Anchor Insurance Company Limited has grown its Gross Written Premium, GWP, from N6.8bn achieved in 2020 to N10.4bn for the financial year of 2021.
The result indicates a 54.43% performance in 2021 over the results of 2020.
Chairman of the company, Dr. Elijah Akpan, who made this known at the company’s annual general meeting in Lagos recently, stated that 2021 was generally acknowledged as a year of recovery for businesses.
“2021 was generally acknowledged as a year of recovery for businesses, having suffered gross drawbacks following the lockdowns that greeted the global health pandemic in 2020. Despite the challenges businesses faced while trying to regain their full feet, we came out of the year with a gross written premium of N10.4bn as against the N6.8bn achieved in 2020. This indicates a 54.43% performance over the results of 2020,” Akpan stated.
The insurance expert equally observed that the company experienced a rise in Profit Before Tax from N336.55m recorded in 2020 to N1.02bn.
According to him, this represents a whopping 203.13% increment.
Also speaking, Managing Director/CEO of the company, Mr. Ebose Augustine said that regular claims payment has always set the company apart from others.
He revealed that Anchor Insurance paid a total sum of N997.42m as claims to genuine affected policyholders as against the N1.29bn response in 2020.
Mr. Augustine remarked: “This shows a 22.62% positive drop in claims paid. This positive claims management was a direct result of the improvement the Claims Team has continued to make. The Team’s thorough investigations and assessments have severally saved the Company from incurring fraudulent claims.
“We would have surpassed the above income generated if premiums for most businesses we had concluded were paid,”
On dividend payment, the CEO noted that in keeping with the Company’s avowed policy to always make its shareholders smile, it paid a dividend of 4.5kobo per share to the owners of the business for the 2021 financial year as against the 40k it paid to them in 2020.
He gave an assurance that the company would pursue its ongoing recapitalization to its quickest conclusion, considering the advantages available to Anchor Insurance Company when achieved.
Mr. Augustine equally promised that the company would create more people-oriented retail products as further multiple premium generation channels.
