Anchor Insurance dividend payout up 12% to 3. 6kobo
by Modestus Anaesoronye
October 18, 2017 | 12:17 am| | | Start Conversation
Anchor Insurance Company Limited has approved a dividend of N3.6kobo per share following the impressive performance of the company. This is an indication of 12 percent growth in dividend payout for the previous year.
The shareholders approval was secured at the underwriting firms 27th annual general meeting held at the Le Meridian Ibom Hotel and Golf Resort in Uyo, Akwa Ibom State.
In his welcome address, the Chairman, Board of Directors of the company, Elijah Akpan stated 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 profit growth in profit after tax margin from N205 million in 2015 to N228 million in the year ended December 2016. 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 percent 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 N371million while the underwriting result at the end of the year amounted to N1.013billion compared to approximated N965million earned during the year ended December 2015 which amounted to 5.04 percent in 2016”.
“The Company total asset increased in 2016 by 6.5 percent with an approximated total of 5.8billion compared to N5.4billion recorded in 2015 while its shareholders fund grew from N4.5 billion in 2015 to N4.7 billion in the year 2016 thus showing a 5.03 percent growth in Shareholders Fund”.
Akpan revealed further that the Company is implementing her plans to improve her capital base through available instruments in the market with introduction of tailored-made insurance products, Retail and Micro Insurance, Property Investment and Leasing.
In his words, “the recent expansion in the board composition was taking 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 submitted.
The Managing Director/CEO, Adeduro Mayowa buttressed the statement of the Chairman when he pointed out that the company is poised to develop and introduce more innovative insurance products (following the launch of AnchorLoEIS) into the insurance market with the aim of making the company the trailblazer while setting standard for others to follow in respect to non-generic insurance products.
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