August 27, 2018

NAICOM approves Anchor Insurance accounts

NAICOM unveils strategic plans to boost public trust


The management of Anchor Insurance Company Limited has announced the approval of the organisation’s audited financial statement for the year ended 31st December, 2017 by the National Insurance Commission (NAICOM).


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 N2.22 billion gross premium written as against N2.05 billion written during the corresponding period of 2016, an 8 percent growth over the earlier result.

He further highlighted that the total assets of the company during the period was N6.24 billion and shareholders’ fund was N5.07 billion with its solvency margin standing at N5.12 billion.

He noted that the company paid a total claim of N540.3 million to genuine policyholders during the period of 2017 as against the N268.2 million 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.