum of general insurance businessanytime.”
NAICOM Approves Anchor Insurance 2018 FYA* As Premium Income Rose To N3.43billion
* Pays N756.8million As Claims
BY NKECHI NAECHE–National Insurance Commission (NAICOM) has approved the audited financial statement of Anchor Insurance Company Limited for the year ended 31st December, 2018
According to statement released today by Nelson Egboboh that the letter dated July 2rd, 2019 which was conveyed to the company’s Managing Director/CEO, Mr. Ebose Augustine, thus reads: “the Commission has no objection to the publication of your audited financial statements for the year ended 31st December, 2018 as submitted,” noting further that approval was “granted after a confirmation that you have substantially complied with our regulatory requirements.”
The letter further explained that the company’s financial statement was approved without any official query from the regulatory body, stating that “this outcome was a fallout of the company’s culture of getting things rightthe first time.”
Speaking on the account, the Anchor boss said that the company’s gross premium written during the year rose by 54.38 percent to stand at N3.43billion as against N2.22billion recorded in the corresponding period of 2017.
He further said that the total assets of the company during the period grew from N6.2billion in 2017 to N6.6billion while shareholders’ fund moved fromN5.07billion in 2017 to N5.2billion with the company’ssolvency margin standing at N4.8billion.
He noted that the company paid a gross claim of N756.8million to its various affected genuine policyholders during the period as against the N540.3m in 2017, stating that “it demonstrates our strength to accommodate any volume of genuine claims reportedand by direct implication, our ability and readiness to handle any quantum of general insurance businessanytime.”
He explained that with the trend of results already being achieved by the company in 2019, the Management was hopeful of comfortably beating the 2018 results to the delight of the owners of the company at the end of the year.
He explained that with the trend of results already being achieved by the company in 2019, the Management was hopeful of comfortably beating the 2018 results to the delight of the owners of the company at the end of the year.