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Published On: Wed, Aug 29th, 2018

Anchor Insurance 2017 accounts gets NAICOM’s approval

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From Ngozi Onyeakusi, Lagos

The Management of Anchor Insurance Company Limited, a company specially known for its clean claims administration record, has announced the approval of the organisation’s audited financial statement for the year ended 31st December, 2017 by the National Insurance Commission (NAICOM) as submitted.
The company’s Managing Director/CEO, Mr. Ebose Augustine, quoted NAICOM’s letter which conveyed the approval details as stating in part that “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% 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.

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