Insurance

Anchor Insurance pays N3.6k dividends

Managing Director/CEO, Anchor Insurance Limited, Adeduro Mayowa; Chairman, Dr. Elijah Akpan and Company’s Secretary/Legal Adviser, Barr. Ime Umoh at the event.

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Chuks Udo Okonta

Anchor Insurance Company Limited which held its 27th Annual General Meeting (AGM) recently at the Le Meridian Ibom Hotel and Golf Resort in Uyo, Akwa Ibom State, paid N3.6k dividend per share to shareholders.

A statement by the firm’s Head, Brand & Corporate Communications, Jamiu Osoba, stated that the the dividend was paid due to its impressive performance in 2016, adding that is an indication of 12 per cent growth in dividend payout.

The Chairman, Board of Directors of the company, Dr. Elijah Akpan stated that, “it is heart-warming that despite the hash challenges in the global and domestic environments, the company recorded growth in some key indices in the year ended December 31, 2016.”

Shareholders and some members of staff of the company

He said company experienced 11 per cent growth in profit after tax margin from N205million in 2015 to N228million in the year ended December 2016.

The growth, he said was mainly attributable to improved efficiency in operations of the company and introduction of unique and acceptable insurance products backed with cutting-edge innovative technology.

According to him, the firm’s investment and other incomes grew by 16 per cent from N182million in 2015 to N212million in 2016. This, he said was as a result of shrew investment operations and decisions.

The company incurred claims of over N371million while the underwriting result at the end of the year amounted to N1.013billion compared to approximated N965million earned during the year ended December 2015 which amounted to 5.04 per cent in 2016.

Shareholders

“The Company total asset increased in 2016 by 6.5 per cent with an approximated total of 5.8billion compared to N5.4billion recorded in 2015 while its shareholders fund grew from N4.5 billion in 2015 to N4.7billion in the year 2016 thus showing a 5.03 per cent growth in Shareholders Fund,” he said.

Dr. Elijah Akpan revealed further that the Company is implementing her plans to improve her capital base through available instruments in the market with introduction of tailored-made insurance products, Retail and Micro Insurance, Property Investment and Leasing.

“The recent expansion in the board composition was taking with the strategic plan to expanding opportunities in the public sector insurance. We shall continue to invest in infrsatructure, create an enabling environment for our staff with adequate motivation,” he submitted.

The Managing Director/CEO, Adeduro Mayowa, buttressed the statement of the Chairman when he pointed out that the company is poised to develop and introduce more innovative insurance products(following the launch of AnchorLoEIS) into the insurance market with the aim of making the company the trailblazer while setting standard for others to follow in respect to non-generic insurance products.

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