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Anchor Insurance declares N3.60 dividend for 2016, appoints four new directors

By Dennis Udoma

ANCHOR Insurance Company Limited has declared a dividend payment of N3.60 per share for the year ended 2016. The dividend payment, which was ratified by the shareholders at the 27th Annual General Meeting (AGM) of the company held at Le-Meridien Ibom Hotel and Golf Resort, Uyo, Akwa Ibom State, weekend, followed the appointment of four new directors into its board.

The new directors are Barr. Christopher Attah, Mrs. Comfort Enwang, Mr. Linus Nkan and Barr. Aniekan Akpan. The N3.60 pay-out per share represents 12 per cent growth in dividend, following the impressive performance of the company in the out-gone year.

Chairman, Board of Directors of the company, Dr. Elijah Akpan in his welcome address expressed a heart-warming gratitude to God for the company, despite what he described as the harsh economic challenges in the global and domestic business environment.

He said that besides the company had recorded growth in some key indices in the year ended December 31, 2016 and also disclosed that, the company recorded 11 per cent growth in profit after tax margin from N205 million in 2015 to N228 million in the year ended December 2016.

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

Akpan said, “investment and other incomes grew by 16 per cent from N182 million in 2015 to N212 million in 2016. This is as a result of shrew investment operations and decisions. The company incurred claims of over N371 million, while underwriting result at the end of the year amounted to N1.013 billion compared to N965 million in 2015 which amounted to 5.04 per cent in 2016.

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

The chairman further stated that the company was implementing plans to improve her capital base through available instruments in the market, with the introduction of tailored-made insurance products retail and micro insurance, property investment and leasing.

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

Also speaking, the Managing Director and CEO, Mr. Adeduro Mayowa corroborated the chairman noting that the company was poised to introduce more innovative insurance products with the launch of Anchor Loss of Employment Insurance Scheme (Anchor-LoEIS), into the market with the aim of making it become a trailblazer, while setting standard for others to follow with regards to non-generic insurance products.


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