Anchor excites shareholders with N3.6 kobo per share dividend

Shareholders of Anchor Insurance Company Limited have received dividend payment of N3.6 kobo per share for the 2016 financial year.

This was disclosed at the company’s 27th yearly general held in Uyo, Akwa Ibom State, where shareholders accepted the dividend payment following an impressive performance made by the company.

The dividend, which was payable to investors whose names appeared in the company’s register, showed an indication of 12 per cent growth over 2015.

Addressing shareholders at the meeting, the Chairman of the company, Dr. Elijah Akpan, said that “it is heart-warming that despite the hash challenges in the global and domestic environments, the company recorded growth in some key indices in the year ended December 31, 2016.

He revealed that the “company experienced 11 per cent growth in profit after tax margin from N205 million in 2015 to N228 million” in the period under review.

The growth was mainly attributable to improved efficiency in operations of the company and introduction of unique and acceptable insurance products backed with cutting-edge innovative technology.

“Its 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 the underwriting result at the end of the year amounted to N1.013 billion, compared to approximated N965 million recorded during the year ended December 2015, which amounted to 5.04 per cent in 2016.

“The company’s total asset increased in 2016 by 6.5 per cent, with an approximated total of N5.8 billion, compared to N5.4 billion recorded in 2015, while shareholders fund grew from N4.5 billion in 2015 to N4.7 billion in 2016, thus showing a 5.03 per cent growth in Shareholders Fund”, he said.

Akpan also revealed that the company is implementing its plans to improve capital base through available instruments in the market with introduction of tailor-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 infrsatructure, create an enabling environment for our staff with adequate motivation”, he added.

The Managing Director/Chief Executive Officer, Adeduro Mayowa, pointed out that the company is poised to develop and introduce more innovative insurance products, following the launch of AnchorLoEIS into the insurance market.

He said the move is aimed at making the company the trailblazer, while setting standard for others to follow in respect to non-generic insurance products.