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Anchor Insurance Company Limited has disclosed that its Gross Written Premium (GWP) increased to N3.43 billion at the close of business for the 2018 financial year as against N2.22 billion it recorded in 2017.
This represents a 54.38 per cent growth over the previous performance of 2017.
The Chairman of the company, Dr. Elijah Akpan, announced this at its 29th Annual General Meeting (AGM), held recently in Uyo, Akwa Ibom State.
Akpan also revealed that the firm recorded net premium of N2.8 billion in 2018 against N2 billion in 2017, showing 41.6 per cent improvement over the performance in the corresponding year, while investment and incomes increased from N229.4 million in 2017 to N244.9 million in 2018, indicating 6.75 per cent rise over the performance in 2017.
He added that Profit before tax rose to N220.2 million in 2018 from N180.3 million in 2017, representing 22.12 per cent increase, while profit after tax stood at 22.87 per cent from N133.3 million in 2017 to N163.8 million in 2018.
The company’s Total assets experienced 5.37 per cent rise from N6.2 billion in 2017 to N6.6 billion in 2018 and shareholders’ fund rose to N5.2 billion in 2018 from N5.1 billion, showing 1.67 per cent increase respectively.
The Chairman maintained that propelled by the company’s pay-off ‘‘…where insurance works,’’ the company responded to claims request by paying N816.9 million to genuine claimants in 2018 against N540.2 million in 2017, indicating 51.2 per cent increase.
Akpan, during the review of the company’s business performance for the year under review, attributed the successes to team work and determination of workers, to change the age-long premium narrative, review marketing strategy by the new management, injection of fresh ideas and added efforts by the new hands that joined the system.
While assuring that 2019 would be more fruitful considering the achievements so far recorded, he called for all hands to be on deck to realize the recapitalization of the company for big ticket businesses.
