Anchor’s financial account gets approval for compliance

The Management of Anchor Insurance Company Limited has received the approval of the National Insurance Commission (NAICOM) for its audited financial statement for the year ended December 31, 2018.The company’s Managing Director/Chief Executive Officer, Ebose Augustine, quoted NAICOM’s letter, which conveyed the approval and dated July 3, 2019, as stating in part: “The commission has no objection to the publication of your audited financial statements for the year ended 31 December, 2018, as submitted and granted after a confirmation that you have substantially complied with our regulatory requirements.”

Ebose maintained that the company’s gross premium written during the year was N3.43 billion, against N2.22 billion recorded during the corresponding period of 2017, indicating a 54.38 per cent growth over the previous performance.He further highlighted that the total assets of the company during the period grew from N6.2 billion in 2017 to N6.6 billion, while shareholders’ fund moved from N5.07 billion in 2017 to N5.2 billion with the company’s solvency margin standing at N4.8 billion.

According to him, the company paid a gross claim of N756.8 million to various genuine policyholders during the period, against the N540.3 million in 2017.”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 said.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 to the delight of the owners of the company at the end of the year.