Our Reporter

Anchor Insurance Company Limited plans to generate N10 billion premium income this year, Managing Director/Chief Executive Officer, Ebose Augustine has said.

He spoke during the company’s interactive session with reporters in Lagos.

Augustine said the firm is bracing up to play big in post recapitalisation.

He stated that Akwa Ibom State government, which owns 61 per cent stake in the company, has, through right issues, injected N9.6 billion in the firm.

He disclosed that the company hopes to raise its capital to N11.6 billion post recapitalisation.

READ ALSO: Stock Exchange opens new window for SMEs

He further said the firm grew its premium income to N5 billion in 2019, adding that to achieve the set target for 2020, the firm has concluded plans to increase its branch network across the country; leverage the use of technology to sell its products and improve on its agency system to reach esteemed customers.

He said: “The company has so far achieved about 85 per cent of the new minimum capital required to remain afloat post recapitalisation.

“We paid N1.3 billion claims in 2019, even as we have automated our claims system making it possible for claimants to access their claims without coming to the firm.”