Anchor Insurance posts 23% increase in revenue

AN insurance company, Anchor Insurance Company Limited, has announced an increase of 23 per cent in its Gross Premium Income for the financial year ended December 31, 2015.

The company made the announcement at its pre-annual general meeting media parley held in Lagos, on Wednesday.

In his remarks, the Managing Director, Mayowa Adeduro, said the company’s total assets showed a growth of 7 percent with N5.4 billion recorded in 2015 compared to N5.0 billion for the year 2014.

He also added that average gross premium growth for five years was 21.4 per cent while the company’s total claim for the year increased by 85 percent from N273 million to N505 million in 2015, while also noting that the company had paid N1.43 billion in claims for five years.

“The company managed its level of activity during the year as its net premium income increased from N1.63 billion in 2014 to N1.84 in 2015 representing an increase of 13 percent,” he stated

Adeduro also announced the retirement of three of the company’s directors, who he said had served the stipulated time as regulated by National Insurance Commission (NAICOM). Those were Dr Michael Ntuk,  Bassey Anwanane and Dr Ime Enerson Udom.

The MD revealed that the company was set to launch her newest product, the Anchor Loss of Employment Insurance Scheme (LoIES), which he said would redefine the business of giving adequate insurance to the public, especially, to protect against job loss.

“The Anchor Loss of Employment Insurance Scheme is a product designed and approved by NAICOM to meet the yearnings of insuring public to address contemporary challenges of the working class in the event of loss of job. This product guarantees a maximum 24-month salary payment after job loss,” he said.