Anchor Insurance, a wholly indigenous underwriting firm says it made a Profit Before Tax of N450 million in 2012 as against N31.2 million it recorded in 2011.
The company said its premium income increased by 60 percent from N1.144 billion in 2011 to N1.825 billion in 2012 while it paid N230.52 million claims in 2012 as against N164.6 million paid in 2011.
Senas Ukpanah, chairman, board of directors of the company who made this known during the Annual General Meeting (AGM) of the company held in Uyo, the Akwa Ibom State capital said the total underwriting income of the firm increased from N687 million in 2011 to N1.15 billion in 2012.
‘’Our company recorded growth in some key indices in the year ended December 31, 2012, the investment income increased by 95 percent from N60 million in 2011 to N117 million in 2012,’’ Ukpanah said.
According to him, the net operating income also rose from N726 million in 2011 to N1.68 billion in 2012 indicating a growth of 131 percent while profit before tax was N450 million.
In the same vein, the company also grew its assets from N4.185 billion in 2011 to N4.515 billion in 2012 showing an increase of about 8 percent while shareholders fund edged to N3.934 billion by December 2012 against N3.567 in corresponding period of 2011 showing 10.2 percent improvement in shareholders wealth.
The chairman who recommended the payment of 2.5 kobo dividend per share subject to the approval of the board said it was an increase of 25 percent from that of the previous year.
He commended the board for keeping to the promise made last year and pledged the commitment of the board and management towards ensuring that the company remained a ‘’profitable and rewarding institution to invest.’’
He noted that the future is bright for the company with the introduction of micro insurance guidelines saying it would position the company to underwrite life insurance to limited stipulated amount or sum insured after the approval of the regulators.
ANIEFIOK UDONQUAK
