Insurance

Anchor Insurance eyes N10bn premium income in 2020

From left: Executive Director, Technical, Adebisi Ikuomola; Company Secretary/Legal Adviser, Ime Umoh, Managing Director/Chief Executive Officer, Ebose Augustine; Head, Enterprise Risk Management, Olubukola Koyenikan; General Manager, Business Development Jide Fasanmi and Head, Brand & Corporate Communications, Nelson Egboboh all of Anchor Insurance Company Limited after playing hosts to the Insurance Correspondents at the event in Lagos.

*Pays N1.3bn claims in 2019

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Chuks Udo Okonta

Anchor Insurance Company Limited one of the fastest growing underwriting firms in the country has expressed optimism to generate N10 billion premium income this year.

The Managing Director/Chief Executive Officer, Ebose Augustine, who disclosed this today at the company’s interactive session with insurance journalists in Lagos, noted that the firm grew its premium income to N5 billion in 2019, stressing that to achieve the set target for 2020, the firm has concluded plans to increase its branch network across the country; leverage the use of technology to sell its products and improve on its agency system to reach esteemed customers.

From left: Head, Brand & Corporate Communications, Nelson Egboboh; General Manager, Business Development Jide Fasanmi; Managing Director/Chief Executive Officer, Ebose Augustine; Executive Director, Technical, Adebisi Ikuomola and Company Secretary/Legal Adviser, Ime Umoh all of Anchor Insurance Company Limited at the event in Lagos.

According to him, the firm is poised to play big post recapitalisation. He added that the company has so far achieved about 85 per cent of the new minimum capital required to remain afloat post recapitalisation.

He noted that Akwa Ibom State Government which own 61 per cent stake in the company has through right issues, injected N9.6 billion to the firm, stressing that the company hopes to raise its capital to N11.6 billion post recapitalisation.

From left: General Manager, Business Development Jide Fasanmi; Managing Director/Chief Executive Officer, Ebose Augustine and Executive Director, Technical, Adebisi Ikuomola all of Anchor Insurance Company Limited at the event in Lagos.

The Anchor Insurance boss said the firm paid N1.3 billion claims in 2019, stating that the firm has automated its claims system making it possible for claimants to access their claims without coming to the firm.

From left: Head, Brand & Corporate Communications, Nelson Egboboh and General Manager, Business Development Jide Fasanmi at the event.

According to him, the firm has marshaled plans on how to deploy its post recapitalisation funds to enable it remain top in the sphere of underwriting business.

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