Insurance

July 17, 2023

Anchor Insurance grosses N13.15bn premium in 2022

Insurance

•Pays N1.42bn as claims

By Rosemary Iwunze

Anchor Insurance Company Limited has posted 25.85 per cent growth in gross written premium to N13.15 billion in 2022 from N10.45 billion recorded in 2021.

The company noted that the growth is despite the stormy economic weather under which businesses operated in 2022.

The Chairman of the Board, Dr. Elijah Akpan, who disclosed this during the Company’s 33rd Annual General Meeting (AGM) held in Lagos, further told the shareholders that Profit Before Tax went up by 37.82 per cent from N1,02 billion in 2021 to N1.41 billion, stating that Profit After Tax increased to N1.22 billion from N867.55 million in 2021, showing a 41.01 per cent leap. 

According to him: “Whereas the shareholders’ funds jumped astronomically by 102.28% from N6.45bn recorded in 2021 to N13.05bn in 2022, the Company’s total assets grew to N18.56 billion from N15.49 billion in the corresponding year of comparison, representing a 19.81% increase.”

While stating that the Company’s solvency margin moved up by 38.85% from 157% position in 2021 to 218% in 2022, the Chairman noted that “as a Company that keeps its words, we paid out N1.42 billion as claims to our genuine affected policyholders as against the N997.42 million response from us in the previous year, showing 42.60% rise in claims paid.”

He explained that: “As the volume of businesses transacted in 2022 outweighed what was done in 2021, it was only analytically natural that claims that would come from such a high transaction would equally be more.”

At a time most companies find it difficult to meet dividends’ demand, Dr. Elijah said that “we paid a dividend of 4kobo per share in line with our yearly practice of ensuring that shareholders enjoyed their reason for investing in the Company,”

Speaking further at the meeting, the Company’s Managing Director/CEO, Mr. Ebose Augustine Osegha, reiterated the socio-economic daunting situations which imposed untold hardship on the populace and the business community in 2022, saying that: “We can only thank God for the eventual positive results recorded on all key indices.”

He explained that the Company carried out a rebranding exercise on its logo and came up with a new world class Television Commercial which were launched during the year, stating that “these deliberate activities caused exponential excitement for the Anchor Insurance brand nationally as well as internationally and consequently shot up its awareness status, acceptance rating and market performance.”

The Managing Director noted further that in the course of the year being reported, the Company created the Local Passengers’ Flight Welfare Scheme to cater for the different risks faced by passengers on the local flight routes, promising that “in 2023, we will look further into introducing more people-centred insurance products to the market.

learning algorithms to accurately identify a wide range of vehicle damage, from minor scratches and dents to more complex external (vehicle body) issues on the vehicle. It delivers precise and reliable results. This advanced technology saves policyholders time and ensures a thorough assessment, minimizing the risk of missed or overlooked faults.

To avail of the benefits of this innovation, policyholders will receive a vehicle inspection request email with a link to access Leadway’s ‘VehiScanner’ tool. Users can initiate the scanning process by selecting either the video or picture option and rotating their mobile devices to landscape mode. The tool guides them through four scanning stages, including a 360-degree scan, Vehicle Identification Number, odometer, and damages. Once completed, users would click on ‘Submit and Upload,’ and a copy of their vehicle inspection report will be emailed to them in PDF format.