Anchor Insurance Company Limited has received approval of its 2016 financial accounts from National Insurance Commission (NAICOM) showing an 11 per cent growth in profit after tax (PAT).
The figure rose from N205 million in 2015 to N228 million in the year ended December 2016.
The growth was mainly attributable to improved efficiency in operations of the company and introduction of unique and acceptable insurance products backed with cutting-edge innovative technology.
The company’s investment and other incomes grew by 16 per cent from N182million in 2015 to N212million in 2016.
Jamium Oshoba, head of Brand and Corporate Communications said “this is as a result of shrewd investment operations and decisions.”
The company incurred claims of over N371million while the underwriting result at the end of the year amounted to N1.013billion compared to approximated N965million earned during the year ended December 2015 which amounted to 5.04 per cent in 2016.
The Company total asset increased in 2016 by 6.5 per cent with an approximated total of 5.8billion compared to 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 5.03 per cent growth in Shareholders Fund.
Mayowa Adeduro, managing director/CEO, said that in the last 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 5 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.
Adeduro revealed 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.
In view of this, the company recently launched its unique and innovative insurance product; Anchor loss of employment insurance scheme (AnchorLoEIS) to the admiration of the Nigerian populace who have warmly received the product through their enrolments into the scheme.
He further said that the company is poised to develop and introduce more innovative insurance products into the insurance market with the aim of making the company the trailblazer while setting standard for others to follow in respect to non-generic insurance products.
“The focus is also to ensure that the company is ranked among the first ten leading insurance company in Nigeria in terms of Net Asset, Premium income and profitability before tax by the year 2018, strengthen the quality of our human capital, generate competitive returns on investment; deliver superior and quality service to all our customers”, he revealed.