Anchor Insurance 2018 Account Gets NAICOM’s Approval
By Ngozi Onyeakusi — The Management of Anchor Insurance Company Limited, a company specially known for its clean claims administration record, has announced the approval of the organisation’s audited financial statement for the year ended 31st December, 2018 by the National Insurance Commission (NAICOM) as submitted.
The company’s Managing Director/CEO, Mr. Ebose Augustine, quoted NAICOM’s letter which conveyed the approval details and dated 3rd July, 2019 as stating in part that “the Commission has no objection to the publication of your audited financial statements for the year ended 31st December, 2018 as submitted,” noting further that approval was “granted after a confirmation that you have substantially complied with our regulatory requirements.”
He explained that the company’s financial statement was approved without any official query from the regulatory body, stating that “this outcome was a fallout of the company’s culture of getting things right the first time.”
Ebose disclosed that the company’s gross premium written during the year was N3.43bn as against N2.22bn written during the corresponding period of 2017, indicating a 54.38% growth over the previous performance.
He further highlighted that the total assets of the company during the period grew from N6.2bn in 2017 to N6.6bn while shareholders’ fund moved from N5.07bn in 2017 to N5.2bn with the company’s solvency margin standing at N4.8bn.
He noted that the company paid a gross claim of N756.8m to its various affected genuine policyholders during the period as against the N540.3m in 2017, stating that “it demonstrates our strength to accommodate any volume of genuine claims reported and by direct implication, our ability and readiness to handle any quantum of general insurance business anytime.”
He explained that with the trend of results already being achieved by the company in 2019, the Management was hopeful of comfortably beating the 2018 results tothe delight of the owners of the company at the end of the year.