By Cynthia Alo

Anchor Insurance Company Limited  said  it  plans to achieve premium income of N10 billion in 2020.

Managing Director and Chief Executive Officer of the company, Mr.Augustine Ebose disclosed  this at a media parley at the company’s head office in Lagos.

He stated that with the help of professional hands and good management, Anchor has been able to pay its claims noting that the company paid over N1.3 billion as claims in 2019.

“Today nobody  complain about  non-payment of claims and, we not only pay but pay in time,” he added.

“As it is today with this new management, the first thing we did was to raise the premium by 72 percent and that resulted to a premium of N3.4 billion in the first year of our stewardship compared to 2017 which was just N2.2 billion.”

ALSO READ:Q3’19: Universal Insurance grows GWP by 91%

He, however, disclosed that the company is currently looking for funds to beef up its capital to N11.6 billion, to meet regulatory requirement adding that  Akwa-Ibom State has 61 percent stake here. The state has taken on its right issues which  increased  our capital base to N9.6 billion, which is N400 million below the regulatory threshold.”

He said the company hopes  to meet the target through contributions of other shareholders.

According to him, to achieve the N10 billion target for 2020, the firm has concluded plans to expand its branch network  across the country and would leverage on the use of ICT, real estate and hospitality.

Vanguard