Anchor Insurance Declares N3.60 Dividend For 2016, Appoints Four New Directors

ANCHOR Insurance Company Limited has
declared a dividend payment of N3.60 per
share for the year ended 2016. The dividend
payment, which was ratified by the
shareholders at the 27th Annual General
Meeting (AGM) of the company held at Le- Meridien Ibom Hotel and Golf Resort, Uyo,
Akwa Ibom State, weekend, followed the
appointment of four new directors into its
board.

The new directors are Barr. Christopher
Attah, Mrs. Comfort Enwang, Mr. Linus Nkan
and Barr. Aniekan Akpan. The N3.60 pay-out
per share represents 12 per cent growth in
dividend, following the impressive
performance of the company in the out-gone year. Chairman, Board of Directors of the company,
Dr. Elijah Akpan in his welcome address
expressed a heart-warming gratitude to God
for the company, despite what he described
as the harsh economic challenges in the
global and domestic business environment. He said that besides the company had
recorded growth in some key indices in the
year ended December 31, 2016 and also
disclosed that, the company recorded 11 per
cent growth in profit after tax margin from
N205 million in 2015 to N228 million in the year ended December 2016. The growth, he said, was mainly attributable
to improved efficiency in operations of the
company and the introduction of unique and
acceptable insurance products backed with
cutting-edge innovative technology. Akpan said, “investment and other incomes
grew by 16 per cent from N182 million in
2015 to N212 million in 2016. This is as a
result of shrew investment operations and
decisions. The company incurred claims of
over N371 million, while underwriting result at the end of the year amounted to N1.013
billion compared to N965 million in 2015
which amounted to 5.04 per cent in 2016. “The company’s total asset increased in
2016 by 6.5 per cent with a total of 5.8 billion
compared to N5.4 billion recorded in 2015,
while its shareholders fund grew from N4.5
billion in 2015 to N4.7 billion in the year 2016,
thus showing 5.03 per cent growth in shareholders fund”. The chairman further stated that the
company was implementing plans to improve
her capital base through available
instruments in the market, with the
introduction of tailored-made insurance
products retail and micro insurance, property investment and leasing. “The recent expansion in the board
composition was taken with the strategic
plan to expanding opportunities in the public
sector insurance. We shall continue to invest
in infrastructure, create an enabling
environment for our staff with adequate motivation”, he said. Also speaking, the Managing Director and
CEO, Mr. Adeduro Mayowa corroborated the
chairman noting that the company was
poised to introduce more innovative
insurance products with the launch of Anchor
Loss of Employment Insurance Scheme (Anchor-LoEIS), into the market with the aim
of making it become a trailblazer, while
setting standard for others to follow with
regards to non-generic insurance products.