Anchor Insurance looks to stronger bottom-line at year end
The Management of Anchor Insurance Company Limited is positive of a stronger bottom-line by year-end given the successes already recorded in its projection in the current year.
“With the trend of results already being achieved by the company in the current year, the Management was hopeful of delivering a much better bottom line to the owners of the company at the end of the year, management said in a statement.
The Company also announced the approval of its audited financial statement for the year ended 31st December, 2017 by the National Insurance Commission (NAICOM).
Ebose Augustine, managing director/CEO of the company, quoting NAICOM’s letter which conveyed the approval details, said “approval is granted after a confirmation that you have substantially complied with our regulatory requirements.”
He explained that the company’s financial statement was approved as submitted without any form of query from the regulatory body, noting that “this outcome was a fallout of the company’s culture of getting things right the first time.”
Ebose disclosed part of the highlights of the accounts to include N2.22bn gross premium written as against N2.05bn written during the corresponding period of 2016, an indication of 8 percent growth over the earlier result.
He further highlighted that the total assets of the company during the period was N6.24bn and shareholders’ fund was N5.07bn with its solvency margin standing at N5.12bn.
He noted that the company paid a total claim of N540.3m to its affected genuine policyholders during the period of 2017 as against the N268.2m in 2016, stating that “it demonstrates our strength to accommodate any volume of genuine claims reported.”
He explained that with the trend of results already being achieved by the company in the current year, the Management was hopeful of delivering a much better bottom line to the owners of the company at the end of the year.