Firm Foresees Bright Prospects in Insurance Sector

Okon Bassey in Uyo

The Management of Anchor Insurance Company Limited (AICL), has said despite some of the hitches being experience in the insurance sector in the country, it will continue to break new grounds to meet the need of its customers.

The Chairman, Board of Directors of the Company, Dr Elijah Akpan, gave the assurance at the 28th Annual General Meeting (AGM) of the insurance firm held in Uyo, Akwa Ibom State recently.

In his report on the performance of the company presented at the meeting, Akpan stressed that the company made positive headways in some key indices in 2017, though the Nigerian insurance sector showed abysmal performance in 2016.

He said within the 2017 operational year, the company’s gross premium rose to N2. 22 billion or 87.43 per cent against the N2.05 recorded in the corresponding period, 2016.

“The company assets also grew to N6.24billion in 2017 from N5.78billion in 2016, representing a rise by 7.93 per cent over same period of the corresponding year,” he added.

According to him, the shareholders’ funds within the year under review also experienced 6.77 per cent growth, from N4.74 billion in 2016, to N5.02 billion in 2017.

Equally, he said, the company recorded the feat because of the doggedness and commitment of the workforce and the support of the shareholders.

He hinted that the company in line with its commitment to prompt payment of claims to genuine policy holders had within the period under review settled claims amounting to N540.2 million as against N268.19 million in 2016.

Akpan said the positive performance and development recorded in the company compelled it to reward shareholders with a dividend of 2 kobo per share in 2017.

“We intend to develop agricultural products well-tailored to address the various risks that are faced by our farmers.

“We will continue to invest in both human capital and infrastructure, appreciate and motivate deserving staff members with exceptional rewards that will spur up positive spirit of competition for excellence among the company’s workforce.” he added.