Anchor Insurance Company Limited has increased its capital base to more than ₦25.5 billion, significantly above the ₦15 billion minimum requirement for non-life insurance companies under the ongoing insurance industry reforms.
The company said it successfully met the recapitalisation requirements of the National Insurance Commission (NAICOM) under the Nigeria Insurance Industry Reform Act (NIIRA) 2025.
The development strengthens Anchor Insurance’s financial position and is expected to improve its capacity to underwrite larger and more complex risks.
Reacting to the development, the Managing Director and Chief Executive Officer of Anchor Insurance, Dr Ebose Augustine Osegha, said the company’s new capital base reflects its financial strength and commitment to its customers.
“Today, our capital base stands in excess of ₦25.5 billion, significantly exceeding the ₦15 billion minimum requirement for non-life insurance companies,” Osegha said.
He said the achievement also reflects the company’s sound corporate governance and long-term commitment to protecting the interests of its customers and other stakeholders.
According to him, the stronger capital position will give Anchor Insurance greater capacity to take on bigger risks and provide stronger protection to its customers.
“This milestone means stronger capacity to underwrite larger and more complex risks, enhanced claims-paying ability and greater confidence for our customers and business partners,” he said.
Osegha added that the new capital position would also create more opportunities for growth and innovation while enabling the company to maintain compliance with regulatory requirements.
“Most importantly, it strengthens our promise to deliver reliable insurance protection, innovative solutions and an exceptional customer experience at every touchpoint,” he said.
The Anchor Insurance CEO thanked the company’s customers for their continued support and trust, saying their confidence contributed to the achievement.
“We sincerely thank you for your unwavering trust and support. Your confidence has been instrumental to this achievement,” he said.
Osegha assured customers and other stakeholders that the company would build on the recapitalisation milestone as it enters a new phase of growth.
“As we embark on this new chapter, we remain steadfast in our mission to protect what matters most and to remain the insurance company of choice today and for generations to come,” he said.