National Insurance Commission

CONTENT
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Foreword 2 Chairman’s Report 5 THE NATIONAL INSURANCE COMMISSION Corporate Information NIC’s Operations THE INSURANCE MARKET 2010 Economic Review Ghana Insurance Market Report (2006 – 2010) Financial & Ratio Analysis APPENDICES 1. 2. 3. 4. 5. Corporate Information 2010 Financial Reports List of Registered Insurance Companies List of Registered Reinsurance Companies List of Registered Broking Companies 8 9

14 15 26

61 62 77 84 85

Annual Report 2010

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National Insurance Commission

FOREWORD
Preparing for Risk- Based Supervision 2006 marked an important milestone in the Ghanaian insurance industry. The passage and the implementation of Insurance Act, 2006 (Act 724) resulted in very significant changes in the structure and operations of the industry. One major change is the significant increase in the number of insurance companies from 25 in 2006 to 42 in 2007. Although this has resulted in keener competition, the harmful effect of the competition so far cannot be underestimated. This has mainly been in the form of undercutting, unethical underwriting and marketing practices and over reliance on credit to manage the competition. These harmful effects are currently posing major challenges to the growth and efficiency of the industry. The National Insurance Commission (NIC) has therefore decided to find effective and sustainable solutions to these challenges in the form of a risk-based approach to supervision. Insurance regulatory standards and methodologies are fast changing all over the world. The International Association of Insurance Supervisors (IAIS) has revised its Insurance Core Principles (ICPs). The approach to supervision is fast drifting from the compliance and historical toward the risk-based and the forward-looking methodologies. Traditionally, regulatory authorities have attempted to perform their roles by requiring insurance companies to comply with various requirements of laws or subordinate legislations. Experience has however shown that mere compliance with rules and legislations does not mean that a company is and will continue to be financially sound to honour its maturing obligations to policyholders. Risk-based supervision on the other hand, requires supervisors to review the manner in which insurance companies identify and control risks that are associated with their business. This, in turn, allows supervisors to allocate resources and regulatory attention to insurance companies with high unmitigated risk exposures. Generally, risk-based supervisors assess the probability and severity of the material risks to which insurance companies are subject to and the effectiveness of the controls put in place by the insurance companies to reduce the probability of such risk events occurring or the severity of their impacts if they occur. Risk-based supervisors also assess the adequacy of the provisions insurance companies have in place to take care of the occurrence of a risk event even though controls are in place and are functioning properly. From the foregoing, it can be deduced that Risk-based Supervision thrives on a robust legal and reporting framework, sound accounting standards and practices, accurate record keeping, adequate capitalization and effective governance and risk management structures. The NIC is therefore taking steps to address all these issues to lay a good foundation for an effective riskbased supervision model in the Ghanaian insurance industry.

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Annual Report 2010

National Insurance Commission

Introduction of New Prudential Returns In order to obtain timely and adequate information for risk assessment and identification of early warning signals, the NIC has designed new prudential returns in line with International practice to be used by insurance companies to submit periodic returns to the Commission. These returns will be analysed to identify early warning signals as part of the Risk-Based Supervision processes. The returns will be submitted electronically to the NIC via a web-based portal. Insurance Industry Accounting Manual The NIC in consultation with the Institute of Chartered Accountants Ghana (ICAG) has developed an
Accounting Manual to guide the industry to comply with the International Financial Reporting Standards (IFRS). This is aimed at ensuring consistency and comparability in the measurement, presentation and disclosures in the financial reports of insurance companies. Under IFRS, insurance companies will have to fair value their assets and liabilities and make detailed disclosures in their annual reports which will be of immense benefit to policyholders, investors and regulators. Effective 31st December 2012, all insurance companies are required to prepare their annual financial statements to comply with the requirements of IFRS.

Introduction of a New Solvency Framework
The NIC has developed a new solvency framework to replace the current one issued in 2008. The existing guidelines has the same solvency requirements for life and non-life companies which is inappropriate. It also does not take into consideration the major risks that the companies are subject to. The new framework which comes into effect in January 2012, has separate solvency requirements for life and nonlife companies and takes into account some major risks the market currently faces. It also clearly defines allowable capital resources and minimum solvency capital requirements. It requires insurance companies to have admissible representative assets to back their technical provisions. It also has solvency control level to enable the NIC take a proactive approach in monitoring the solvency of insurance companies. Even though the new framework is not fully risk-based, it is a step towards a risk-based capital adequacy framework which will be introduced in the medium term.

Minimum Start–Up Capital
The NIC has proposed an upward review of the minimum start-up capital for an insurance company from the current cedi equivalent of US$1million specified in the Insurance Act, 2006 (Act 724) to the cedi equivalent of US$5million. This decision is aimed (among other things) at improving the efficiency of insurance companies through adequate investments in Information Communication Technology to improve their operational and reporting capacities, build strong governance and risk management structures and acquire other needed infrastructure and resources in readiness for the adoption of RiskBased Supervision by the Commission. Under the proposal, foreign companies are required to meet this directive by December 2012 while Ghanaian owned companies are given up to December 2013 to comply.

Legal Review
The NIC is also reviewing the Insurance Act to enable it serve as a good foundation for a suitable riskbased supervision model. The new draft bill, copies of which have already been released to the industry for consultation, moves away from compliance based rules and rather focuses on systems, controls and governance structures. For example, the draft clearly spells out the responsibilities of the board of

Annual Report 2010

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quantify and manage them. The industry. 4 Annual Report 2010 . The Governance code will have key principles on Board membership. the roles of the four key in-house functions. board subcommittees. compliance and risk management functions. The completion of the above-mentioned projects. and profitability of the industry. it is expected will then be in a better position to assume its rightful role in the economy and contribute its quota to the development of the nation. The new draft also gives the NIC appropriate powers to enable it take the necessary action if the board of directors and management of insurance companies fail to live up to their responsibilities. Corporate Governance and Risk Management Code The NIC is also preparing to issue a Corporate Governance and Risk Management code to guide the companies in building sound and effective governance and risk management structures. the key inherent risks insurance companies face and the approach to be used to identify. external auditors and conflict of interest. stability. non-executive and independent directors. which is expected to culminate in the implementation of a suitable risk-based supervision model for the Ghanaian insurance industry. The Risk management code will have principles on internal controls. It also requires insurance companies to set up four key in-house functions namely internal audit. will bring significant improvements to the financial soundness.National Insurance Commission directors and management of insurance companies. actuarial.

Insurance Place has seen some significant improvements over the past few years to befit its status as “Ghana’s Insurance Place”. The non-life premium income grew by 23% from GH¢221 million in 2009 to GH¢ 272 million in 2010. The staff strength of the NIC has increased from a mere fifteen (15) mostly seconded staff. In the near future. The above-mentioned modest gains have been possible due to the hard work and contribution of the Ministry of Finance. This will require some considerable amount of resources and expertise but we strongly believe that the benefits will far outweigh the cost. management and staff of the NIC. some development partners and the industry. the NIC has moved from the era where there used to be just three stand alone computers for the whole organisation to the present era where every staff has a modern computer operating on a networked system to enable effective communication and sharing of information and documents. It is important to note the rate of growth of the life premiums. the NIC plans to change its regulatory methodology from the current compliance based system to a Risk-based model. I wish to use this medium to express my sincere appreciation to all individuals and organizations who have in diverse ways contributed to the success of the NIC. In terms of resources and logistics. With the support of the Ministry of Finance under various Government of Ghana/World Bank funded projects. it is expected that the life premiums will outgrow the total non-life premiums in less than five years.National Insurance Commission CHAIRMAN’S REPORT 20 Years of National Insurance Commission 2010 marked the 20th anniversary of the establishment of the National Insurance Commission (NIC). the life insurance business has contributed more to the industry’s total premium income than the motor business. Annual Report 2010 5 . The Commissioner’s office which was a one room office located at the Ministry of Finance. the entire industry and our development partners over the years. It is also pertinent to note that for the past two years. Insurance Place. If this trend is to continue. The NIC has gone through significant changes in its 20 years of existence. past and current Board of Directors. Industry Performance The growth in the strength and capacity of the NIC has been accompanied by significant growth of the industry as well. the life sector premium income grew by 52% from GH¢122 million in 2009 to GH¢187 million in 2010 resulting in a 33% growth in total premiums from GH¢343 million in 2009 to GH¢459 million in 2010. moved to the Marble House and then to its current location. in the late nineties to about 60 as at the end of 2010. The NIC can today boast of competent professionals and technical staff including four Actuarial staff.

appropriate provisions have been made in the draft bill to give the needed legal backing to the unique features of micro insurance products and distribution channels. These include a baseline survey to ascertain the current state of the microinsurance market in Ghana. The NIC expects all private commercial enterprises to patronise the Compulsory Fire Insurance Programme to ensure protection for their businesses in case of fire outbreak or any other risks covered under this policy. Microinsurance With respect to micro insurance. (Source: Swiss Re 2010 Sigma report) The NIC is determined to deepen the insurance penetration in Ghana through the development of Agricultural and Micro insurance. Agriculture contributes about 30% of the nation’s GDP and micro insurance will cater for the vast majority of Ghanaians who operate in the informal sector and therefore fall outside the scope of conventional insurance. The project will initially start with weather indexed insurance products for cereals but will later be expanded to cover other crops and eventually livestock. the development of an insurance awareness index toolkit and a general consumer education program. It is our hope. Compulsory Fire insurance The implementation of the compulsory fire insurance for all private commercial buildings is underway.National Insurance Commission Insurance Penetration Despite the above mentioned strides in the growth of the industry.8% Nigeria – 0. Kenya – 2. that very soon the fund will generate enough monies to enable it provide financial support to the Fire Service and all other such organisations to procure the needed equipment for fire fighting. The recent fire outbreaks at the various regional markets. specific programs have been designed to develop the capacity and provide technical assistance to companies providing micro insurance services. Namibia – 7. The necessary technical and management committees have also been set up to prosecute the project. The insurance penetration which is defined as the contribution of total insurance premiums to GDP. Programs have also been designed to develop the demand side of micro insurance as well. In collaboration with the German International Cooperation (GIZ).5% and Malaysia – 4. the insurance penetration continues to be very low. This can be compared to South Africa – 14. in real terms is still around 1%. Government offices and the collapse of buildings under construction have made the creation of the fire fund a very urgent and important project. A national Steering Committee made up of all relevant stakeholders has been set up to oversee the implementation of the recommendations in the feasibility report.8%. This agenda is being pursued with technical assistance from some development partners. Agricultural Insurance In pursuit of the above objective. 6 Annual Report 2010 .8%.3%. The development of Agricultural and Micro insurance has been selected for obvious reasons. an agricultural insurance feasibility study has been done and the report published.

Conclusion It is the expectation of the Commission that the successful completion of the above initiatives will contribute significantly to the improvement of the efficiency of insurance business and increase the insurance penetration in Ghana with its attendant benefits for the policyholder. among other things. the insurance industry and the economy. It is expected that the Committee. Reviving marine business The NIC and the GIA have put another committee together to implement recommendations made by an earlier committee on ways of reversing the dwindling fortunes of marine insurance. with the help of the relevant stakeholders. but the Commission will closely monitor developments on this front. The percentage of marine premiums to total premiums has fallen consistently from about 6% in 2006 to 3% in 2010. The decline has been attributed to the blatant disregard for section 37 of the Insurance Act by importers. Oil and gas In the last quarter of 2010. Ghana commenced the production of crude oil in commercial quantities. Annual Report 2010 7 . will help to reverse this unfortunate trend. has the potential to.National Insurance Commission This programme. the Compulsory Fire for Private Commercial Buildings. The non-life insurance companies came together to pool their capacities in the form of a consortium to underwrite the oil and gas business. significantly boost fire insurance premium income of the Industry in the next few years. It is early days yet. The consortium has subsequently been converted into a pool.

Supervision Head. Michael Kofi Andoh Mr. K. Davor Mrs. Box CT 3456 Cantonments. Samuel Amankwah Mr. Nyamikeh Kyiamah Mr. Accra Commissioner of Insurance Ag. Emmanuel Baba Mahama Mrs Emma Araba Ocran Mrs. 67 Independence Avenue P. Nyamikeh Kyiamah Mr. Sarah Fafa Kpodo Dr. Research & External Relations Internal Auditor Chairman Commissioner of Insurance 8 Annual Report 2010 . Simon N. Frederick Quayenortey Mrs. O. Marketing. Justin Amenuvor Ms. Joseph Bentor Mr.National Insurance Commission CORPOR ATE INFORMATION Board of Directors: Other Directors Secretary: MAnagement Team Auditors: Registered Office Mr. Deputy Commissioner of Insurance Legal Director Head. Isaac Buabeng Mr. Finance & Administration Head. Emma Araba Ocran Mr. Martin Dornor Abayateye AADS Consult (Chartered Accountants) Republic House 5th Floor Accra Insurance Place No. Albert Gemegah Mr.

Insurance Brokers The underlisted six (6) insurance broking companies were licensed in 2010. 6. • Cal Bank Limited/Glico Life Insurance Company Limited • Stanbic Bank Limited/Metropolitan Life Insurance Ghana Limited This brought to seven (7) the number of approved Bancassurance collaborations. 4. 1. the name of Beacon Insurance Company Limited has been changed to “Colina Ghana Limited” following the acquisition of majority shares in the company by Colina Participations of Cote d’Ivoire in 2009. The firm’s name has subsequently been changed to “Ascoma Ghana Limited” to reflect the change in control. Ascoma International. CHANGES IN CONTROL Ascoma Group and its subsidiary. 5. They were. a broking firm. Risk Solutions Limited Riscovery Limited Insurance Solutions Limited KAV Insurance Brokers Limited Trinity Insurance Brokers Limited Risk Management and Advisory Services Limited Bancassurance The National Insurance Commission approved two more bancassurance collaborations between insurance companies and banks during the year under review to enable the banks sell insurance products. obtained 80% shares in Newland Risk Management Company Limited. 3. Similarly. Annual Report 2010 9 . 2.National Insurance Commission NIC OPER ATIONS LICENSING Insurance Companies The Commission did not license any new insurance company during the year under review. as at the end of 2010.

SIC Life Insurance Co. were made to pay penalties as prescribed under the Insurance Act 2006. The areas of common complaints from the motor insurance claimants were as follows: • • • • Repudiation of claim by Insurers Delay in settlement of claims Dispute over quantum Delay in payment of settled claims Product Travel Insurance Plan Travel Insurance Plan Tigo Family Care Assurance Funeral Plan Class of Business Non-life Non-life Life Life 10 Annual Report 2010 . related to motor claims. most of the complaints received. Regency Alliance Ins. PRODUCT APPROVALS The under-listed products of four companies were approved by the Commission in the year 2010.450 and the dollar equivalent of GH¢985. 2006 and best practice. the Bureau continued to receive complaints from the public against some Insurance Companies.750 was approved for offshore reinsurance placements. LEGAL MATTERS Enforcement Actions against Insurance Companies During the year 2010. Ltd. Reinsurance Premium Transfer In pursuance of section 53 of the Insurance Act. nine other companies that underwrite motor insurance were inspected to assess the market’s compliance with the newly approved motor insurance tariffs.National Insurance Commission COMPLIANCE The inspections unit of the Commission inspected twenty (20) broking firms and twenty-three (23) direct insurers to ascertain the extent of compliance with the Insurance Act. four (4) Life Insurance Companies and one (1) Reinsurance Company which failed to submit their Quarterly Returns and Annual Returns on time to the Commission. Ltd. Ltd. Co. (Act 724). Company Activa International Insurance Gh. the Commission received reinsurance premium transfer applications from Insurers.71million. sanctions were leveled against Companies that had breached various Sections of the Insurance Act 2006. As has been the trend in previous years. COMPLAINTS AND SETTLEMENTS BUREAU In the year 2010.250. a total of US$2. 2006. Hence. £4. In Addition. €136. twelve (12) Insurance Broking Companies. Vanguard Life Assurance Co. Act 724. Eight (8) Non-Life Insurance Companies.

Insurance Companies Uninsured SIC Insurance Company Limited Enterprise Life Assurance Company Limited Unique Insurance Company Limited IGI (Ghana) Company Limited Star Assurance Company Limited Quality Insurance Company Limited GLICO Life Star Life Assurance Company Limited Provident Insurance Company Limited Ecowas Brown Card Vanguard Assurance Company Limited Ghana Life Insurance Company Limited CDH Insurance Company Limited Metropolitan Insurance Company Limited Donewell Insurance Company Limited Golden Life Insurance Company Limited The Great African Insurance Company Limited* Regency Alliance Insurance Company Limited Reliance Insurance Company Limited* Unique Life Insurance Company Limited Quality Life Insurance Company Limited Total *These are Companies whose licenses were cancelled in 1998. of Complaints 129 74 32 28 25 18 18 15 14 13 12 10 10 10 9 7 5 5 4 3 3 1 445 Annual Report 2010 11 . four hundred and forty-five (445) complaints were received from the public against some Insurance Companies during the year under review.National Insurance Commission Complaints received from Life Insurance policyholders included the following: • • • • • • • Benefits promised by Insurers differ from benefits on policy documents Insurance company’s failure to cease deductions after Policy has been surrendered Payment of low surrender values Delay in processing matured policies for payment Delay in returning refund of wrongful deductions Unauthorized premium deductions Unspecified period of surrender In all. No.

This totaled Four Hundred and Eight Thousand Two Hundred and Ninety Ghana Cedis (GH¢408. • Change of ownership • Inappropriate driving licence • Driving without a licence A breakdown of awards is as follows: YEAR 2010 2009 2008 2007 nO. The reasons for compensation from the Fund were as follows: • Uninsured vehicles • Hit and run • Breach of policy conditions such as. It also intensified the publicity and Public Educational Programme on Motor Insurance. Expenditure included compensation to accident victims. The Compensation Fund Committee is made up of Officers from the National Insurance Commission (NIC) and Insurance Companies that underwrite Motor Insurance business. contribution to the National Road Safety Commission (NRSC).119 During the period under review. A total amount of One Hundred and Seventy-Five Thousand Seven Hundred and Thirty-eight Ghana Cedis (GH¢175.00). OF AWARDS 142 146 106 90 TOTAL AMOUNT (GH¢) 175.260 77. the Fund realized a total income of Six Hundred and Six Thousand One Hundred and Twenty-Seven Ghana Cedis (GH¢606.National Insurance Commission MOTOR COMPENSATION FUND The Motor Compensation Fund set up in 1996 to compensate persons who suffer injuries or die in a motor accident but who are unable to get compensation from an Insurance Company for various Insurance provision(s) continued to petition the Fund for compensation. investment income and interest earned on bank deposits.127) made up of Motor contributions from Insurance Companies. 12 Annual Report 2010 . Awards Sub-committee The Awards Sub-committee of the Motor Compensation Fund Committee held twenty-one (21) sittings during the year.290. public education and general expenses.00) was paid as compensation to one Hundred and forty-two (142) applicants from the Fund. The Commissioner of Insurance is the Chairperson of the Committee. The Committee continued with its core functions of making Awards to persons.738 159. Life Insurance and Compulsory Fire Insurance for Private Commercial Buildings.911 107.738.

to educate commercial drivers and the general public.730. the Motor Compensation Fund. Assin Fosu. The Commission carried out public education programmes in the Regional and District Capitals. made up of Shares and Treasury Bills stood at One Million Seven Hundred and Thirty Thousand One Hundred and Nineteen Ghana Cedis (GH¢1. Koforidua.119. The number of complaints received by the Commission during the year increased as a result of these Public Educational Programmes. Cape Coast. the contact offices will receive the complaints and forward them to Accra for consideration.National Insurance Commission Investment income. This they noted will cut down on cost and time. Life Insurance and the Compulsory Fire Insurance for Private Commercial Buildings. The Public appreciated the exposure on Insurance matters. SPONSORSHIP OF INSURANCE INDUSTRY PUBLICITY ACTIVITIES During the year under review. The public observed that instead of travelling to Accra or Kumasi to lodge their complaints. Annual Report 2010 13 . At the various radio stations and the public fora. Topics for discussions included role and functions of the NIC. Indeed the Public response to the Public Educational Programme has been very encouraging. the public requested that NIC offices should be established in at least the Regional Capitals. Akim Oda. Armed with this information the Commission took the necessary regulatory action against a number of Companies. The Commission appreciates these complaints since it affords the NIC the opportunity to address grievances lodged by the Public. Also it enables the NIC determine which Insurance Company is unable to pay claims due to (probably) inadequate funds. the Commission with the support of the Motor Compensation Fund Committee continued to promote Public Education on Insurance. Jirapa and Wa. especially Motor Insurance. Motor Insurance policies. The Public Education in the Regions were successful. The educational team visited Kumasi.00).

5 percent recorded in 2010 and projected to 5. Interest rates declined with the benchmark 91-Day Treasury Bill rate ending the year at 12.5%.5% in 2009. it is expected that companies involved in ancillary industries such as energy. The Bank of Ghana key policy rate also declined to 13.National Insurance Commission THE INSUR ANCE MARKET OVERVIEW ECONOMIC REVIEW 2010 The global economy in 2010 recovered slowly from the major recession brought about by the global financial.5% from 18% by December 2010.2 percent. although shy of the target of 6. the financial crises left in its toll huge public debt and a fragile financial sector.61% respectively but depreciated against the US Dollar by 1.68% and 6.0 percent in 2009. This is expected to push the GDP growth to over 12% in 2011. In tandem with growth in the sub-region. and the highest rate achieved since 2003. whiles the industry and services sectors grew by 7.0 percent and 6. On the other hand. (Bank of Ghana. 14 Annual Report 2010 . In the WAMZ countries. economic recovery has been faster than expected with growth rate of 4.7 percent in 2011.1 percent respectively. In West and sub-Saharan Africa.6% which was the lowest since June 1992 (2009: 14. 2010). aided to a large extent by availability of food in the region and a relatively stable currency. cocoa and coffee.The cedi also performed well against the major currencies and appreciated against the Pound and Euro by 2. With the economy set to record double digit growth.28% compared to 22. The Agriculture sector grew by 4.9% in GDP. 2011) Inflationary pressures in the sub region similarly eased in almost all countries in the first half of the year.78%). sluggish growth and high unemployment rates. emerging and developing economies recorded vibrant economic activity with some inflationary pressures.3 percent achieved in 2009. and real estate would take advantage of the emerging opportunities as an oil and gas producing nation.3%. macroeconomic performance for the first half of 2010 showed a significant improvement over the corresponding period in 2009. (Ghana Statistical Service. insurance and financial services. This compares favourably with the growth rate of 2. fuel and food crises of 2007. above the 6.8 percent. Inflation was projected to end the year at 9. End of year real growth therefore averaged 7. Ghana’s economy recorded a growth of 5.2008. transportation. This was on the back of rising prices of commodities such as gold.For most advanced economies. Outlook for 2011 The production of crude oil in commercial quantities began in December 2010. They are therefore confronted with major adjustment problems.2% but remarkably closed the year at 8.

Growth in Total Gross Premium Income (Life & Non-life) 2006 .694. the rate increased from 27. For instance.764 Growth Rate 27.207.6million representing a growth rate of 33% from the previous year.6% in 2007 to 32. the insurance market continued to post positive growth in gross written premium. Although there was an increase in the absolute amounts over the five-year period 2006 – 2010.266 209..7 23. before rising again to 33% in year 2010 (Refer to table 1 below).7% in 2008.6 32.National Insurance Commission GHANA INSUR ANCE MARKET REPORT 2006 -10 INDUSTRY PERFORMANCE As has been the trend.973. 1. the rate of growth showed some fluctuations. then fell to about 23%.0 Fig.554.718 278.2 33. Total gross premium for year 2010 was GH¢ 458. Table 1: Growth in Total Gross Premium Income (Non-Life and Life) 2006 – 2010 Year 2006 2007 2008 2009 2010 Premium Income (GH¢) 164.2010 300 250 200 150 100 50 0 2006 2007 2008 2009 2010 Non-Life Life Annual Report 2010 15 .255.719 458.336 342.

597.2010 Year 2006 2007 2008 2009 2010 Premium Income (GH¢) 114. Gross premium for 2010 increased to GH¢187million from GH¢122. The rate of growth has been undulating showing a rise of 23% in 2010 from 18% in the previous year. Table 2 below).9 31.704.010. Gross premiums from the non-life sector rose from GH¢114. With the long-term nature of premium and commission payments coupled with innovation with respect to products and channels of distribution.274 220.6million in 2010.0 Figure 2.077 187. Table 2: Growth in Gross Premium Income (Non-Life) 2006 .National Insurance Commission Gross Non-Life Premium Income A greater portion of total industry premiums has always come from the non-life business.5 million in year 2006 to GH¢271. this trend is expected to continue (Ref.2million in 2009. 634.020.263 271.969 142.6 18. Growth in Gross Premium Income (Non-Life) 2006-2010 35% Percentage increase 30% 25% 20% 15% 10% 5% 0% 2006 2007 2008 2009 2010 Gross Life Premium Income Life insurance premiums increased at a rate of 52% in 2010 as compared to 34% the previous year.942 Growth Rate 23. The effective implementation of the newly approved motor tariffs and the compulsory insurance of buildings are expected to make a positive impact on the growth in premiums (Ref. 16 Annual Report 2010 . confirming the huge potential for growth in this sector. This sector has recorded a much higher growth than the non-life for the past 5 years.0 23. Table 3 below).

3 Growth in Gross Premium income ( Life) 2006 -2010 200.534.National Insurance Commission Table 3: Growth in Gross Premium Income (Life) 2006 .0 Fig.0 150.269.0 100.0 0.609.1 35.0 52.0 2006 2007 2008 2009 2010 Annual Report 2010 17 .822 Growth Rate 36.2010 Year 2006 2007 2008 2009 2010 Premium Income (GH¢) 49.059.1 34.062 122.641 91.245.297 67.456 187.0 50.

195 728.800 7.210.547 3.288 22.175.457 7.943.356 13.556. NSIA Insurance Ghana Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited.697 2.159.873.553 3.972 1.280.634.567 19.336.400 4.388 3.999 2.159.072.650 1.616 4.765 28.969 10.784 1.464 802.000 3.857 447.263.257.412.057.036 1.116.710 4.000 6.263 1.559.418.000 552.081 15.102 108.168.218.504 64.Table 4: Company Performance .274 398.198 187.397 3.336.596.531 1.500 9.997.356 10.992 1.352 6.145 382.538 4.597.130.936.759.400 3.650.253 2.889 11.161 9.805.268.250 15.603.092.263 64.057.000 2.296.942.276 2. Regency Alliance Insurance Company Limited SIC Insurance Company Limited Star Assurance Company limited Unique Insurance Company Limited Vanguard Assurance Company Limited TOTAL .834 6.163.922 5.757.651.558 10.888.596 7.950.008.Non-Life 2006 (GH¢) 2.258.829 26.573.792 97.326.080 114.125 2.757 1.000 4.000 2.996 5.833 11.219.828.571.595 8.956 3.270 4.233.683.000 6.103.108 1.434 4.077 341.918.879 16.654.132.017.289 2.624 271.972 5.215 19.697.888.187.661 58.581.115.383.783 220.032.285.947 1.163.671 5.658.052.740 9.910 7.148 21.577 18.942 2007 (GH¢) 2008 (GH¢) 2009 (GH¢) 20010 (GH¢) National Insurance Commission 18 Company Activa International Allianz Insurance Colina Insurance Company Limited Annual Report 2010 Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Insurance Company Limited Ghana Union Insurance Company Limited Glico General Insurance Company Limited Industrial & General Insurance Limited International Energy Insurance Company Limited Intercontinental Wapic Insurance Company Limited Metropolitan Insurance Company Limited NEM Insurance Ghana Limited.474 7.771.789 3.840.546 52.606.425.114.535.091 142.794.313.684 10.704.391 44.530 7.670.041.000 5.442 4.047.769 12.820 133.264 4.563 25.010.773.886.042.234.034.213.403.443 4.020.999.368.021 10.877.741 10.251 6.534.774 56.898 24.309 7.026.991 4.885.429 28.

596.317.068.236.439.948 99.310.751.011.602 14.668 2.488 1.038.562 2.892.149 5.000 1.508 491.193 111.318 4.062 122.845 3.600.450 1.Life 2006 (GH¢) 653 0 0 90.138 4.113 790.157 1.000 422.675 8.222.236.021.795.705.342 8.008.603 964.448 6.094.293 1.702.742.656.488 2.515.576.143.411 1.990 16. MetLife Insurance Ghana Limited Phoenix Life Insurance company Limited.000 1.377.218.000 10.059.703 18.802 27.456 597.450.011 70.741 130.036.443.880 1.725 738.271 308.208 3.820.147.000 1.104.534.032.412 3.878 73.238 67.270 21.827 48.048.866.071 2.603.970 2.900.692.761 1.780 7.771.222 1.643.196.429.990 10.126 138.245.191 1.238.697 49.282.014 236.788 2.000 4.950 40. Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Insurance company Limited Starlife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited TOTAL National Insurance Commission Annual Report 2010 19 .331.773 5.849 187.Table 5: Company Performance .186 6.933 91.000 2.647.659 12.822 2007 (GH¢) 2008 (GH¢) 2009 (GH¢) 20010 (GH¢) Company Capital Express Assurance (Gh) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Assurance Company Limited Ghana Life Insurance company Limited Ghana Union Assurance Company Limited Golden Life Assurance Company Limited Glico Life Insurance company Limited IGI Life Insurance company Limited.668 15.101 17.269.044.641 220.553 23.869.897 3.042.129.853.063.269.887 10.592.136.733 541.351.784.089 3.109 3.636 4.330.494 3.300 4.183 7.887 2.978 21.071 33.297 3.062 12.492 275.705.609.983 616.722 9.468.152 6.

1 9.3 -7. this was not the case for year 2010.239 53.Reinsurance (Non-life) 2006 . It is also likely that insurance companies have begun increasing their own capacities in preparation for the proposed recapitalization in 2012.2010 40% 30% 20% 10% 0% -10% 2006 2007 2008 2009 2010 20 Annual Report 2010 . Table 6: Growth in Gross Premium Income .National Insurance Commission Reinsurance Premium Income Contrary to the popular assertion that the performance of reinsurers mimic that of their reinsureds to a large extent.084 52. for some reason.399. 4 Growth in Premium Income .476 38. Fig.694 56.383.125 Growth Rate -33.681. non-life premiums for the reinsurers decreased by 7%.180 541.528.9 113. gross premiums for life increased slightly by 9% in 2010 compared to 32% in 2009 for direct insurers. Also.9 39.6 32.017.Reinsurance (Non-Life) 2006 – 2010 Year 2006 2007 2008 2009 2010 Premium Income (GH¢) 32.500 1.0 Table 7: Growth in Reinsurance Gross Premium Income (Life) 2006 – 2010 Year 2006 2007 2008 2009 2010 Premium Income (GH¢) 820. Whereas direct insurers recorded a positive growth in gross premiums.607 1.0 6.780.296 1.156.0 This turn of events could be attributed to a number of reasons including the possibility of an adverse effect of the withdrawal of the 20% compulsory cession to Ghana Reinsurance Company Limited.054 Growth Rate 19.768.

This is expected to significantly improve this line of non-life business. One thing worth noting is the introduction of new distribution channels including brokers and banks.National Insurance Commission Fig.2010 120% 100% 80% 60% 40% 20% 0% -20% -40% 2006 2007 2008 2009 2010 Clearly. Total gross premium for fire insurance for 2010 was GH¢56. It is obvious from the table 8 below that premiums have been increasing at a decreasing rate. representing an increase of nearly GH¢23 million over the 2009 figure.9 million in 2010 from a previous year’s figure of GH¢105.2 million from GH¢50. There has been a 30% upward review in motor tariffs and this is expected to make an impact in the growth of premiums if companies commit to its effective implementation. Total premium was GH¢71. In Ghana. Market share has just started picking up after two falls. Total premium for life insurance has increased steadily over the period. Accident business contributed the second highest premiums in the non-life class. With this. All is set for the implementation of sections 183 and 184 of Insurance Act.2010) Motor insurance continued to be the highest contributor of gross premiums for the non-life sector. Total premium for this line of business was GH¢123. 2006 (Act 724) with effect from August 1. local reinsurers must enhance their services to enable them compete favourably with their foreign counterparts who pride themselves in their international ratings.8 million and a market share of 15. Premium Income by Class of Business (2006 . Insurance companies should be proactive and explore ways of developing this line of business. 5 Growth in Premium Income . This sector has gained 10. competition gets stiffer each year especially with the presence of foreign companies on the Ghanaian insurance market hence.7%. all commercial buildings including those under construction will be required to insure against the risk of fire among others. which is very remarkable. Marine insurance contributed GH¢13.6 million. Annual Report 2010 21 .5% market share between 2006 and 2010. In 2009 its share was almost GH¢10 million and has always been the least contributor with regards to total market premiums. various policies are underwritten as part of accident business.6 million in terms of gross premiums in 2010 which represented 3% of total market share. 2011.06 million in the preceding year.Reinsurance (Life) 2006 .

Bonds) Total Amount (GH¢) 123.049.3 30.660.458 56.285 271.911.8 17.721 7.7 0.228.192 423.093.National Insurance Commission Fig.446.355 8.786 49.355 67.7 4.995.533 9.943.847.355 5.7 35.7 100 2009 (GH¢) 105.719 % 30.822 458.215 24.756 13.428 651.818 31.0 15.455.735. 6 Premium Income by Class of Business 200 180 Premium income (GHC'm) 160 140 120 100 80 60 40 20 0 2006 2007 2008 2009 2010 Motor Accident Marine Fire Others Life/Health Table 8: Premium Income Distribution By Class of Business 2006 -2010 Company Motor Accident Marine Fire Others* Life/Health TOTAL 2006 (GH¢) 59.068.687 48.860 23.337.457 9.228.6 1.764 % 27.364 5.297 164.3 40.200 2.942 22 Annual Report 2010 .8 11.848 56.3 1.210 71.770.571 1.255.2 100 2008 (GH¢) 91.7 100 2010 (GH¢) 123.641 209.911.033.390 989.973.7 100 *Includes Travel and Bonds Table 9: Premium Income by Class of Business (2010) Class of Business Motor General Accident Burglary Workmen’s Compensation Personal Accident Public /Bankers Liability Engineering/CAR Marine Cargo Marine Hull/Aviation Fire Others (incl.838.336 % 32.350 91.091.269.059.9 14.9 18.2 100 2007 (GH¢) 69.150 49.534.637 122.7 3.207.172 6.266 % 35.2 0.154.718 % 32.671.717.6 6.2 2.061.0 14.858 37.2 32.609.607 13.9 11.550 9.841 412.399.694.554.646.108.210 54.468.1 4.8 32.061.457 50.9 14.790 22. Travel.0 12.245.9 13.320 12.456 342.964.062 278.344.634.917.923 187.

866 57.364 100. Wood First Anchor Ghana Int’l Ins.527 76.*** All Risks Alliance Allied Alpha Akoto Risk Apex Ark Asterix Ceris Claim Crown Danniads Double D & M*** Dynamic Edward Mensah.213 18.906 49.287 133.469 290.596 266.640 226.610.512 25.717 15.286 39.975 22.183 60.384 190.720 498.421 45.633 74.616 140.061 152.864 19.344 70.603 59. Table 10: Brokerage Earned (2006 – 2010) Company AG & Assoc.230 21.263 40.838 5. Global Impact Gras Savoye Horizon Insurance Centre Insurance Consultancies Int’l Consortium Inter-Africa*** Jerock*** 202.695 185.462 150. PERFORMANCE OF THE BROKING COMPANIES Total market brokerage earned for year 2010 was GH¢16.295 11.598 323.168 453.747 338.948 584.900 57.116 976.524 43.116 252.245 172.446 50.447 454.564 61.399 300.198 165.222 61.277 264.666 3.613 94.408 682.467 234.501 105.747 58.342 251.347 14.577 3.164 36.080.967 224.330 55.015 229.543 1.112 57.060 433.991 2.5milion representing a growth rate of 18% from the previous year.145 524.104 19.828 80.643 101.984 52.545 68. A 10% increase was projected for some six companies whose audited accounts are yet to be submitted to the Commission.656 2006 (GH¢) 2007 (GH¢) 2008 (GH¢) 2009 (GH¢) 20110 (GH¢) 129.520 7.702 605.648 867.279 40.550 183.432 2.316 32.957 428.178 34.071 242.970 6.777 5.737 73.164 1.154.132 66.205 27.613 332.850 309.727 267. As at the time of compiling this report.952 41.006 941.National Insurance Commission THE BROKER MARKET Six (6) new broking firms were licensed bringing the total number of insurance brokers in the industry to forty-eight (48) in the year 2010.748 11.258 75.336 88.917 44.017 347.418 23.229 382.334 540.967 Annual Report 2010 23 .780 252.766 152.052. 36 broking firms had submitted their audited accounts for 2010.551 36.721 105.718 142.891 31.354 263.337 125.381 73.097 14.505 273.519 180.506 242.637 275.438 55. There was however a fall in growth of 19%.623 61.

715 19.216 46.8 77.231 135.705 13.593 596.486 86.0 24 Annual Report 2010 .502 217.982 Growth Rate (%) 24.756. Serv.186 65.685 82.055 19.654 4.233 63.373 65.983.093 72.451 6.1 10.481 6.058 534.558.0 18.505.8 7.510 582.707 56.720 94.456 58.278 193.975 154..0 Note: ***A 10% increase in gross earnings has been projected for companies whose audited accounts for year 2010 had not been submitted as at the time of this report.2010 Year 2006 2007 2008 2009 2010 Commission Earned (¢) 6.233 157.1 37. Midas*** Newland Risk Premier Brokers Progressive Prudent Safety Saviour Shield Trans-National Tri-Star UD Ins.183 125.283. gross brokerage has shown some fluctuations in the rate of growth.383 172.135 208.846 120.283.911 112.1% but has plummeted since.901 38.617 23.287 23.070 297.916 178.705 13.321 624.129 521.868.399 77.132 324.8 11. It is evident from the individual performance that whereas some companies increased their incomes significantly.144.010 122.784 65.642.945. Maxpal Interm.952 84. Similar to the growth in gross premiums.991 28.983.National Insurance Commission KEK KEK Reinsurance Lordship Manyo-Plange*** Marine & Gen.274 545.945. Table 11: Growth in Commissions Earned 2006 .364 171.723 6.073 10.558. It is possible that some companies are not striving hard enough.144.600.215 69.155 150. The rate increased sharply in year 2008 to 46.382 142.942 196.837 145.096 171.384 44.461 51.0 10.884 67.032 13.561 16.246 3.258 540.982 Earnings of top 10 companies Percentage of top 10 companies 5.207.5 46.266 3.913 73.216 278.315.038 40.125 127.833 104.602 4.664 122.338 212.962 124.316.470 68.240 255.054 10.196 213.216 17.152 116.328 27.977 264.275 102.878 2.024 302.152 2.835 108.773 167. others lost drastically. Universal TOTAL 2.260 5.215 176.406.054 10.191.367 39.561 16.458 117.

2010 Year 2006 2007 2008 2009 2010 Commission Earned (GH¢) 6. leading to the establishment of bancassurance partnerships. Wood and Associates Limited with 13%.315. With this.939.316.000 tied active agents in Ghana. an umbrella body for insurance agents.207. small companies may consider merging to create very strong ones. or performing other services for which fees could be charged. followed by Edward Mensah. 2006 earned the 3rd highest income.283.093 10. Seven banks have been licensed as such. companies have discovered new ways of distributing their products.144.713 16.260 5. Annual Report 2010 25 .406.481 6. KEK Insurance Brokers Limited continued to be the highest earner (contributing 27% of overall income). Table 12: Contributions of Top 10 Companies 2006 . 7 Brokearage Earned ( 2006 . Fig. governs most of these.558.National Insurance Commission The market could also do with changes in their operations. The top 5 companies contributed 55%. So far. Crown Brokers Limited became the 4th highest. Hitherto the Commission had licensed individual agents who sell for one specific insurance company.132 It is worthy to note that Gras Savoye Ghana Limited.963.2010) 20 Brokerage (GHC'm) 15 10 5 0 2006 2007 2008 Year 2009 2010 The top ten broking companies contributed GH¢11.685 7. INSURANCE AGENTS There are about 4.054 10.792 11.945. In a bid to increase market share.7% the preceding year. For instance.982 Earnings by Top 10 Companies 5. whilst Safety Insurance Brokers Limited retained its 5th position (Refer to table 10 above).705 13.5million representing 72% of the total commissions earned in 2010 as against 73. banks are licensed as corporate agents to sell insurance products to their clients and earn some commission in return. The National Association of Ghana Insurance Agents (NAGIA). a French company that was incorporated in October.

6 125.1 172.National Insurance Commission INSUR ANCE MARKET FINANCIAL AND R ATIO ANALYSIS INTRODUCTION Whereas the Life sector grew by 52% from 2009 to 2010.2010 Indicator Premium Income Premium Debtors Total Assets Total Investments Technical Provisions Total Capitalisation 2009 (GH¢’ m) 220.7 312.2010 Indicator Premium Income Total Assets Total Investments Actuarial Liabilities Total Capitalisation 2009 (GH¢’ m) 122.5 Growth Rate 52% 45% 36% 44% 31% Table 14: Key Growth Indicators (NON-LIFE) 2009 .0 366. the life sector appears to be growing much faster than the non-life sector. Table 13: Key Growth Indicators (LIFE) 2009 .6 582 231. the non-life sector grew by just 23% in terms of gross premium income.1 243.0 89.3 167.3 129 220.3 252.8 2010 (GH¢’ m) 271.8 235.6 139.6 Growth Rate 23% -3% 24% 10% 9% 42% The industry average key performance indicators (ratios) are presented in the tables below for non-life and life respectively 26 Annual Report 2010 . by all indicators.7 2010 (GH¢’ m) 187.0 70. The various growth and performance indicators are summarized in the tables below.8 130 471 211. Generally.

5 32.2x -16 7 7 72 2008 36 40 76 96 11 18 2.58% 1.2010 RATIO Claims (%) Expense (%) Combined (%) Retention (%) Investment Income as a % of Investments (%) Investment Income as a % of Premiums (%) Gross Premium to Equity Outstanding premiums as % of Gross Premium (%) Outstanding premiums as a % of Total Assets (%) Investments to Total Assets (%) Underwriting Profit as a % of Gross Premium (%) Return on Assets (%) Return on Equity (%) 2007 16 30 46 64 10 6 1.2 27.733 343.49% 1.58% 1.874 458.8x 43 27 40 -2 2 4 Table 16: Industry Average Ratios (Life) 2007 .769 Growth Rate (%) 32.457.9x -49 -12 -5 62 2010 34 43 77 98 12 16 2.0x -16 16 4 72 2009 39 59 98 96 16 26 3.2 33.9x 34 25 52 4 6 18 2008 17 34 51 62 9 6 1.89% Annual Report 2010 27 .40% 1.0 23.072.0 Insurance Penetration 1.694.8x 43 29 45 2 9 21 2009 18 43 61 72 14 7 1.325.26% 1.9x 44 29 39 -6 6 10 2010 17 41 58 71 12 9 1.4x -21 10 2 67 Table 17: Gross Premium Growth and Penetration Year 2005 2006 2007 2008 2009 2010 Gross Premium Income (GH¢) 122.2010 RATIO Claims (%) Expense (%) Combined (%) Retention (%) Investment Income as a % of Investments (%) Investment Income as a % of Premiums (%) Gross Premium to Equity Underwriting Profit as a % of Gross Premium (%) Return on Equity (%) Return on Assets (%) Investments to Total Assets(%) 2007 31 32 63 98 6 16 1.409 276.1 34.207.494.266 209.National Insurance Commission Table 15: Industry Average Ratios (Non-life) 2007 .795 164.

The claim ratios of the life companies for the four-year period under review are significantly higher than those for the non-life companies. This is because of the high surrender and withdrawal rates. In Life business. measures underwriting efficiency. claims are made up of surrenders. The lower the ratio. the better the underwriting efficiency.National Insurance Commission PERFORMANCE INDICATORS LIFE COMPANIES Claims Ratio: The Claims ratio. Table 18: CLAIMS RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterpirse Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 31 13 77 0 32 68 54 33 10 19 16 52 31 55 41 Percentage (%) 2008 36 29 18 55 14 40 51 71 40 20 50 21 56 31 20 53 2009 39 1 43 20 1 76 15 41 31 57 36 22 72 21 59 31 17 45 2010 34 44 17 2 57 42 52 34 43 30 31 19 20 49 33 21 56 28 Annual Report 2010 . withdrawals and maturities. which is the percentage of claims incurred to gross premiums.

Vanguard Life and SIC Life are significantly above the industry average. which are not able to support current overhead expenses. Express Life recorded a very low ratio because it is still relatively new. The ratios of Glico Life. Annual Report 2010 29 . However. GLICO Life and Enterprise Life have consistently been below the industry average for the four-year period under review. Provident Life recorded the most dramatic change from 72% in 2009 to 19% in 2010. Golden life. The ratios of SIC Life. However. Unique life and Phoenix Life have consistently been above the industry average. the ratio for Metropolitan Life. Ghana Life. Unique Life and Quality Life are below the industry average. The significantly higher ratios for IGI Life for the four-year period is because of low business volumes. Expense Ratio The Expense ratio is the percentage of total management expenses to gross premiums. The lower the ratio. Table 19: EXPENSE RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 32 27 35 23 44 66 61 49 19 12 19 44 82 32 Percentage (%) 2008 40 39 28 35 43 31 52 236 53 62 37 50 22 40 96 25 2009 59 546 51 26 581 57 39 28 87 201 60 67 43 48 24 36 87 28 2010 43 54 23 174 53 36 27 85 200 57 64 23 45 22 32 67 21 The industry average dropped from 59% in 2009 to 43% in 2010.National Insurance Commission The industry average ratio fell from 39% in 2009 to 34% in 2010. the better in terms of management efficiency. the ratios of Enterprise Life.

The ratios of Ghana Life. Table 20: COMBINED RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 63 40 112 56 112 120 93 59 38 28 70 75 137 73 Percentage (%) 2008 76 68 46 90 57 71 103 307 93 82 86 70 77 71 116 79 2009 98 547 94 45 583 133 53 69 118 258 96 89 115 69 83 67 104 72 2010 96 98 40 176 110 78 79 119 243 87 95 42 65 71 65 88 77 The industry average fell from 98% in 2009 to 96% in 2010. Golden Life and Unique Life are significantly above the industry average. the ratios of IGI Life for the four-year period is dangerously high. It is combination of the claims and management ratios. However.National Insurance Commission Combined Ratio This is calculated as Total Claims + Total Management Expenses divided by Gross Premium. 30 Annual Report 2010 .

Table 21: RETURN ON EQUITY RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 7 39 173 1 43 1 12 -246 24 1 17 12 3 1 28 Percentage (%) 2008 16 39 160 43 15 5 12 59 26 -102 3 5 1 10 26 16 33 2009 . the higher the percentage. However. Express Life. the ratios of Golden Life.5 8 38 26 -5 15 -32 2 The industry average ratio moved from negative 12% in 2009 to positive 10% in 2010. the more profitable the company. It measures the profitability of the companies. IGI Life and Donewell Life for 2010 are because of operational losses worsened by inadequate capitalisation. Annual Report 2010 31 . The ratios of Enterprise Life for the four-year period under review indicates a good performance.12 -71 -108 29 -96 5 12 26 41 -30 -351 17 -226 9 -8 18 -26 -1 2010 .10 -65 55 -108 23 22 -5 -111 -507 -0.National Insurance Commission Return on Equity Ratio Return on Equity is the Net Profit after tax as a percentage of Shareholders’ funds (Equity).

The rather high retention in the Life sector is due to the fact that the average sum insured per policy is quite low and can therefore be retained by the companies. all the companies reinsured less than 10% of their business in both 2009 and 2010. However.National Insurance Commission Retention Ratio Retention ratio is a risk management ratio. It indicates the portion of the underwritten risks that has not been passed on to reinsurers. This ratio measures the percentage of Net Premiums to Gross Premiums. Table 22: RETENTION RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 98 98 100 100 100 100 98 92 98 100 99 100 99 98 Percentage (%) 2008 96 100 99 100 77 99 80 100 99 91 100 99 100 100 99 96 2009 96 100 100 98 100 100 60 99 91 100 99 94 100 99 100 100 99 97 2010 98 99 98 100 100 81 99 94 100 99 96 100 100 100 100 99 99 With the exception of Ghana Union Assurance life. there is the need to check for concentration and aggregation of risks. 32 Annual Report 2010 .

Table 23: INVESTMENT INCOME AS A PERCENTAGE OF TOTAL INVESTMENT Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 6 7 16 1 6 2 2 15 6 5 12 7 9 7 9 Percentage (%) 2008 11 11 8 11 17 6 2 6 28 10 17 13 9 9 16 14 2009 16 26 17 16 26 17 17 9 10 10 21 12 20 22 18 11 21 14 2010 12 9 12 21 10 17 6 7 10 12 5 14 17 7 9 16 11 The industry average fell from 16% in 2009 to 12% in 2010 mainly due to the decline in interest rates. Annual Report 2010 33 .National Insurance Commission Investment Income as a Percentage of Total Investment Ratio Investment Income as a percentage of Total Investments measures the rate of return on investments. Unique Life and Ghana Union Assurance Life consistently showed good ratios from 2008 to 2010. Quality Life. Provident Life. It gives an indication of the quality of the investments made and held by the various companies. However. Golden Life and IGI Life showed low ratios and falling trends for the four-year period.

This is very relevant considering the fact. that life companies usually make underwriting losses and have to depend on income from investments to make profits.National Insurance Commission Investment Income as a Percentage of Premium Ratio Investment Income as a Percentage of Premium compares a company’s income from investment to its premium income. 34 Annual Report 2010 . This ratio measures the extent of support from investment income. The ratios of Metropolitan Life. Quality Life and Unique Life for the four-year period are all above the industry average. Golden Life and Phoenix Life are all below the industry average for the four-year period under review. It indicates both the quality and adequacy of the investments. Table 24: INVESTMENT INCOME AS A PERCENTAGE OF PREMIUM RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 16 9 27 7 10 22 32 10 23 26 10 16 49 12 Percentage (%) 2008 18 16 11 24 41 11 3 59 27 16 29 26 15 16 51 16 2009 26 41 16 20 126 32 37 15 13 34 40 17 25 41 22 21 41 13 2010 16 9 17 22 15 21 12 6 7 27 8 16 34 11 15 21 9 The industry average dipped from 26% in 2009 to 16% in 2010. However. the ratios of Vanguard Life.

Ghana Union Assurance Life and Express Life are far below the industry average and the benchmark.3 0.9 0.4 1.8 1.1 1.0 0.9 0.3 2.6 2.2 0.8 2.5 2010 2. This means that a ratio significantly above 2.6 0.1 0.1 1.9 2009 2.5 0.9 0.9 1.0 indicates that the company may be overtrading whiles a ratio which is well below 2.7 1.7 1.1 0.4 for 2010 means that GH¢1 of capital supports as much as GH¢2.1 2.8 4.9 1.2 1.3 3.6 2.4 of gross premium.1 1.9 -1.5 2. This ratio measures how much capital is available to support the premiums underwritten by a company.2 1.1 7.3 The benchmark or industry best practice is however pegged at 2.2 2.0.7 2.8 0.0 1.7 2.2 0.5 1. whereas the ratio of Donewell Life is due to operational losses.9 0.0 1.4 -1.3 0.1 26.6 2.2 1.4 0.6 0.1 2. The ratios of Ghana Life. Table 25: GROSS PREMIUM TO EQUITY RATIORATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 1.9 0. The industry average ratio of 2.6 1.6 2.7 2. The ratio of Vanguard Life for the four-year trend under review is out of range.7 4.0 8. Annual Report 2010 35 .1 1.9 2.2 9.3 3 Percentage (%) 2008 2.2 1.0 may mean that the company is not writing enough business to optimise its capital.4 1.National Insurance Commission Gross Premium to Equity Ratio The Premium Equity ratios try to assess the capital adequacy of insurance companies.5 12.

6 2.9 -1.8 2.9 0.9 0.6 4.6 2.1 2.9 1.1 1.2 0.9 Percentage (%) 2008 1.4 12.5 0.6 2.6 1.8 4.1 0.9 8.3 0.1 26. The only difference is that the net Premium to equity ratio measures the relation of the Net Premium and not the Gross Premium of a company to its capital.1 1.6 2.8 2009 2.6 0.0 0.6 2.9 0.2 9.8 in 2009 to 2.0 in 2010.2 1.7 0. Table 26: NET PREMIUM TO EQUITY RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 1.5 2.0 2.4 1.5 0.2 0.9 1.8 0.7 1.1 7. 36 Annual Report 2010 . There does not appear to be much difference between the Gross and Net ratios because of the rather very high reinsurance retentions by the Life companies.5 0.7 2.9 0.0 0.3 2.4 0.2 2.2 1.3 2010 2 -1.9 2.2 1.3 The industry average ratio dropped from 2.5 0.National Insurance Commission Net Premium to Equity Ratio The Net Premium to Equity ratio does the same function as the gross premium to equity ratio.6 2.0 1.2 0.8 1.3 1.3 2.1 3 1.6 1 1 1.

4 -11 3 2 -35 -357 -6 -18 -28 -27 -5 -10 -24 -5 2009 -49 -409 -58 1 -574 -58 -3 10 -56 -264 -70 -22 -43 -36 -28 -15 -81 -13 2010 -21 -2 -6 -170 -35 -16 -21 -55 -237 -38 -30 -1 -22 -13 -10 -39 -9 All the Life companies made underwriting losses in 2010. It is calculated by expressing underwriting profit as a percentage of gross premiums. Underwriting profits for this purpose is defined as net earned premiums minus commissions. Table 27: UNDERWRITING PROFIT AS A PERCENTAGE OF GROSS PREMIUMS RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited -16 0 -3 -159 5 -20 -201 -39 -2 -22 -10 -3 -12 -46 -21 Percentage (%) 2008 -16 -62 0. claims and management expenses. It generally tries to ascertain the portion of the gross premiums that is available to contribute towards profits. Annual Report 2010 37 . This can be attributed mainly to the very high expense and combined ratios.National Insurance Commission Underwriting Profit as a Percentage of Gross Premiums Ratio This ratio measure underwriting profits as a percentage of gross premiums.

the life companies have better ratios than the non-life mainly because the life companies do not have the problem of outstanding debtors that deprive them of investible funds. In a way.National Insurance Commission Investment to Total Assets Ratio Investment to total asset ratio measures the portion of a company’s asset that are in real investments and is therefore readily available to be converted into cash to settle liabilities. Donewell Life and Golden Life from 2008 to 2010 gives a clear indication of inadequate investments. the ratios of IGI Life. However. Table 28: NET PREMIUM TO EQUITY RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 72 84 76 68 73 79 83 76 75 74 73 72 96 72 Percentage (%) 2008 72 34 50 91 67 84 76 68 75 52 75 76 69 76 83 76 72 2009 62 23 31 90 63 55 18 73 41 42 73 72 73 75 59 89 62 71 2010 67 51 91 39 53 86 79 34 20 73 79 80 79 75 83 72 73 The industry average rose from 62% in 2009 to 67% in 2010. 38 Annual Report 2010 . Generally. it gives an indication of the quality of the company’s assets. Express Life and Golden Life are too low for comfort. The ratios of Ghana Life.

Annual Report 2010 39 . This can be attributed mainly to the very high expense and combined ratios. It is calculated as the net profit before tax divided by total assets. Table 29: RETURN ON ASSETS RATIO Company 2007 Industry Average Capital Express Assurance (Ghana) Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited Ghana Life Insurance Company Limited Ghana Union Assurance Life Company Limited GLICO Life Insurance company Limited Golden Life Assurance Company Limited IGI Life Assurance (Ghana) Limited Metropolitan Life Insurance Company Limited Phoenix Life Assurance Company Limited Provident Life Assurance Company Limited Quality Life Assurance Company Limited SIC Life Company Limited StarLife Assurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited 7 14 60 1 10 -1 -10 -12 16 5 6 2 9 -5 Percentage (%) 2008 4 -6 16 4 3 5 15 19 -2 2 1 0 5 4 -16 7 2009 3 -59 -12 9 -58 1 6 12 16 -16 -15 5 -11 2 -2 3 -13 0 2010 2 -21 17 -55 5 15 -2 -21 -66 0 2 10 5 1 4 -10 0 All the Life companies made underwriting losses in 2010.National Insurance Commission Return on Assets Ratio This ratio measures the return that a company makes on the assets it employs in its operations.

010.391 84.582.799 167.414 387.255.750.000 251.465 11.945.695 45.732.612 916..961.376.799.893 158.717 27.904 382.067 205.361.041 221. 2009 2009 Notes Stated Capital Capital Surplus Income Surplus Contingency Reserve Shareholders’ Funds REPRESENTED BY: Fixed Assets Investment Properties Long Term Investments 2 1 19.485 304.887.044 (3.669 GH¢ 56.157.222 136.695 21.561) 3.394.696.977 (4.499 22.275 344.050.563.460.373 40 Annual Report 2010 .563.236 11.National Insurance Commission Life Insurance Industry Aggregated Balance Sheet Table 30: LIFE INSURANCE INDUSTRY AGGREGATED BALANCE SHEET AS AT 31 DEC.190.593.737 725.332.916.726 23.145.00 243.988.667 Net Assets/Liabilities 70.644 19.752 69.594 167.440.373 19.120.980.4160 70.291 25.046 8.418.720 106.982) 4.992 229.882 108.281.046 89.089 Current Assets Policy loans Other Debtors/Loans Amount due from reinsurers Taxation Short term investments Cash funds/resources 3 15.196.073 70.067 2010 GH¢ 78.060 187.819.626.645 166.871.054 45.794.301.945 204.883.0270 703.591 20.098 23.696.216.288 1.168 13.742 Net Current Asset/Liabilities Actuarial Liabilities Other Long Term Liabilities 153.784.463.470.913 89.268 14.214 45.057.387 Current Liabilities Provision for unearned Premiums Provision for claims Amount due to reinsurers Bank Overdraft Creditors Taxation Proposed Dividend 1.569.042.

335 315.0 12.205.075.1 100 2010 GH¢ 21.895.0 6.644 NOTE 2 .National Insurance Commission Table 31: NOTES TO THE LIFE INDUSTRY AGGREGATE BALANCE SHEET Note 1 .968 45.136.042.463.463.5 18.391 NOTE 3 .9 0.656.3 0.440.882 108.1 0.843 2.985.039 569.569.732.419 506.042.709.893 158.394.032.862 2.874 3.663 19.000 753.455.081.007 108.098 23.798.961.216.644 19.2 42.0 9.054 45.0 0.793 42.720 106.904 382.186 3.717 27. Fittings & Equipment Motor Vehicles Work in Progress Intangibles Computer Equipment 2009 GH¢ 9.591 158.108.626.833.222 19.418 21.465 149.1 43.196.LONG TERM INVESTMENTS Quoted Shares Unquoted shares Government Bonds Others Corporate Bonds 25.Fixed Assets Land & Buildings Furniture.505 74.799 252.890.377 1.992 366.5 100 Annual Report 2010 41 .196.726 23.2 6.916 6.032.591 20.490 122.940 69.874.476 % 7.894.752 69.961.751 3.5 0.7 7.599. 19.157.973 204.016.784.663 2.582.222 2010 GH¢ 10.376.525 1.391 15.105 3.707 11.018 2.098 29.711.9 8.687 2.460.760 3.695 Table 29: MAKE UP OF ASSETS 2009 GH¢ Fixed Assets Investment Properties Long Term Investments Investments in Subsidiaries Policy Loans Other Debtors Amount Due from reinsurers Taxation Short term investments Cash funds/resources 19.695 45.869.804.7 17.4 7.443 125.216.582.364 % 6.883.709.203.912.275 344.SHORT TERM INVETSMENTS Treasury bills Fixed Deposits Call accounts Unit trusts Bonds 29.111 1.485 304.0 5.8 0.

the better the underwriting efficiency. The lower the ratio. measures underwriting efficiency. very low claims ratios may mean that policyholders are not benefiting enough from the premiums they pay. Table 32: CLAIMS RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited 16 6 12 17 27 21 6 18 29 15 21 8 1 24 19 Percentage (%) 2008 17 50 12 22 18 29 19 5 11 1 23 13 12 14 12 23 23 11 2009 18 5 42 32 25 7 35 29 27 33 1 12 21 15 6 22 10 14 23 28 12 2010 17 7 9 5 14 27 8 26 21 21 37 8 18 11 14 8 19 17 29 21 24 12 42 Annual Report 2010 .National Insurance Commission PERFORMACE INDICATORS NON-LIFE COMPANIES Claims Ratio The Claims ratio which is the percentage of claims incurred to Gross Premiums. However.

This is mainly due to the fact that they are all fairly new companies. Quality and Ghana Re were above the industry average for the four-year period under review.National Insurance Commission SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 18 22 16 12 17 13 15 10 22 15 14 13 20 10 17 16 The industry average ratio fell slightly from 18% in 2009 to 17% in 2010. The ratios of Enterprise. Ghana Union. the claims ratio of Equity. NEM and Intercontinental Wapic from 2009 to 2010 are marginally below the industry average. Annual Report 2010 43 . However. Provident.

44 Annual Report 2010 . The ratios of SIC. the ratios of Enterprise. Ghana Union. Star. Table 33: EXPENSE RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 30 17 45 22 19 18 26 57 19 21 32 39 95 50 19 38 28 42 33 Percentage (%) 2008 34 12 51 21 13 18 15 22 128 169 18 22 30 28 42 57 23 125 40 25 45 28 2009 43 19 964 1096 66 24 48 19 17 41 74 41 58 15 21 103 56 33 59 53 50 44 47 36 57 32 2010 41 17 32 152 49 32 43 28 18 31 35 48 40 30 25 52 77 34 60 53 62 45 45 31 74 31 The industry average dropped from 43% in 2009 to 41% in 2010. Donewell and Prime for the four-year period under review are significantly above the industry average. However.National Insurance Commission Expense Ratio The Expense ratio measures management expenses as a percentage of Gross Premiums. the better in terms of management efficiency. NSIA. The ratio of Colina is significantly high because it is a new company. Again. Enterprise. Provident. Metropolitan. Activa and Ghana Reinsurance were below the industry average. Unique and Quality consistently recorded significant increases in their expense ratios over the last three years. The lower the ratio.

The ratios of SIC. Prime and IGI for the four-year period under review are all above the industry average. However. Table 34: COMBINED RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 46 22 57 39 46 39 32 75 48 35 53 47 96 73 38 55 50 58 45 Percentage (%) 2008 51 62 63 43 31 47 34 27 139 170 41 35 42 42 54 80 46 135 58 39 60 38 2009 61 24 964 0 98 49 54 55 46 68 107 42 71 37 36 109 79 44 73 76 77 56 69 51 71 45 2010 62 24 41 157 63 58 51 54 39 52 72 56 58 41 39 60 96 51 89 74 86 57 65 41 91 47 The industry average moved from 46% in 2007 to 62% in 2010 in line with the movement in the expense ratio. the ratios of Enterprise and Ghana Union are well below the industry average for the four-year period under review. Unique. Annual Report 2010 45 . It is combination of the claims and management ratios. Donewell.National Insurance Commission Combined Ratio The ratio is calculated as Total Claims + Total Management Expenses divided by Gross Premium. Provident.

National Insurance Commission

Return on Equity Ratio Return on Equity is the Net Profit after tax as a percentage of Shareholders’ funds (Equity). It measures the profitability of the companies; the higher the percentage, the more profitable the company. Table 35: RETURN ON EQUITY RATIO
Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 18 -3 19 16 28 33 30 0 9 10 40 13 -19 6 29 13 16 21 26 Percentage (%) 2008 21 36 4 13 -58 38 41 31 -7 -24 14 34 26 25 2 3 39 -34 13 31 21 15 2009 10 20 4 1 -30 5 25 18 36 24 -56 -0.4 -21 12 29 -11 -25 38 -22 3 18 7 10 20 15 17 2010 4 11 -1 -17 -2 -2 20 13 9 5 -119 1 9 9 14 -7 -1 22 -13 12 -33 7 7 36 -32 22

The industry average dipped from 21% in 2008 to 4% in 2010. Ten of the companies in 2010 recorded losses or negatives ROEs. This significantly reduced the industry average from 10% in 2009 to 4% in 2010. The ratio of IGI is out of range. However, Unique and Quality recorded significant losses in 2010.

46

Annual Report 2010

National Insurance Commission

Retention Ratio Retention ratio is a risk management ratio. This ratio measures the percentage of Net Premiums to Gross Premiums. It indicates the portion of the underwritten risks that have not been passed on to reinsurers.
Table 36: RETENTION RATIO
Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 64 10 76 46 93 41 84 73 78 42 64 59 77 79 76 68 69 78 48 Percentage (%) 2008 62 9 76 44 77 91 38 70 73 22 71 49 64 56 78 77 79 85 74 55 75 44 2009 72 19 100 100 92 54 83 92 46 93 85 88 90 71 39 99 66 65 67 78 69 93 72 74 73 56 2010 71 23 52 87 77 58 85 85 41 66 81 96 78 70 40 90 87 80 69 73 69 82 74 69 74 66

The ratio declined slightly from 72% in 2009 to 71% in 2010. Enterprise, Ghana Union, Vanguard, Metropolitan and Activa for the four-year period under review have been doing a lot of reinsurance. However, a significant number of companies reinsured less than 20% of their underwritten risks in 2009 and 2010.

Annual Report 2010

47

National Insurance Commission

Investment Income as a percentage of Total Investments Ratio Investment Income as a percentage of Total Investments measures the rate of return on investments. It gives an indication of the quality of the investments made and held by the various companies. The industry average fell from 14% in 2009 to 12% in 2010 due mainly to falling interest rates.
Table 37. INVESTMENT AS A PERCENTAGE OF TOTAL INVESTMENTS RATIO
Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 10 6 10 9 9 10 2 14 6 9 7 31 5 14 4 5 7 27 Percentage (%) 2008 9 0 5 6 13 10 8 12 7 8 11 13 10 10 22 6 14 11 5 9 7 12 2009 14 3 21 18 0 7 20 14 10 21 10 25 10 21 23 14 15 27 7 19 16 5 12 13 12 2010 12 5 16 18 23 3 14 13 7 6 1 10 33 15 14 13 12 11 13 5 24 15 3 9 9 10

48

Annual Report 2010

Unique. most companies make underwriting losses and have to depend on income from investments to make profit.2 5 6 21 13 13 7 6 2 9 9 40 12 7 4 4 10 4 3 9 7 4 2010 9 1 8 70 7 4 4 22 13 8 1 6 1 6 6 7 14 5 2 3 6 3 3 7 4 4 The industry average ratio remained the same during 2009 and 2010.2 1495 3166 0. Enterprise. the ratios of SIC. Provident. This ratio measures the extent of support from investment income. Table 38: RETENTION RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 6 4 3 9 19 5 1 11 3 8 4 19 5 7 3 5 4 11 Percentage (%) 2008 6 0 1 6 16 10 9 5 10 4 9 7 8 4 5 5 7 8 4 8 4 4 2009 9 0.National Insurance Commission Investment Income as a percentage of Gross Premiums Investment income as a percentage of Premiums tries to compare a company’s income from investment to its premium income. Donewell and Phoenix were lower than the industry average for the four-year period under review. The ratios of Colina are out of range. However. It indicates both the quality and adequacy of the investments. Annual Report 2010 49 . This is very relevant considering the fact that.

the ratios of Activa.1 2. The benchmark or industry best practice is however pegged at 2.9 3 1.6 0. Vanguard. The ratios measure how much capital is available to support the premiums underwritten by a company.5 0.3 2.9 2.5 2.9 2.4 2.9 0.7 3 2010 1.7 1.8 2.3 Percentage (%) 2008 1.1 0.6 0.3 3.2 2.7 0.9 in 2009 to 1.6 2.8 0.5 0.4 1.9 1.8 1.1 0.3 5 1.1 0.4 0.1 0.3 0.5 1.8 1.2 1.1 2. However.1 1.1 0.4 0.5 0 0 2.2 4.8 2.8 5.5 0.3 0.8 1.7 2.National Insurance Commission Gross Premium to Equity Ratio The Premium Equity ratios try to assess the capital adequacy of insurance companies.1 0.3 2.5 0.2 2 3 2009 1.7 2.9 6.9 3.7 1 2 2. The ratios of five companies including the reinsurance companies for the four-year period under review were less than the pegged benchmark. Star and Quality for the four-year period under review are significantly higher than both the industry average and the benchmark.9 2. Metropolitan.2 The industry average dropped slightly from 1.0 2.6 1.7 2.8 4.5 2.9 2.1 3.3 1. This means that a ratio significantly above 2 indicates that the company may be overtrading whiles a ratio which is well below 2 means that the company is not utilising its capital.3 2. Table 39.7 0.8 1 1.5 1 0.8 in 2010.9 2.4 0.4 2. GROSS PREMIUM TO EQUITY RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 1.8 2.8 2. 50 Annual Report 2010 .3 2.6 2.9 2 1.0 1.2 2.1 0.3 0.5 1.

8 0.9 1.5 1.4 0.6 1 0.2 0.4 1.5 0.8 3 0.9 1.5 2.7 1 1.3 0.2 0.7 0.2 1.8 1.7 0.1 0.8 0.2 1 0.7 1.6 1.4 0.5 1.4 0. The industry average did not change during both 2009 and 2010.2 1.3 3.7 1.4 1. The only difference is that the Net Premium to Equity ratio measures the relation of the net premium and not the gross premium of a company to its capital.2 0 0 1.2 1.0 0.3 1.8 0.7 0.2 1.2 1.8 1.2 0.4 1.2 0.6 2.1 Percentage (%) 2008 1.2 1.5 0.7 1.8 0.4 1.9 1.7 0.4 0.8 0.3 1.9 0.8 2.6 1.7 0.3 0.9 0.0 0.4 0.2 2.7 2.1 1.8 0.3 1.7 1.1 Annual Report 2010 51 .7 2010 1.7 1.0 2.6 1.7 1.National Insurance Commission Net Premium to Equity Ratio The Net Premium to Equity ratio does the same function as the gross premium to equity ratio.4 1.4 1.4 0.8 2. NET PREMIUM TO EQUITY RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 1. Table 40.7 1.7 0.9 0.3 0.0 0.1 1.4 0.3 2009 1.9 1.

9 0.7 1.5 1.9 3.4 0.7 0.4 1.3 1. the company has GH¢1.0 0.3 1.9 0.0 for an example means for every cedi of equity.3 0.4 0.5 1.6 0.2 1.8 1.4 1.8 1.4 2.7 1.5 0.4 0.1 1. A capital to liabilities ratio of 1.6 0.9 0.2 1.2 0.5 2.8 0.9 0.6 2 1. CAPITAL TO LIABILITIES RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 1.8 1.4 0.6 1.9 0.8 8.9 1 1.1 0.8 0.6 0.2 1.5 1.5 0.3 0. Table 41.9 1.9 1.1 0.1 1.3 1.1 0.8 0.9 0.3 0.6 1 0.2 1.5 0.5 1.2 0.5 0.9 6.7 0.5 0.3 1.1 0.8 0.7 1.6 0.3 2009 1.4 1.4 0.0 0.5 1.7 0.0 of liabilities.2 0.National Insurance Commission Capital to Liabilities Ratio The Capital to Total Liabilities ratio compares the total liabilities of the company to its capital.7 0.8 3 0.7 2.4 0.6 1.6 2010 1.6 1.2 0.6 52 Annual Report 2010 .6 0.2 Percentage (%) 2008 1.7 1.2 38.1 0.

It should be noted that the premium debtors used to calculate these ratios are already net of significant provisions for bad and doubtful debt. Phoenix. Annual Report 2010 53 . This makes the management of credit risk one of the major issues for Ghanaian insurance companies.National Insurance Commission Outstanding Premiums as a Percentage of Gross Premiums Outstanding Premiums as a percentage of Gross Premiums compares outstanding premiums as at the end of the year to the total premiums written during the year. Prime. OUTSTANDING PREMIUMS AS A PERCENTAGE OF GROSS PREMIUMS RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 34 12 55 18 72 23 23 32 75 20 19 48 44 11 24 37 32 50 25 Percentage (%) 2008 43 27 54 23 53 74 23 54 64 43 70 23 32 47 57 14 30 48 57 32 58 24 2009 43 23 59 59 17 31 77 31 50 80 58 45 75 19 33 29 66 47 23 41 36 59 33 61 30 2010 43 13 9 69 49 5 41 60 22 45 67 23 64 74 17 27 26 65 60 27 49 45 59 38 60 33 The industry average has peaked at 43% for the past three years. the objective is to find out how long it takes management to collect premium debts and put such funds into use. However. This efficiency ratio tries to assess how well management makes use of the company’s assets. Table 42. The issue of Outstanding Premiums is adversely affecting the profitability and solvency of insurance companies. and the two reinsurance companies are all above the already too high industry average for the four-year period under review. Donewell. Specifically. the ratios of Unique. The ratios of eight companies improved during the four-year period under review.

54 Annual Report 2010 . It is an indication of asset quality. Phoenix and Mainstream Re for the four-year period under review were exceptionally higher than the industry average. Since trade debtors are not regarded as good quality assets especially where they are quite old. OUTSTANDING PREMIUMS AS A PERCENTAGE OF TOTAL ASSETS RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 25 14 30 14 34 19 24 51 42 24 16 38 14 4 22 21 19 35 26 Percentage (%) 2008 29 34 43 13 20 34 18 50 42 10 41 21 24 46 42 6 25 14 28 22 43 31 2009 29 28 1 32 12 30 30 17 36 25 35 34 40 24 10 22 51 45 12 29 30 28 22 44 35 2010 27 13 9 12 35 3 35 19 8 23 34 20 54 37 21 20 9 51 30 17 40 38 28 28 47 37 The industry average dropped from 29% in 2009 to 27% in 2010. the better. Donewell.National Insurance Commission Outstanding Premiums as a Percentage of Total Assets This ratio measures the outstanding premiums as a percentage of the company’s total assets. the lower the ratio. Table 43. The ratios of Unique.

the ratios of Ghana Union and Glico General were significantly on the high side for the four-year period under review. It is an efficiency ratio that measures how efficiently the company makes use of the assets under its control to generate return for the policyholders and shareholders. Annual Report 2010 55 . Table 44. RETURN ON ASSETS RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 6 1 -1 7 7 11 0 5 4 23 13 -15 4 10 7 5 7 12 Percentage (%) 2008 9 11 13 8 -25 11 7 -21 6 15 10 8 1 2 14 -26 7 9 8 6 2009 6 4 6 1 -8 4 12 11 14 11 -22 -0.2 -10 8 17 -10 -4 21 -10 3 9 4 6 7 10 9 2010 2 4 -3 -7 5 0 10 12 5 5 -22 0 4 7 9 -5 0 12 -8 14 -8 6 6 16 -10 11 Even though the industry average dipped from 6% in 2009 to 2% in 2010.National Insurance Commission Return on Assets Return on asset is defined as the net profit before tax as a percentage of total assets. The ratios of IGI is out of range.

International Energy. INVESTMENT TO TOTAL ASSETS RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 52 47 17 72 59 74 57 53 48 57 74 52 25 42 48 54 58 45 56 Percentage (%) 2008 45 45 21 60 49 41 77 43 15 53 66 68 66 19 39 40 46 42 58 45 51 2009 39 11 69 86 28 53 30 57 70 46 39 36 11 52 54 52 66 36 13 34 35 19 34 51 39 42 2010 40 14 51 66 22 69 25 52 70 69 39 54 3 19 57 38 41 39 9 45 20 17 39 57 32 44 The industry average rose slightly from 39% in 2009 to 40% in 2010. Donewell. Mainstream. The ratios of Enterprise. Star. Quality and Regency Alliance for the year under review.National Insurance Commission Investment to Total Assets Ratio This is an asset adequacy/quality ratio. on the other hand are too low. Table 45.. This worrying situation is due to the very high premium debtors. It is intended to ascertain the percentage of the company’s total assets that are in the form of real investments that can be easily converted into cash to take care of policyholders and other liabilities. NSIA and Metropolitan look quite good. which rob the companies of investible funds. Activa. Ghana Union. However. 56 Annual Report 2010 . the ratios of Prime.

3 -7 7 7 2 -1 -4 -7 0. UNDERWITING PROFITS AS A PERCENTAGE OF GROSS PREMUIMS RATIO Company 2007 Industry Average Activa International Insurance Company Limited Allianz Insurance Company Of Ghana Limited Colina Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Limited Ghana Reinsurance Company Limited Ghana Union Assurance Company Limited Glico General Insurance Company Limited IGI Insurance Company (Ghana) Limited Intercontinental Wapic Insurance Ghana Limited International Energy Insurance Company Limited Mainstream Reinsurance Company Limited Metropolitan Insurance Company Limited NEM Insurance (Ghana) Limited NSIA Ghana Insurance Company Limited Phoenix Insurance Company Limited Prime Insurance Company Limited Provident Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Limited SIC Insurance Company Limited Star Assurance Company Limited Unique Insurance Company Limited Vanguard Assurance Company Limited 4 1 2 5 -58 6 12 -5 -10 2 5 8 9 -2 8 11 5 10 2 Percentage (%) 2008 2 3 -1 0 -4 -82 3 6 -41 -4 -97 7 10 6 4 -5 13 -133 14 9 11 1 2009 (6) -1 -914 -1038 -16 -7 6 -9 2 0.2 6 0.4 -13 -14 10 -19 2 -15 4 8 12 -19 4. The ratio of Colina is out of range and therefore was excluded to avoid distortions. Annual Report 2010 57 . Underwriting profits for this purpose is defined as net earned premium minus commissions. claims and management expenses.3 -27 -8. It is calculated by dividing the underwriting profit by the gross premiums.National Insurance Commission Underwriting profits as a Percentage of Gross Premiums This ratio measures underwriting profits as a percentage of Gross Premiums. It generally tries to ascertain the portion of the gross premiums that is available to contribute towards profits. The falling trends of the ratios are the result of high management expenses and undercutting.2 -31 3 3 -72 -17 19 -14 -3 2 -1 4 2 1 3 2010 (2) 2 -12 -110 -0.4 The industry average dropped gradually from positive 4 in 2007 to negative 2 in 2010. Table 46.

075.416.161.62 31.32 Current Assets Outstanding Premiums Other Debtors/Loans Amount due from reinsurers Taxation Short term investments Cash funds/resources 3 129.372.203.56 2010 GH¢ 113.363.34 22.617.599.00 312.00 GH¢ 71.963.834.303.78 Net Current Asset/Liabilities Other Long Term Liabilities 86.534.381.073.19 330.00 125.02 Current Liabilities Provision for unearned Premiums Provision for claims Amount due to reinsurers Bank Overdraft Creditors Taxation Proposed Dividend 91.101.326.190.203.641.00 28.498.963.528.00 Net Assets/Liabilities 220.377.398.603.00 140.138.00 58 Annual Report 2010 .00 14.00 92.942.558.878.101.227.00 244.00 28.677.00 355.24 5.00 13.036.395.125.00 4.094.715.00 38.569.559.308.56 67.87 20.014.027.922.00 59.00 121.32 17.343.511.445.050.028.00 28.856.856.303.555.613.898.367. 2010 2009 Notes Stated Capital Capital Surplus Income Surplus Contingency Reserve Deposit for Shares Shareholders’ Funds REPRESENTED BY: Fixed Assets Investment Properties Long Term Investments Investments in Subsidiaries 2 1 54.998.00 33.382.00 57.222.955.161.043.808.00 3.962.022.00 22.00 30.987.56 98.929.362.510.502.00 74.027.323.879.696.058.437.00 41.National Insurance Commission Non-Life Insurance Industry Aggregated Balance Sheet Table 47: NON-LIFE INSURANCE INDUSTRY AGGREGATED BALANCE SHEET AS AT 31 DEC.399.00 614.825.551.00 5.00 256.641.00 19.660.124.019.329.00 13.00 939.247.367.00 226.486.118.064.633.00 220.00 1.478.00 136.00 13.020.277.755.00 1.410.94 61.662.027.568.487.00 99..890.847.00 1.667.976.477.181.00 312.00 62.260.294.285.92 13.569.92 37.00 126.00 54.890.00 34.293.069.812.227.939.019.530.

236.00 121.576.022.7 4.203.251.773.156.818.590.728.440.00 1.00 125.2 100.183.014.6 5.00 3.6 4.62 31.7 5.603.Fixed Assets Land & Buildings Furniture.00 136.32 17.00 1.00 1.069.5 3.161.19 470.058.00 5.847.395.00 1.457.303.075.263.00 4.00 14.00 581.425.00 % 10.559.326.0 Annual Report 2010 59 .510.554.020.599.00 2.125.00 121.528.608.00 28.766.00 30.555.00 54.333.138.737.613.308.641.00 5.621.294.694.34 22.363.62 1.00 62.486.32 NOTE 2 .00 1.00 13.00 383.482.00 54.00 2010 GH¢ 43.00 780.860.798.161.188.00 1.3 0.043.528.SHORT TERM INVETSMENTS Treasury bills Fixed Deposits Call accounts Unit trusts Bonds 48.326.2 26.00 1.976.425.049.00 77.89 54.173.487.603.00 136.879.633.00 129.840.888.633.87 20.236.8 4.947.510.00 1.50 3.139.9 0.035.00 98.911.National Insurance Commission Table 48: NOTES TO THE NON-LIFE INDUSTRY AGGREGATE BALANCE SHEET Note 1 .677.203.0 20.5 5.0 27.677.00 28.9 2.429.363.492.247.471.62 2. Fittings & Equipment Motor Vehicles Work in Progress Intangibles Computer Equipment 2009 GH¢ 40.739.998.651.3 23.93 5.00 3.511.326.00 33.103.00 74.558.00 56.677.203.00 9.666.303.00 126.696.6 11.404.437.00 NOTE 3 .558.033.270.318.7 3.808.6 100 2010 GH¢ 62.294.247.922.199.3 21.760.00 126.020.LONG TERM INVESTMENTS Quoted Shares Unquoted shares Government Bonds Others Corporate Bonds 40.00 17.976.416.34 % 11.939.910.377.093.00 Table 49: MAKE UP OF ASSETS 2009 GH¢ Fixed Assets Investment Properties Long Term Investments Investments in Subsidiaries Outstanding Premiums Other Debtors Amount Due from reinsurers Taxation Short term investments Cash funds/resources 54.8 6.058.473.00 1.

National Insurance Commission APPENDICES 1. List of Registered Reinsurance Companies 5. List of Registered Insurance Companies 4. List of Registered Broking Companies 60 Annual Report 2010 . 2010 Financial Reports 3. Corporate Information 2.

Research & External Relations Internal Auditor Chairman Commissioner of Insurance Mr. Samuel Amankwah Mr. Marketing. Michael Kofi Andoh Mr. Supervision Head. Davor Mrs. 67 Independence Avenue P. Joseph Bentor Mr. Finance & Administration Head.National Insurance Commission CORPOR ATE INFORMATION Board of Directors: Other Directors Secretary: MAnagement Team Mr. Emma Araba Ocran Mr. Albert Gemegah Mr. Simon N. Box CT 3456 Cantonments. Deputy Commissioner of Insurance Legal Director Head. Emmanuel Baba Mahama Mrs Emma Araba Ocran Mrs. Justin Amenuvor Ms. Martin Dornor Abayateye Auditors: AADS Consult (Chartered Accountants) Republic House 5th Floor Accra Bankers: SG-SSB Bank Limited Merchant Bank (Ghana) Limited Cal Bank Limited Ghana Commercial Bank HFC Bank (Ghana) Limited Registered Office & Principal Place of Business Insurance Place No. K. Nyamikeh Kyiamah Mr. Frederick Quayenortey Mrs. O. Sarah Fafa Kpodo Dr. Accra Annual Report 2010 61 . Nyamikeh Kyiamah Mr. Isaac Buabeng Commissioner of Insurance Ag.

The Directors are also responsible for safeguarding the assets of the Commission and taking reasonable steps for the prevention and detection of fraud and other irregularities.470 3. Dated: April.160.873 BY ORDER OF THE BOARD ………………………………………. which give a true and fair view of the state of affairs of the Commission and of the Profit or Loss and Cash flow for that period.312 2009 (GH¢) 455.514. In preparing those financial statements.439 3.555 2. 2010. made judgments and estimates that are reasonable and prudent and followed Ghana Accounting Standards.National Insurance Commission REPORT OF THE DIRECTORS The Directors submit their report together with the audited financial statements of National Insurance Commission for the year ended 31st December. the Directors have selected suitable accounting policies and then applied them consistently. DIRECTORS ……………………………………….836. Statement of Directors responsibilities The Directors are responsible for the preparation of the financial statements for each financial year. Financial Results (Highlights) The Financial results of the Commission are as summarized below: 2010 (GH¢) Excess of Income over Expenditure Total Assets Accumulated Fund 512.647. Principal Activities The principal activity of the Commission is to regulate and supervise the activities of the Insurance Companies in Ghana. The Directors are responsible for ensuring that the Commission keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Commission. 2011 62 Annual Report 2010 .801 3.

and of whether the accounting policies are appropriate to the Commission’s circumstances.National Insurance Commission FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER. An audit includes examination. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the Financial Statements. on test bases. we also evaluated the overall adequacy of the presentation of information in the Financial Statements. of evidence relevant to the amounts and disclosures in Financial Statements. on these Financial Statements and to report our opinion to you. Our responsibility as auditors is to form an independent opinion based on the audit. In forming our opinion. 2010 as set out on pages 65 to 76 which have been prepared under the historical cost convention and on the basis of the accounting policies set out on pages 68 and 69 Respective Responsibilities of Directors and Auditors The responsibility for the preparation of the Financial Statements of the Commission rest with the Directors. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing and Ghana Standards on Auditing. Annual Report 2010 63 . whether caused by fraud or other irregularity or error. 2010 INDEPENDENT AUDITORS REPORT TO MEMBERS OF NATIONAL INSURANCE COMMISSION We have examined the Financial Statements of the National Insurance Commission for the year ended 31st December. We planned and performed our audit so as to obtain information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Financial Statements are free from material misstatement. consistently applied and adequately disclosed.

and comply with the Insurance Act. Signature:……………………………………………………………………………………… Partner Signing: STEPHEN ARMAH Membership number: (101073) Name of Firm: AADS Consult (Chartered Accountants) Date: 22nd July. 2006 (Act 724) and Ghana National Auditing Standards. 2010 and of its result of operations and cash flows for the year then ended on the date. which are in agreement therewith present in all material respect. proper books of account have been kept by the Commission and the Financial Statements audited by us.National Insurance Commission Opinion In our opinion. a true and fair view of the financial position of the Commission as at 31st December. 2011 64 Annual Report 2010 .

160.439 3.084. 2010 2010 Notes INCOME EXPENDITURE Excess of Income over Expenditure 1 2 GH¢ 4.517.439 2009 GH¢ 3.151 (3.146) 512.801 2.801 ACCUMULATED FUND Balance as at 1 January Excess of Income over Expenditure for year Balance as at 31 December 2.873 The accounting policies and notes on pages 68 to 76 form an integral part of these financial statements.072 455. Annual Report 2010 65 .873 512.192.National Insurance Commission INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER.973.350) 455.647.312 2.647.596.585 (4.

312 402.172.893.188 Accumulated Fund and Deferred Grant Accumulated Fund Deferred Grant Deferred Rent (GIC) 8b 9 3.514.126 40.371 2. The accounting policies and notes on pages 68 to 76 form an integral part of these financial statements.514.429 Total Assets 3.386 1.126 GH¢ 2009 GH¢ Current Assets Short Term Investments Accounts Receivable Bank and Cash Balances 5 6 12 1.616. DIRECTORS ……………………………………….000 3.356 626.000 3.574.836.367 Total Liabilities.059 12.195 1.086 40.687 2.317 538.384 975.099 262.086 858.182. Accumulated Fund & Grant 3.494 24. 2010 2010 Notes Non-Current Assets Property.647.470 3.188 415.000 943. 66 Annual Report 2010 .555 The Financial Statements on pages 65 to 76 were approved by the Board of Directors on April.872 2.160.099.555 Current Liabilities Accounts Payable and Accruals 7 262.836.National Insurance Commission BALANCE SHEET AS AT 31ST DECEMBER.470 3.014.099 415.873 427. 2011 and were signed on its behalf by: ……………………………………….000 898. Plant & Equipment Equity Shares in GIC 3 4 903.

223) 6.815) 242.687 626.252 (31.877) 236.675 (263.968 274.296 6.815) 538.451) (38.276) Net increase/(decrease) in Cash and Cash Equivalents (87.988 Movement in Cash and Cash Equivalents At Start of the Year Increase/(Decrease) in Cash and Cash Equivalents At end of the Year (87. Plant and Equipment Proceed from the Sale of Assets Purchase of Investment Investment Income Received Net Cash used Investing Activities 3 11 5 1 (228. 2010 2010 Notes Operating Activities Cash Generated from Operations Interest Received Net Cash Generated from Operating Activities 10 1 147.611 12. Annual Report 2010 67 .988 626.635 267.699 The accounting policies and notes on pages 68 to 96 form an integral part of these Financial Statements.581 (247.024 159.809) 181.687 383.326) 34.National Insurance Commission CASHFLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER.264 GH¢ 2009 GH¢ Cash flow from Investing Activities Purchase of Property.000 (206.872 242.

fixed deposits and non-negotiable certificates of deposits. The resulting profit or loss on disposal is credited or charged to the Income and Expenditure Account. Depreciation method. Property and Equipment and Depreciation All properties and equipments are recorded at cost less depreciation.33% Disposals of properties and equipments are accounted for by comparing the net book value with the proceeds. Equipment less than GH¢ 500 are written off in the year of purchase. Depreciation is calculated to write off the cost of each asset on a straight-line basis at the following annual rates. Cash and Cash Equivalents For the purposes of the Cash flow Statement.National Insurance Commission ACCOUNTING POLICIES Basis of Accounting The financial statements have been prepared under the historical cost convention and accrual basis and comply with Ghana Accounting Standards. cash and cash equivalents comprise cash on hand and short-term highly liquid investments. Investments are quoted at cost. 68 Annual Report 2010 . Furniture and Fittings Motor Vehicles Office Equipment Office Building Residential Accommodation Computers 10% 20% 20% 3% 20% 33. Accounts Receivable Accounts receivable are stated at a net of bad and doubtful debts and at cost. Investments Investment securities are in the form of treasury bills. residual values and useful life are re-assessed at the end of each financial year.

National Insurance Commission TransACtionS IN Foreign Currencies Transactions in foreign currencies during the year are converted into cedis at rates prevailing at the time of transaction. Annual Report 2010 69 . Gains and losses resulting from the translation are dealt with in the Income and Expenditure Account in the year in which they arise. Stocks Stocks are ordered just for the year and are charged to the Income and Expenditure Account in the year of purchase. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into cedis at the exchange rate ruling on that date.

151 Other Income include of the following: 2010 GH¢ Year Book Sales Interest on Loans Insurance Claims Others 9.430 5.612 8.435 153.689 4.707 70 Annual Report 2010 .546 25.024 759.188 308.824 204.402 25.777 181.804 87.National Insurance Commission NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER.757.596.435 139.121 1.252 6.011 56.107 37.354.790 85 15.969 600.090 236.703 18.873 148. Income: GH¢ 4.498 3.645 25.973. 2010 1.249 119.691 134.585 2009 GH¢ 2.694 49.IITC Mega Risk Income Other Income 8a 8b GH¢ 2.581 119.880 87.581 12.585 This is made up as follows: 2010 Notes Levies on Insurers Levies on Brokers Licensing/Renewal Income Investment Income Interest on Current Account Motor Contribution Grant Income Deferred Grant Income Rent Income/Fees .543 2009 GH¢ 4.596.

National Insurance Commission

2. Expenditure: GH¢ 4,084,146 Expenditure includes:
2010 Notes Staff Cost Auditors’ Remuneration Directors’ Emoluments Depreciation Sticker Cost Loss on sale of Assets 3 GH¢ 2,317,049 7,705 465,921 174,709 124,200 2,552 2009 GH¢ 1,462,252 6,700 914,690 139,008 80,040 9,482

The average number of persons employed by the Commission during the year was 64 (2009:60)

Annual Report 2010

71

3.
Office Building Total GH¢ GH¢ GH¢ GH¢ GH¢ GH¢ GH¢ Furniture and Fittings Motor Vehicles Office Equipment Computers & Accessories Residential Furnishing

Property, Plant and Equipment

National Insurance Commission

72
823,450 180,066 296,817 140,774 74,210 75,446 30,610 (15,425) 90,631 29,537 103,747 2,830 (14,627) 128,977 147,189 (42,759) 401,247 11,270 (15,410) 175,926 6,787 830,237 1,590,763 228,223 (88,221) 1,730,765 180,336 102,266 238,422 103,766 14,199 (14,627) 103,338 72,605 (34,207) 276,820 17,080 (15,410) 103,936 30,437 210,773 58,415 22,261 80,676 49,434 18,127 (15,425) 52,136 732,639 174,709 (79,669) 827,679 619,464 71,990 124,427 58,395 77,801 643,113 25,639 37,007 23,071 15,797 38,495 26,013 903,086 858,126 3,426 172,500 830,237 401,247 388 128,589 13,329 90,418 90,631 17,143 1,713,622 15,410 (15,410) 42,759 (34,207) 8,552 6,000) (2,552) 14,627 (14,627) 15,425 (15,425) 88,221 (79,669) 8,552 (6,000) (2,552)

Cost

At 1st January 2010 (A)

Annual Report 2010

Additions

Disposals

At 31st December 2010

Depreciation

At 1st January 2010

Charge for the Year

Disposals

Net Book Value

At 31st December 2010

At 31st December 2009

Cost –Fully Depreciated Assets (B)

DEPRECIABLE VALUE (A-B)

Disposal of Property & Equipment

Cost

Accumulated Depreciation

Net Book Value

Proceeds on Sales

Profit/(Loss) on Disposal

National Insurance Commission

4.

Equity Shares In Ghana Insurance College
2010 GH¢ 2009 GH¢ 40,000

Equity Shares in GIC

40,000

5.

Short Term Investments: GH¢ 1,182,195

This is made up as follows:
2010 GH¢ Treasury Bills Fixed Deposits Non-negotiable Certificate of Deposit 414,375 679,169 88,651 1,182,195 Purchase of Investments (Additions during the year) 206,809 2009 GH¢ 343,152 555,886 76,348 975,386 263,877

Treasury Bills are debt securities issued by the Bank of Ghana for a term of three months, six months or a year and are classified as available for sale investments. Bills are carried at cost. 6. Account Receivable and Prepayment: GH¢ 1,172,317

This is made up as follows:
2010 GH¢ Levies Due from Insurers and Brokers Mega Risk Receivable IITC Debtor Staff Advances Sundry Debtors Accrued Investments Income Withholding Tax Credit Receivable from Provident Fund Prepaid Insurance Expense VAT Penalties Recievables Others 517,414 71,193 5,238 332,566 27,641 34,543 6,657 26,796 34,929 105,500 9,840 1,172,317 2009 GH¢ 414,772 1,930 348,163 52,551 59,772 6,471 1,898 14,493 38,286 61,500 14,520 1,014,356

Annual Report 2010

73

546 This is made up of EMCB/FINSSP Grant and Deferred Grant Income 2010 GH¢ 2009 GH¢ EMCB/FINSSP Grants represent grant received from Government of Ghana through the Ministry of Finance & Economic Planning 87.575 415. a. which is being written-off over its depreciable life. Accounts Payable and Accruals: GH¢262.099 This is made up as follows: 2010 Notes Accrued Expenses Accrued Directors Remuneration West African Insurance Institute Provident Fund & Other Payable Compensation Fund Current portion of Long-term Loan 13 GH¢ 199.000 (12.435) 427.546 80.000 (12.308 20.900 18.557 2.929 (25.059 2009 GH¢ 452.000 2010 GH¢ Balance at 1st January Transfer to Income and Expenditure Account Balance at 31 December 24.216 2. Deferred Rent Income (GIC): GH¢ 12.059 2010 GH¢ Balance at 1st January Transfer to Income and Expenditure Account Balance at 31st December 427.188 8.000 2009 GH¢ 36.976 297.145 b.864 29. Grant Income : GH¢ 87.494 (25. Deferred Grant Income: GH¢402.099 2009 GH¢ 78.494 Deferred Income represents grants from the Non-Banking Financial Institutions for the construction and furnishing of the Insurance Industry Training Centre (IITC) building.000 74 Annual Report 2010 .000) 24.435) 402.049 13.544 11. 9.575 262.National Insurance Commission 7.000) 12.723 2.

552 (12.024) (181.552) 2009 GH¢ 149.872 2009 GH¢ 1.260 (105.296 (157.221 (79. Cash and Cash Equivalent Changes during the year 2010 GH¢ 1.552 6.581) 9.000) 139.158 34.709 2009 GH¢ 455.669) 8.435) (12.008 11.165 537.000 (2.815) Annual Report 2010 75 .252) 8b 9 3 GH¢ 512.089) 147.801 (25.National Insurance Commission 10.031) (87.949 624.960) (394.079) 3 2.738 626.483 (6.611 337.707 538.483) 12. Gain / (Loss) on Disposal of Fixed Assets This is made up as follows: 2010 GH¢ Cost Accumulated Depreciation Net Book Value Proceeds Gain/(Loss) on Disposal 88.435) (12.687 Cash Bank (784) (87.675 (9.102) 44.739 267.439 (25. Reconciliation of excess of Income over expenditure to cash flow from operating activities 2010 Notes Excess of Income over Expenditure Amortisation of Capital Grant Amortisation of Rent Income Depreciation (Gain)/Loss on Disposal of Property and Equipment Interest Income Investment Income Increase/Decrease in Accounts Receivable and Prepayment Increase / (decrease) in Accounts Payable and Accruals Cash Generated from Operating Activities (153.969) (236.000) 174.

481 4.744 199.653 18.541 booklets .Cost .198 27. Accrued Expenses: GH¢ 199.648 78.976 Audit Fees Medical Expenses Telephone Water and Electricity Withholding Tax Payable T & T.931 (2009: 5. Unused Stickers At the end of the year.407 5. Capital Commitments There were no Capital Commitments as at 31st December 2010 (2009 : Nil) 16.705 2.GH¢ 36. the stock of unused stickers printed during the year was 6.544 14.735 8.017).GH¢40.543 12. Repairs and Others PAYE and SSF 7. 2010 (2009: Nil) 76 Annual Report 2010 .700 2. Cost .National Insurance Commission 13.637 26. Contingent Liabilities There were no contingent liabilities at 31st December.297 booklets.259 60. 15.499 2.544 This is made up as follows: 2010 GH¢ 2009 GH¢ 6.311 92.

780628/9 Fax: 780647 e-mail: gua@ghanaunionassurancecompany. Osu 48 Senchi Street. O. Accra Tel: 770548 Fax: 769592 e-mail: info@equityassuranceltd. Off Aviation Road. 772778 Fax: 760484 e-mail: donewellinsurance. Accra Tel: 780625/6.com P. O.com F828/1Ring Road East. Kuku Hill. Box 3114. Airport . Carl Quist Street. Accra Tel: 249500. Box GP 2136. Box GP 50. 11 High Street F 33/1. 763118. Box 1322.com P. O.gh C/o PMB L16. 249501-3 Fax: 249504 e-mail: info@cdhinsurance. adjacent to Holy Location NON-LIFE INSUR ANCE COMPANIES Company NSIA Ghana Insurance Company Limited Donewell Insurance Company Limited Enterprise Insurance Company Limited Equity Assurance Company Limited National Insurance Commission Annual Report 2010 Ghana Union Assurance Company Limited 77 . O.com P. Accra Tel: 666856-8/666847-9 Fax: 666186/670306 e-mail: eicltd@africaonline. Legon. Osu RE Spirit Cathedral Soboque Road. Accra Tel: 763065. Accra. Enterprise House. Asylum Down.LIST OF REGISTERED INSURNACE COMPANIES Contact Details P.com. 7011560-1. 763171.

Kwame Nkrumah Avenue. Accra Tel. Accra Tel: 254487/9239494 Fax: e-mail: info@igighana. Accra 35 Aviation Road. West Ridge.com.com P. Accra Tel: 686352/762145 Fax:685176 e-mail: gh.activa@group-activa. Accra Tel: 670335. 4th Circular. Kojo Thompson Road 11 Saflo Street. Heritage Towers. 220797 / 220798 Fax : 230084 e-mail: nem@nemghana. Accra Tel: 220966/227439/225296 Fax: 237872/3 e-mail: met@africaonline. Airport Residential Area Cantonments.com P. O.com 40C 587/13 Olusegun Obasanjo Highway Accra Girls Area Caledonian House. 3rd Floor. Glico House No. 689517 Fax: 7011575 PMB KA 85 Airport. 6th Avenue. Box 20084.gh P. 47. O. Abelemkpe. Accra Tel: 770338/768335 Fax: e-mail: info@igighana. Design Resource Estate.com PMB 163 KIA Airport Tel: 0302 772606. 773616. O. Accra Block 1. 773609 Fax: 0302 773749 PMB 23. Box 4251. Box GP 138. National Insurance Commission 78 Glico General Insurance Company Limited Activa International Insurance Company Annual Report 2010 Limited Industrial & General Insurance Ghana Limited Intercontinental Wapic Insurance Company Limited International Energy Insurance Company Limited Metropolitan Insurance Company Limited Nem Insurance Ghana Limited . Box CT 2728.P. O.

258139 Quality House. Ring Road Central Kokomlemle Accra. Box 2363. Box 782. O. C551/4. O. 258127. O. Accra-North Tel: 911023-4. Accra-North Tel:242233/240632 Fax:237156 e-mail: sac@africaonline.com Tel: 778106. Accra Tel: 780601-15 Fax: 780615 e-mail: sicinfo@ighmail. Ring Road East (Head Office) 65 Patrice Lumumba Road. Box 7532.gh No. Accra 258137.. 258129. 245921 Fax: 222008 e-mail: info@phoenixghana. Ring Road Estates.com P. 246319. Fax 220165. 258130-4.P. Gamel Abdul Nasser St. (Adj.com P. Airport Residential Area. O. Kanda Highway 224/3. Osu. 224558. Mamprobi. ATTC) Nyemetei House. 258135-6 e-mail: headoffice@qicghana. Accra.com P. 782871 Fax: e-mail: regencyallianceghana. Provident Towers. Phoenix Phoenix Insurance Company Limited Provident Insurance Company Limited Prime Insurance Company Limited Quality Insurance Company Limited Regency Alliance Insurance Ghana Limited SIC Insurance Company Limited National Insurance Commission Annual Report 2010 Star Assurance Company Limited 79 . Cola Street Kokomlemle. Box MP 1252.com. Ring Road Central House. O. Accra Tel: 221096/229807/233964 Fax: 233964 P. 6th Ringway Link Estates. 0244371327 P. O. Box 17753. Box AN 7644 Accra-North Tel: 235039. Accra Tel: 258125.

com P. Box Tel: 024 4577469 Adwoa Agiewaa Building. O. Accra Tel: 666485-7/669096/7010680-2 780146 /7010677/9 Fax: 668610 e-mail: vanguard@ghana. O. Osu Near GCB.com P. Accra Tel: 760260. Box 1868. 760639. 760568 Fax: 760568 e-mail: vanguard@ghana.gh P. Box AN 5721. O.P.com. LA Beach Road. 774771. Box 1292.ins@africaonline. Osu Independence Avenue near CAL Bank Quality House. Ring Road Central Kokomlemle National Insurance Commission 80 Unique Insurance Company Limited Annual Report 2010 Vanguard Assurance Company Limited Colina Insurance Company Limited Allianz Insurance Company Limited . Accra-North 248174-7 Fax: 221430 e-mail: uniq. O.

O. Tackie Tawiah Ave. Accra Tel: 240409. 245737. Osu Nkrumah Towers Near Sadisco Traffic Light Kokomlemle. Box AN 10476 Accra-North Tel. kuku Hill. O.LIFE INSUR ANCE COMPANIES Contact Details P. Kanda Location Company Capital Express Assurance (Gh) Limited Golden Life Insurance Company Limited Donewell Life Insurance Company Limited Enterprise Life Assurance Company Limited Express Life Insurance Company Limited National Insurance Commission Annual Report 2010 Ghana Union Assurance Company Limited 81 .com P.com Private Mail Bag. Box 3114. Box 1322. Box GP 2136. Ghana Tel: 677074. 228420 Fax: 250343 P. 780628/9 Fax: 780647 e-mail: gua@ghanaunionassurancecompany. Opposite Tesano Police Station. Enterprise House. Accra Tel: 780625/6. General Post Office Accra. House No.677078 Fax: 677073 e-mail: elac@eicghana. 247942 Fax: P. 0302-252487. North Ridge 91 Saxel Avenue. Accra Tel: 763321. Accra Tel: 249061.com P.. O.com F828/1Ring Road East. O. Highway. 11 High Street. O. 028-955558 Fax: 250317 e-mail: info@expresslifegh. 865A/3. Tesano. Carl Quist Street. 763266 Fax: 763147 e-mail: donewellinsurance. Accra Osu-RE 2nd Floor. Box 5080.

Box CT 456. O. 780543. Box 17753. O. Box 8168.net Peters House. 47 Kwame Nkrumah Avenue. Accra Tel 685460. 689516-7 Fax: 7011575 P. Accra Tel: 234017 Fax: 220165 Email: qic@africanus. National Insurance Commission 82 Glico Life Insurance company Limited Annual Report 2010 Ghana Life Insurance Company IGI Life Assurance Ghana Limited MetLife Insurance Ghana Limited Phoenix Life Insurance Company Limited Provident Life Assurance Company Limited Quality Life nsurance Company Limited . Box 4251. 4th Circular. Accra Block 2. Ring Road Central 224/3.com P. Fax: 685466. Off Kwame Nkrumah Ave. Accra 4th Floor Ridge Towers. Box 782. 6th Ringway Link Estates. Accra Tel: 781118. Cantonments. O. No. Mamprobi. O. Design Resource Estate. 685476. O. 246319. Adabraka Provident Towers.771298 Fax: 769096 e-mail: ghanalifeinsurance. Sudan Road Cantonments. 685440 P. O. Accra Tel: 670335. Box GP 138. O. 17 Aviation Road Airport Glico House. 245921 Fax: 246311 e-mail: phoenixghana. Accra Tel: 254487/9239494 Fax: e-mail: info@igighana.P. Accra-North Tel: 911023/4. Box MP 1252.com P.com P. Accra Tel: 221096/229807/233964 Fax: 233964 P.

253242. 0289520737 Fax: 248173 e-mail: uniq. 678125 e-mail: info@siclife-gh. 21 Independence Avenue Independence Avenue near CAL Bank Road Kingsman Building 1st floor Plot No 78A Graphic Crescent Asylum Down Kwame Nkrumah Avenue. O. Box CT 3242. 235434-5 235437 Fax: 235437 e-mai : info@vanguardlife.com. O.com No. 0302-685079-82. Cantonments.P. 33-34.gh PMB CT 3455 Cantonments Tel. Accra-North Tel: 258943-6 Fax: 258947 PMB 114 Central Post Office Tel.com P. Island Property No. Box AN 7532. Accra Tel: 662286. 666682. SIC Life Insurance Company Limited Starlife Insurance Company Limited Unique Life Assurance Company Limited Vanguard Life Assurance Company Limited National Insurance Commission Annual Report 2010 83 .ins@africaonline. 664756. 663431 Fax: 671072.

0302-788326.0244-335711 Fax 788325 Email: info@mainstream.com 3rd Kuku Crescent. Accra-North.3959. O. Osu No.7011886.gh. Tel: 220660/220697/233043/4 Fax: 221958 P. Box 7509. O. 4 Awudome Industrial Estate Location LIST OF REGISTERED REINSUR ANCE COMPANIES Company Annual Report 2010 Ghana Reinsurance Company Mainstream Reinsurance . Box CT.National Insurance Commission 84 Contact Details P. Accra Tel.

649. Box KN 3068. Osu 90 Kwame Nkrumah Avenue House No. O. 237248 P. Accra Newtown – Accra Tel: 233459. Accra.LIST OF REGISTERED INSUR ANCE BROKING COMPANIES Contact Details P.com P. Owusu Kofi Street. 681156 P. Box CT 6046. 68. Accra Tel: 661572. Kaneshie-Accra Tel: 020 8226823 Fax: 660650 P. O. Mamprobi-Accra Tel. Cantonments. First Floor. 13 Tel: 0244731209 P. Accra-Newtown F393/4 Otswe Street. O. Darkuman.com P. Republic House Accra House No. Osu Location Company AG Associates Akoto Risk Management Limited All Risks Consultancy Limited Allied Insurance Brokers Limited Alpha Insurance Brokers Limited Apex Insurance Brokers Limited National Insurance Commission Annual Report 2010 Ark Insurance Brokers Company 85 . O. Box 1609. 15 Kwame Nkrumah Avenue Annex ‘B’./Fax: 662657 WPZ Building. 027-545654 Fax:246543 e-mail: akorisk@ghana. Box SK 26 Sakumono. Box 11585. O. Room 109. F386/1 Kuku Hill Cresent.allrisksconsultancy. Fax: 0302 789912 e-mail: info@allrisksconsultancy.com www. Comm. Accra-North Tel: 0302 789909. Ako Adjei Park. Box K. Accra Tel: 237573. O. Box 953. O.

713899 Fax:713882 P. Box 117. Box 16882. East Legon National Insurance Commission 86 Annual Report 2010 Ceris International Limited Claim Limited Crown Insurance Brokers Danniads Limited Double D & M Limited Dynamic Insurance Brokers Edward Mensah. O. 1731. Nungua. D325/4. Accra Kojo Thompson Road. Accra Hse.Asterix Brokers Limited P. 671330. Box 2577. 4 Awikonaa St. Accra Marydee House C124/3 Farrar Avenue Hse. Box AN 5042 Accra-North Tel: 413892/0244-94206 No. Box CT 3547 Cantonments-Accra Tel: (021) 680925. Box CT. Box 71. O. O. 1 Kwashieman Road. Tema.com P. O. O. Accra Adarbraka House No. Ghana Tel: 713900. 8 Olympic Street Kokomlemle. Mamprobi-Accra Tel: 226936. Box AD 50. O. Lagos Avenue. O. Brewery Road Official Town. Accra-North Tel: 229349/224670/233078 Fax: 224809 P. Cantonments. Mataheko. Adabraka-Accra Tel : 028 9523683 E-mail : asterix@asterixghana. 024-251167 P. 2E) Trust Towers. Tel: 778829 Fax:760830 P. Off Farrar Avenue. Adabraka 2nd Floor (R. 657/4 2nd Floor (opposite City Paints) No. No. Trade Fair Centre (Pavilion ‘V’) La. O. 0244319862. Wood & Associates First Anchor Risk Management . Trade Fair Centre. 0208404264 Fax: 680926 P. Box 15282 Accra-North Tel: 249288/249289 Fax: 250915 P. 117. No. Accra Behind the popular Aggie Cold Store No. Accra Tel: 227908 Fax: 233380 P. O.

Ambassadorial Enclave. 020-8207062 P. Box 30688. Box OS 2774. Palma House. O. O. Tudu. Off Kojo Thompson Road. Box TA 469.gh P. Accra. Gras Savoye Ghana Limited Horizon Insurance Brokers Limited Insurance Centre of Excellence Insurance Consultancies International Limited Inter-Africa Brokers Limited International Consortium Brokers Limited National Insurance Commission Annual Report 2010 JeRock Insurance Brokers 87 . Box T. behind Catholic Book Centre Benefits Plaza. Osu. Ring Road Central Location: H/No 14 Ridge Road. Box GP 242. O. O. Marto House. O. Nsawam Road. Kristal Plaza Comm.Ghana International Insurance Brokers P. Accra Te: 0244316008 P. 3rd Floor Swanmill. O. O. Heritage Tower. Accra First floor. Taifa. KIA-Accra Ghana Tel: 239 855 Fax: 234 128 E-mail ice@4U. Global Impact Insurance Brokers (Gh) Ltd. 667339/229796/662174 Fax: 231184/668199 P. O. 4 Tema. O. 024-3288703 209 Geors House. NT Ridge (Opposite Accra High School) Supermarket Ridge.com. Accra Tel: 0244576064. Box 4648 Tel: 231182-3. 7 Tema Tel: 0244-372463. Accra Tel: 020-2018138. Asylum Down Adabraka. Accra Tel: 027-7734385 P. Accra-North Tel.89 Stadium Post Office. Box CS 8409 Comm. Accra Tel: 250384 Fax: 670518 P.02448430185. 0208139994 P. Cantonments. Achimota. Box 7130. 221021 Fax: 221869 P. Near Evergreen 15th Floor. Opposite Burkina Faso Embassy. Accra Last Floor. Box CT 2868.

O. Jones Nelson Street. Accra-North Tel: 764023. O.com P. Box AN 10554 Accra-North Tel: 255168 Fax: 258667 E-mail: midasinsurance@tn. A10. Accra Silicon House. 0244-883991 Hse.0244-767037.com.com P. No. Accra Broking House No. 764390. Box GP 2913 Accra Tel: 0302 254647 Info@mginsurancebrokers. East Legon.gh P. Box T.. 4 North Ridge Crescent Plot No. 764573. Aviation Road. 764573.79. Awudome Roundabout. Box 6681.40/41. 764210 Fax: 764138 e-mail:kek_insurance@ighmail. O. No. Accra Banku Junction. 911785. 020-2018102 P. Box AN 8118 Accra-North Tel: 020-8157160. O. 520/4. National Insurance Commission 88 KEK Insurance Brokers Limited Annual Report 2010 Lordship Insurance Brokers Marine & General Brokers Limited Maxpal Intermediaries MIDAS Insurance Brokers Limited Ascoma Ghana Management Limited Progressive Insurance Brokers Limited Prudent Consult Limited . Stadium Post Office Accra Tel: 232795 Fax: 240569 P. Senchi St. O. Box AH 844 Achimota Tel: 781435/781774 Fax: 770432 P. Tradefair. 024 3690363 Fax : 304977 E-mail : newland@k5online. O. O. Box 206. Adabraka.P. Accra Tel : 237242. kaneshie 26 Farrar Avenue. Box GP 14438 Accra Central Tel: 237058.com P. Adabraka Adabraka Fax 254649 5th Floor Plaza 123 Kwame Nkrumah Avenue C140 Motorway Extension Abelemkpe Airport Residential Area. O.

Accra Tel. O. Accra Tel/Fax: 230861. O. Box OS 2912 Osu. East Ayawaso. 024376965 Fax: 786602 E-mail: jadukofi@africaonline. South industrial Area. O.gh P. Shield Insurance Brokers Limited National Insurance Commission Annual Report 2010 Premier Brokers & Consultants Riscovery Limited 89 . O. Box GP 13596.com. Accra. Box 468. Accra Tel.com P. 024 4272060 P. Olympic Road. 786603. 761944. Accra. No.com P. 0243761632 Fax: e-mail:Stephen@deebabs. 028 9540270 Fax: 224804 e-mail:premiumbroker@gmail. Tel: 91511.P. Box 12566. Accra 45 Dadeban Road. O. Box 17841. Saviour Insurance Brokers & Consultants Trans-National Brokers Limited Tri-Star Insurance Services Limited Universal Insurance Consultants Ltd. O. Blue Chip Building Safety Insurance Brokers Ltd. 5. Box DS 1632 Dansoman. 220302 Fax: (233)220319 P. Tel: 519651-2. Box GP 13197. 256183. Accra-North Tel: (233-21)244861. Accra Tel: 224559 P. Ashely Botwe 1st Floor. 918011. Accra 2nd Floor. Box CT 117.com P. O. Email: Marble House. Tel: 222076/229362 Fax: 233944 e-mail:unicbrok@ghana. Cantonments. Accra. Standard Chartered Bank Building Adabraka 213/4. O. Accra Hs. North Kaneshie Industrial Area Kanda. Kokomlemle.

0302-778820 Fax : 0302. 0302 938112. O. O. 420111. Accra Tel. No. Spintex Road.North Tel. Fax : 420112 e-mail :bkavinsurance@yahoo. 816390. Box CT 2488 Cantonments. 0243574690 e-mail: islghana@yahoo.515479 PMB CT 382 Cantonments-Accra Tel. 0278369642 Cantonments Rd. Box GP 1800 Accra Tel. 120B Spintex Rd.com P.com P. Kanda. Box M606 Accra Tel. Near Club 10. Osu. . Industrial Area Barners Road.com P. O. O. Opposite St Thomas School. Accra. Adabraka. Accra National Insurance Commission 90 Risk Solutions Limited Annual Report 2010 Insurance Solutions Limited KAV Insurance Brokers Limited Risk Management and Advisory Services Trinity Insurance Brokers Ltd.P. 816389 e-mail :rmas.gh@hotmail. AN 12331 Accra. near Workers College.

323878 Fax: 304977 E-mail: manyoplange@yahoo. KIA. O. 232165. Box 9155. Area. Accra Company KEK Reinsurance Brokers (Africa) Limited National Insurance Commission Annual Report 2010 91 . 020 8132962.gh Location KEK Insurance Broking HouseNo. 221716. 40/41 Senchi Street @ Aviation Rd. Mataheko. Accra. Airport Residential. Box An 6681 Accra-North Tel: 230065.com. O.com Near Kembs Hotel 40 Adwadu Street. Accra Tel: 024 4327960. 234568 Fax: 225654. Location Company Manyo-Plange & Associates LIST OF REGISTERED REINSUR ANCE BROKING COMPANIES Contact Details P.LIST OF REGISTERED LOSS ADJUSTING COMPANIES Contact Details P. 241006 e-mail: kek@kekinsurance.

National Insurance Commission NOTES 92 Annual Report 2010 .

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