2016 Financial Report: Anchor Insurance gets NAICOM approval
By Ngozi Onyeakusi
Anchor Insurance Company Limited said its 2016 Financial report has been approved by the National Insurance Commission (NAICOM).
The firm made a nice outing as its profit after tax margin appreciated by 11 percent from N205million reported in same period of 2015 to N228million in the year ended December 2016.
Investment and other incomes grew from N182million in 2015 to N212million in 2016; this indicating 16 percent increase, this, the firm attributed to introduction of unique and acceptable insurance products backed with cutting-edge innovative technology.
The company settled claims worth over N371million in 2016 while the underwriting result for the year under review rose slightly to N1.013billion in 2016 compared to approximated N965million earned during the year ended December 2015; representing 5.04percent in 2016.
Total asset increased in 2016 by 6.5 percent to 5.8billion as against N5.4billion recorded in 2015 while its shareholders fund grew from N4.5 billion in 2015 to N4.7 billion in the year 2016 thus showing a 5.03percent growth.
Commenting of the performance, the Managing Director/CEO, Mr. Adeduro Mayowa said that in the last five five years, the company has grown above the industry’s average, paid claims promptly in excess of N1billion, meet regulatory requirement as at when due, grew its branch network from five to 21 with spread in the major geopolitical zones of Nigeria and has consistently declared profit and paid dividends to its shareholders in the last 4 years.
He pointed out that the company is repositioning itself to play big in the insurance market with introduction of tailor-made insurance products that seek to meet the yearnings of the insuring public with a view to making Anchor Insurance the most innovative and preferred general business insurance company in Nigeria.