Annual Report 2017

2017 ANNUAL REPORT & FINANCIAL STATEMENTS

National Insurance Commission 2017 | Annual Report NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

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The National Insurance Commission Corporate Information 12 Operations 18

Ghana Insurance Market Report Economic Review 27 Ghana Insurance Market Report (2013 – 2017) 30 Financial & Ratio Analysis 56

Appendices 2017 Financial Reports 91 Fire Maintenance Fund 104 List of Registered Insurance Companies 112 List of Registered Reinsurance Companies 121 List of Registered Broking Companies 122 FOREWORD

There are two common measures that are usually used to assess the relevance of insurance in a country. They are insurance penetration and insurance coverage. Insurance penetration is the ratio of premium to the Gross Domestic Product of the Country, whilst Insurance Coverage is the proportion of lives with insurance cover.

These two measures paint a different picture the growth of the insurance industry. These of the relevance of insurance in Ghana. Whilst factors are discussed in turns below: the insurance penetration rate is 1.2% as at the end of 2017, insurance coverage was Improving Economic Conditions 30%. This apparent disparity is due to the fact that many Ghanaians are covered by micro- It is well known that there is a strong insurance products, whose premiums are not correlation between the growth of the significant enough to affect the insurance insurance industry and economic conditions. penetration rate. According to World Bank estimates, the GDP per capita of Ghana has increased from USD1,312 It is evident from the information under the in 2010 to USD1,707 in 2016.This points to Ghana Insurance market report that the an increasing middle class population in Ghana. insurance industry in Ghana has enjoyed The implication of this is that there are greater steady growth in recent years. One of the key number of households that now understand objectives of the Commission is to work with the need for insurance and are able to afford key stakeholders to ensure an even greater insurance. level of growth. In order to do this, there is the need to assess the factors that affect Growing Population the growth of insurance in the country. It is instructive to note that some of these factors In general, there is a positive relationship are beyond the control of the insurance between a growing population and the industry. However, there is the need for uptake of insurance. Ghana has a relatively concerted effort by all stakeholders, to address healthy population growth rate of 2.2%. The these factors that can be influenced by the 2.2% growth in population and the youthful stakeholders, such that they inure to the structure of Ghana’s population is good for the benefit of the insurance industry. uptake of insurance. More than 50% of Ghana’s population are under 25 years. This means that Factors affecting the prospects of the there are a crop of tech-savvy individuals that insurance industry insurance can be sold to using non-traditional distribution channels. The Commission is very bullish about the prospects of the insurance industry in Ghana. In Ghana, all vehicles must be insured and over Of course some of these factors are positive the years, the usage of vehicles increases whiles others if not addressed, will hinder as the population grows. The motor class of

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2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch insurance is the leading contributor by the use of mobile phones in Ghana. To help address thisMineral Water Note Pad, Folder And Pen of insurance premiums in the non- as a distribution channel. The the Commission will continueInternet to Connectivity life industry in Ghana contributing combination of a young, tech- sanction firms who are engaged 40% of the premiums for the savvy population offersUltra aModern fertile Hall | Modern and Statein of the such Art Facilities unethical | Secured and Large and Car Park bad | Central Locationmarket | Competitive Price | Spacious Lawns sector. There is the need for all market to sell insurance. Online practices. stakeholders to work to identify and Mobile phone offers a useful the best distribution channel to avenue to distribute products. Not customer focused meet the different segments of The use of mobile phones and Ghana’s young and increasing cyber technology also introduces The insurance market in Ghana is population. new risks and there is a growing largely not research-driven. This market in cyber insurance in other implies that, during the formulation Another issue remotely related insurance jurisdictions. There is the and development of an insurance For More Information And Reservation, Please Call The Following Numbers to increasing population is need for all stakeholders to work product,0302 insurers238300 | 0302 may 238301 ignore the Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 financial provision for the aged on making this product availableT el:in 233 302 238very 300/1 target | Fax: 233 302 market 237 248 | Email: they info [email protected] | Website: or pensioners. The breakdown Ghana. to sell to. Thewww.nicgh.Org balance sheet of in the external family system as most insurance companies do not well as the introduction of the Poor Public Perception have a component for research Tiered Pension schemes in Ghana and development. Thus there may offers an avenue for the insurance Whilst public perception of be insurance needs of the public industry to offer annuities as a insurance is improving, the image as well as companies that are not vehicle to cater for the financial of the insurance industry to the being catered for by the insurance well-being of the retirees. This is ordinary Ghanaian is not very industry. an important avenue that needs favourable. This reputation has to be carefully harnessed by the not help in the efforts to increase The Impact of Technology insurance industry. the patronage of insurance. Some reasons attributed to this Technology has already made Urbanization are, but not limited to; delayed significant impact on the Ghanaian and inadequate claims payment, insurance industry. The advent Urbanization makes it easier to insurance agents’ inability to of mobile phone as a distribution reach a large part of the population explain policy terms and conditions channel has helped greatly in who are located in the urban to the satisfaction of a potential the uptake of microinsurance. areas. This explain the reason policyholder, the use of insurance However, there are a number of for a positive relationship that jargons in policies statements etc. other emerging technologies that exists between urbanization The Commission has therefore will further change the manner by and insurance. Urban areas are begun working actively with which insurance is transacted in largely characterized by increased the industry to improve claims Ghana. economic activities which provides payment. greater avenue for the uptake of Some of these emerging insurance. Urbanization in Ghana is Competitive Market technologies are Artificial usually characterised by increased Intelligence, Big Data, Internet number of Medium and Small Scale There are currently over fifty of Things, Cloud Computing and enterprises. There is the need for direct insurers operating in Ghana Block Chain. The research and the insurance industry to focus resulting in a very competitive development activities of industry on the insurance needs of these insurance market. One of the should consider how it can use enterprises. unfortunate features of the market these emerging technologies is underpricing. This phenomenon to reduce cost and provide High Mobile Phone has resulted in some insurers better coverage and services to Penetration selling products at inadequate policyholders. premiums and eventually when it Mobile phone penetration rate in is time for claims payments, they Ghana is over 100%. The growth are unable to fulfil their obligation. experienced in microinsurance in This, if not addressed, will further Ghana has been primarily driven worsen the image of insurance

7 CHAIRMAN’S REPORT Mr. Emmanuel Ray Ankrah

GETTING STARTED

The current Board of the National Insurance Commission was sworn into office on 18th August, 2017. The Board swung into action immediately to work on the challenges inhibiting the effectiveness of the Commission and the growth of the insurance sector. Working with a vision to ensure that the Commission excels in its mandate as stated in the Insurance Act, 2006 (Act 724), the Board begun to chart a path to improve the efficiency of the industry and set the stage for the transformation and growth of the industry.

Prevailing challenges GHS 5.4 billion in 2017. Total Gross Premiums for the year under review was GHS 2.4 billion As at December 2017, there were 139 up by 26% from about GHS 2 billion in 2016. regulated entities made up of 24 life insurance The figures also indicated that the industry companies, 28 non-life insurance companies, 3 employed about 12,500 people and also paid reinsurance companies, 81 broking companies, corporate taxes of about GHS 50 million to the and 3 insurance loss adjusters. It is obvious government in 2017. that there are too many players compared to the size of the market and indeed the entire economy. Besides, there are so many small 12,500 inefficient loss making players which don’t Number of people seem to have the requisite capacity to pay employed in the claims promptly and adequately. This further Insurance Industry worsens the already low trust the insuring is about 12,500. public has in insurance. This is made up of insurance agents, In addition to the above, the recent challenges brokers, insurance and in the Micro Finance and Banking sectors reinsurance staff. affected the insurance sector. A number of insurance companies lost considerable investments held with poorly managed Micro Insurance Penetration Finance Institutions and with UT Bank and Capital Bank. It must however be pointed out that the contribution of insurance to GDP is still around Performance of the insurance sector in 1.2%. Raising or increasing the penetration 2017 rate will therefore be the main focus of the activities of the Board going forward. It will The above notwithstanding, the industry had also be the overarching objective throughout some growth in 2017. The industry’s total our tenure, and the single most important assets grew from GHS 4.31 billion in 2016 to

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2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water yardstick. The growth of the insurance penetration will industries were found to be the weakest links.Note Urgent Pad, Folder And Pen Internet Connectivity also be the major objective of the four-year strategic action therefore needed to be taken to improve the plan of the Commission which is nearing completion. situationUltra Modern Hallin | Modernorder and Sttoate offorestall the Art Facilities | Secured a possible and Large Car Park blacklisting | Central Location | Competitive Price | Spacious Lawns This growth is expected to be achieved by addressing by the international financial system. Specifically, the constraints on both the demand and supply side of the following steps were taken by the NIC to address the insurance service delivery. situation:

• An AML/CFT Unit has been created at the GHS 245m NIC and the number of staff working on AML Total Profit after tax of the supervision increased from one to four. The entire insurance industry capacity of the AML supervision staff was For More Information And Reservation, Please Call The Following Numbers also developed with0302 a238300 Technical | 0302 238301Assistance Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 from Ttheel: 233 302IMF 238 to 300/1 enable | Fax: 233 302 the 237 staff248 | Email: carry [email protected] out | Website: effective off-site andwww.nicgh.Org on-site Risk Based AML On the supply side, the main measures will be to Supervision ensure that: • A strict sanctions regime to ensure compliance • the new Insurance Bill is passed into an Act to with AML/CFT requirements has been tighten some of the loop holes in the current developed and will be implemented after due Act and introduce new provisions that will consultations with the relevant stakeholders promote the growth of the sector • The NIC AML/CFT Guidelines have also been • projects funded by Donor and Development revised to adequately reflect revisions to Partners are locally insured the FATF recommendations and the AML • the compulsory fire insurance is extended to Act. Again, these will be implemented after cover all properties and public places appropriate consultations with the relevant stakeholders. • there is effective implementation of the exhaustion of local insurance capacity and Mobile Insurance Market Conduct Rules

• agricultural insurance is revamped. The Commission in 2017 issued the Mobile Insurance Market Conduct Rules to regulate the sale and On the demand side, we plan to significantly improve distribution of insurance through the mobile phone. claims management and payment practices to boost Currently, the mobile phone is the confidence in the sector and embark on effective and biggest distribution channel for methodical consumer education. microinsurance products. This was the first ever regulation of such nature in the entire world. The This is an estimate of the project, which was implemented proportion of Ghanaians 30% with Technical Assistance from the with Insurance cover German Development Cooperation (GIZ), began in 2014. After several GHS50m rounds of consultations with Total Anti-Money Laundering and Combating the stakeholders, the Rules were corporate tax Financing of Terrorism finally issued for implementation in 2017. paid by the insurance In 2016, Ghana underwent another round of mutual industry, this evaluation by the Inter-Governmental Action Group Risk Based Supervision does not against Money Laundering in West Africa (GIABA) include VAT against the Financial Action Task Force (FATF) In furtherance of the and income recommendations on Anti Money Laundering and implementation of its Risk Based tax. Combating the Financing of Terrorism (AML/CFT). In Supervisory Framework, the NIC the Financial sector, the insurance and the securities in 2017 undertook Risk Based

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2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break On-site inspections of a number of companies to to groups of companies. Even though belonging Bu et Lunch Mineral Water enable it determine their Risk Ratings in order to to a group of companies is not wrong per se, such Note Pad, Folder And Pen Internet Connectivity prudently allocate supervisory resources. To this end, companies are usually exposed to significant related the Commission is working earnestly to determine the party andUltra contagion Modern Hall | Modern risks and State ofwhich the Art Facilities if |not Secured welland Large managed,Car Park | Central Location | Competitive Price | Spacious Lawns risk ratings of at least 10 insurance companies and can cause serious problems. The new Insurance Bill communicate the same to the respective companies will therefore contain comprehensive Group-Wide before the end of 2018. Supervision provisions to facilitate the mitigation of such risks. 1.2%

Insurance penetration. GHS 5.4bn This is ratio of gross insurance premium to GDP Total AssetsFor More of theInformation And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Insurance Location:industry Appiah-Ampofo in House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 2017 is GHS 5.4bn, made www.nicgh.Org The Commission also provided feedback on the up of 2.9bn in the life Financial Condition Reports (FCR) required to be sector, 1.9bn in the non- submitted annually by all insurance companies. The life sector and 0.6bn in the Commission subsequently issued a directive that set reinsurance sector out the minimum set of stress and scenario testing that companies are required to undertake as part of the FCR reports. The NIC also held two major Claims Culture workshops; one on Data Management and another on Financial Reporting to build the capacity of insurance As part of efforts to improve trust and confidence of companies to improve the quality and reliability of the public in insurance, the Commission will take steps regulatory and other statutory reports. in 2018 and beyond to improve the claims culture. This will mainly involve improving the promptness with which claims are paid, the adequacy of the claims paid GHS 266m as well as stepping up the monitoring of compliance Total amount of motor with the NIC Claims Guidelines. claims incurred in 2017 is GHS 266m. This is The NIC is also planning to introduce a “Treating about average motor Customers Fairly” framework and significantly improve claim of GHS 0.7m per the customer complaint system. day GHS 2.4bn

Outlook for 2018 Total premium for 2017 was GHS 2.4bn made up Insurance Bill of GHS 1.2bn for non-life, GHS1.1bn for life and The Commission has resumed work on the new GOGIP premium of GHS Insurance Bill with technical assistance from the GIZ. 168m Our target is to get the bill passed into an Act by next year (2019), to help us improve our regulatory environment and improve compliance with IAIS Motor Insurance Database Core Insurance Principles. The bill will also contain appropriate provisions to promote the growth of the The Commission has also noted with concern the insurance penetration rate. To this end, the bill will alarming proliferation of fraudulent motor insurance address such issues as agricultural and index-linked stickers especially with commercial vehicles. This insurances, micro and compulsory insurances. is very dangerous because it exposes innocent passengers to high risk of not being eligible for A major observation on the Ghanaian insurance market any compensation should they be involved in any is the emergence of insurance companies belonging

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2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break accidents whilst travelling on such vehicles. The Conclusion Bu et Lunch Mineral Water Commission has come to the conclusion that the Note Pad, Folder And Pen Internet Connectivity most effective solution to this is an electronic motor The insurance industry currently faces significant insurance database. Preparatory work has therefore challengesUltra Modern Hall which | Modern and Sttendate of the Artto Facilities inhibit | Secured its and Large effectiveness, Car Park | Central Location | Competitive Price | Spacious Lawns already started and the Commission looks forward to profitability and growth. These challenges have been implementing this database in 2019. identified and appropriate strategies as enumerated above have been designed to address these.

These solutions are expected to culminate in the significant growth in the insurance penetration within the next four years. GHS 1.6m For More Information And Reservation, Please Call The Following Numbers An average of GHS 1.6m 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 is paid by the life sector as Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: benefit/claims each day to www.nicgh.Org As at close of 2017, Ghanaians Bancasurance collaborations had increased from 36 in 2016 to 41. Bancasurance Minimum Capital Requirements partnerships continue to facilitate financial inclusion A major feature of the industry is the rather high with great growth potential number of small inefficient companies. These as a distribution channel. This companies tend to be inadequately capitalised. Also, channel contributed 13% of their business volumes are usually too low to be able life premiums in 2017 up from to cover the rather high fixed overheads. This results 8% the previous year in weak controls and poor risk management, liquidity challenges and hence the inability to pay claims. This is often the reason for the very high expense ratios and the low profitability of the industry.

Inadequate capitalization also restricts the retention capacity of insurance companies. Low retention of risks by insurance companies leads to premium flights which weakens the cedi and the economy. Adequate capital is therefore very necessary for the improvement of the retention capacity of the insurance companies. The Commission therefore plans to announce new minimum capital requirements in 2018. Appropriate consultations on the modalities and transitional arrangements will be held with relevant stakeholders in due course.

11 CORPORATE INFORMATION

The National Insurance Commission (NIC) was established under Insurance Law 1989 (PNDC Law 227) , but now operates under Insurance Act, 2006 (Act 724). The object of the Commission, as detailed in Act 724 is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance in Ghana.

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2017 Annual Report National Insurance Commission

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Mr. Ray Ankrah Ultra ModernChairman Hall | Modern and St at(Appointede of the Art Facilities | Secured 18/08/17) and Large Car Park | Central Location | Competitive Price | Spacious Lawns Commissioner of Insurance (Appointed Mr. Justice Ofori 12/07/17) Mr. Kwame-Gazo Agbenyadzie Member (Appointed 18/08/17) Mr. Sampson Akligoh Member (Appointed 18/08/17) Mr. Emmanuel Amofa Member (Appointed 18/08/17) Mrs. Geta Striggner-Quartey Member (Appointed 18/08/17) For More Information And Reservation, Please Call The Following Numbers Prof. Bill Buenar Puplampu Member (Appointed0302 238300 18/08/17) | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Mr. Lionel Molbila Chairman (Retired 06/01/17) Commissioner of Insurance (Retired Miss Lydia Lariba Bawa 25/08/17) Mr. Samuel Amankwah Member (Retired 06/01/17) Mr. Justin Amenuvor Member (Retired 06/01/17) Dr. Albert Gemegah Member (Retired 06/01/17) Ms. Sarah Fafa Kpodo Member (Retired 06/01/17) Mr. Emmanuel Baba Mahama Member (Retired 06/01/17) Mrs. Emma Ocran Secretary

Management Team: Commissioner of Insurance (Appointed Mr. Justice Ofori 12/07/17) Commissioner of Insurance (Retired Miss Lydia Lariba Bawa 25/08/17) Dep. Commissioner of Insurance Mr. Michael Kofi Andoh (Appointed15/09/17) Dep. Commissioner of Insurance (Retired Mr. Simon N. K. Davor 15/09/17) Mrs. Emma Ocran Director, Legal Services Mr. Seth Eshun Head, Supervision Mr. Moses Ackah-Jayne Ag. Head, Finance & Administration Mrs. Esther Armah Head, Reinsurance & AML/CFT Mr. Joseph Bentor Head, Marketing & External Relations Mr. Martin Dornor Abayateye Head, Internal Audit

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2017 Annual Report National Insurance Commission

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Correspondent firm; Grant Thornton Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns International Chartered Accountants P.O. Box CT 718 Cantonments, Accra Tel: 0302-779065 / 0573233718/9 [email protected] For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Bankers: Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Societé Generale Ghana www.nicgh.Org Universal Merchant Bank (Ghana) Limited Cal Bank Limited GCB Bank Limited HFC Bank (Ghana) Limited Zenith Bank (Ghana) Limited The Royal Bank Ghana Limited Stanbic Bank (Ghana) Limited

Registered office: National Insurance Commission No. 67 Independence Avenue Appiah- Ampofo House North Ridge P. O. Box CT 3456 Cantonments, Accra Digital Address GA-016-9180 Website: www.nicgh.org Email Address: [email protected] Telephone Nos. 030 2 238300 / 030 2 238301 Branches : Tamale Area Office 0372023394 Kumasi Area Office 0322081808 Takoradi Area 0278717974 Office: Ho Area Office 0362026650

14 BOARD OF DIRECTORS

Mr. Emmanuel Ray Ankrah Mr. Justice Yaw Ofori Chairman Member, Commissioner of Insurance

Prof. Bill Buenar Puplampu Mr. Kwame-Gazo Agbenyadzie Member Member NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

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Mr. Sampson Akligoh Mr. Emmanuel Amofa Member Member

Mrs. Geta Striggner-Quartey Mrs. Emma Ocran Member Secretary

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2017 Annual Report National Insurance Commission

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1 2 3 4

5 6 7 8

1. Mr. Justice Yaw Ofori 5. Mr. Joseph Bentor Commissioner of Insurance Head, Marketing & External Relations

2. Mr. Michael Andoh 6. Mr. Martin Dornor Abayateye Deputy Commissioner of Insurance Head, Internal Audit

3. Mrs Emma Ocran 7. Mr. Moses Ackah-Jayne Director, Legal Services Ag. Head, Finance & Administration

4. Mr. Seth Eshun 8. Mrs. Esther Armah Head of Supervision Head, Reinsurance & AML/CFT

17 OPERATIONS

Licensing

In 2017, a total of six new companies were licenced by the Commission to operate in the insurance market in Ghana. These were two Life companies, one Non-Life company, one Loss Adjuster, one Insurance Broker and one Reinsurance Broker. Two life companies lincenses were also revoked in the year. The chart below sets out the number and categories of regulated entities for 2016 and 2017. The total number of regulated entities increased from 133 in 2016 to 139 in 2017.

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2017 Annual Report National Insurance Commission

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Figure 1: Analysis of Regulated Entities

The companies that were licenced in 2017 are: wholly owned subsidiary of Leapfrog Strategic African Investments). This arrangement led to Black Star • GN Insurance Company Limited (non-life Holdings Limited replacing Sanlam Emerging Markets insurance company) as part owner of the Enterprise Group. It is worth pointing out that Black Star Holdings has Prudential • Hollard Life Insurance Company (life insurance Financial Inc., USA as a primary investor. company) Swiss Re Direct Investments Company Limited (part • Allianz Life Insurance (life insurance company) of the Swiss Re group) acquired an interest in Nsia • Afro Asia Reinsurance Company (reinsurance Participation, the parent company of NSIA Insurance broker) Ghana Limited.

• A P and L Consult i(nsurance broker) Cross Height Capital Limited also acquired an interest in Capital Express (now Avance Life) in 2017. It is • RCH Loss Adjuster Limited (loss adjuster) expected that these acquisitions and partnerships RCH Loss Adjuster became the third licenced Insurance will bring about new synergies to further propel the Loss Adjusting Company in Ghana, whilst Afro Asia growth of the insurance industry in Ghana. Reinsurance Broker becomes the second reinsurance broking firm in Ghana. Circulars and Guidelines Issued

The companies whose licenses were revoked are The NIC as part of its quest to ensure continuous Adamas Life and Millenium Life. financial soundness of regulated entities, issued a number of circulars and guidelines to regulated Partnerships, Mergers, Acquisitions and entities. Fundamentally, these guidelines and circulars Takeovers are targeted at improving ethical and fair market conduct to deepen and broaden the coverage of Enterprise Group, which is made up of Enterprise Life insurance in Ghana. Assurance Company Limited, Enterprise Insurance Company and other subsidiaries, entered into an arrangement with Black Star Holdings Limited (a

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2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Some of the circulars that were issued to improve Encumbered Assets and Policyholder Bu et Lunch Mineral Water ethical market conduct and insurance penetration are Liabilities Note Pad, Folder And Pen Internet Connectivity set out below:

One of theUltra Modernaxioms Hall | Modern of and insurance State of the Art Facilities is | Securedthat and in Large the Car Park case | Central Location | Competitive Price | Spacious Lawns Final Mobile Insurance Conduct Rules of winding up of an insurer, policyholder liabilities will be the highest ranking liabilities. Unfortunately some Insurance has evolved, and financial inclusion is one managers of insurers have collateralised the assets of the buzz words across the globe. Financial inclusion backing policyholder liabilities to the detriment of refers to making financial services available to those their respective companies. This circular was therefore traditional under served by the financial industry, issued to set out 30th March, 2018 as the deadline for mainly the poorer segment of a country. To meet firms to desist from this unethical market conduct. these segment of the market, insurance companies For More Information And Reservation, Please Call The Following Numbers no longer rely solely on traditional mediums such as Industry wide Feedback on0302 Year 238300 end | 0302 2016- 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 direct sale, agents and brokers to reach the customers. Financial ConditionTel: 233 302 Report 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: New alternative channels have been devised to drive www.nicgh.Org growth and attract today’s digitally savvy consumer, As a way to strengthen the market the NIC in 2015 who now expect the same intuitive experience from required all companies to submit their Financial their insurance providers as they do from their mobile Condition Report (FCR). The FCR report assesses applications. Aside this, data security and privacy are the solvency condition of an insurer by taking into of concern as the mobile telephony providers share account both the current financial status, as reflected data with insurers. The NIC therefore issued this in the balance sheet, and an assessment of the ability market conduct guideline to sanitise and create the of the company to survive future risk scenario. The NIC enabling environment for mobile insurance to thrive. circular was intended to improve on the quality of the submitted FCRs in both 2015 and 2016 in order that Prohibitions on Shareholders, Directors, future reports will be of best quality. Thus the insurers Officers, and Employees of Licenced were implored to improve on data quality, ensure Insurers to be Associated with Insurance mandatory stress and scenario testing to be part of Intermediaries the FCRs. Going forward, companies were also tasked to take full ownership of the FCRs and to ensure that One of the unethical market conduct that is at the it reflects their current operational conditions. heart of governance is the dual role that some practitioners of the market wants to play. Even though Other circulars issued in the course of 2017 sections 117 and 134 of the Insurance Act prohibits are as follows: persons who are shareholders, Directors and Principal Officers of insurers to participate as shareholders, • Letter of Introduction - Actuarial capacity Directors and Principal officers of insurance demand assessment intermediaries, we have experienced this unethical market conduct in the last decade. The NIC’s circular • Review of SDRs by Insurance Intermediaries was therefore to serve warning to persons with such • Submission of 2017 Annual and 4th Quarter unethical conduct to desist or face sanctions. Returns – Reminder

Invitation to a Stakeholders’ workshop on the • Submission of Draft Reinsurance Treaty development of Annuity Market in Ghana Programmes for 2018

A stakeholders workshop was held to help improve • Submission of Fire Returns and Payment of insurance penetration and to use annuity products Fire Maintenance as an effective savings vehicle to improve economic growth in the country. • PUBLIC NOTICE – International Insurance (Ghana) Company (IIC)

• Re- Revocation of UT Bank Limited and Capital Bank Limited Licences

• New Reinsurance Guidelines

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2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Compulsory Fire Insurance Enforcement The NIC was in 2015 joined in the above namedBu et case Lunch Mineral Water at the Human Rights High Court. A private individualNote Pad, Folder And Pen Internet Connectivity The National Taskforce made up of officers from the sued the Driver and Vehicle Licensing Authority

National Insurance Commission, the Ghana Police (DVLA)Ultra Modern for Hall licensing | Modern and State of VIP the Art FacilitiesYutong | Secured buses and Large Car withPark | Central one Location | Competitive Price | Spacious Lawns Service and the Ghana National Fire Service set up exit point. In the course of the hearing following to enforce the Compulsory Fire Insurance continued an understanding between the plaintiff and the to work in 2017. The team undertook several defendants an application was filed before the court enforcement exercises in Accra, Kumasi, Tamale for an out of court settlement. and Ho during the period under consideration. They inspected a total of 408 Commercial Buildings to GARNISHEE ORDER AGAINST ECOBANK, GCB derive evidence of compulsory fire insurance. BANK & NATIONAL INSURANCE COMMISSION

For More Information And Reservation, Please Call The Following Numbers Out of the 408 buildings inspected, the owners of This case was between 0302E&E 238300 Platinum | 0302 investments 238301 as Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 105 buildings had procured compulsory fire insurance plaintiff againstTel: 233 302SIC 238 Insurance 300/1 | Fax: 233 302 Company 237 248 | Email: asinfo @nicgh.Orgdefendant. | Website: policies while the remaining 303 had not procured as The plaintiff having obtained www.nicgh.Orgjudgement in its favour required under the Law. filed an application for a garnishee order against Ecobank, GCB Bank and NIC, custodians of SIC’s Penalties and Fines accounts.

The Commission levied penalties against 10 non-life At the hearing of the case, the High court Commercial insurance companies, 3 life companies, and 23 brokers Division granted the order against ECOBANK, GCB for various infractions as part of efforts to ensure Bank and NIC. compliance with the provisions of the Insurance Act 2006, (Act 724) and NIC Directives. Complaints

Area Offices One hundred and ninety six complaints were resolved out of the total of 256 complaints received in the year The intention of the Area Offices is to bring the 2017. activities of the NIC closer to the public and to encourage public patronage of insurance business. Out of the total number, 188 were brought against There are four Area Offices. non-life insurance companies and the remaining 68 were against life companies. For non-life, majority of The Kumasi office caters for Ashanti and Brong-Ahafo the complaints were related to motor claims. These Regions; Tamale, the Northern and Upper Regions; Ho, were in the areas of repudiation of claims, delay in the Volta and Eastern parts of the country; whereas settlement of claims, dispute over quantum, and delay Takoradi office serves the Western and Central in payments of settled claims. Regions of the country. The offices carried out their core activities of receiving complaints from the public Unauthorised premium deductions, payment of low and resolving them. Where the complaints were surrender values, delay in processing matured policies beyond their capacity they referred them to the Head for payment and delay in returning refund of wrongful Office in Accra. deductions were among the complaints filed by life insurance policy holders. Other areas of complaints Court Cases included insurance company’s failure to cease deductions after insurance policy is surrendered and REPUBLIC VS. DRIVER & VEHICLE LICENSING also benefits promised by insurers differ from benefits AUTHORITY AND OTHERS contained in policy documents.

An out of court settlement was reached in 2017 and the terms of settlement was duly adopted by the court.

21 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch COMPLAINTS Mineral Water Note Pad, Folder And Pen Internet Connectivity Companies 2013 2014 2015 2016 2017

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Non-life insurance companies 199 193 217 258 188 Life insurance companies 113 327 222 94 68 Total 312 520 439 352 256 Others (uninsured vehicles) 68 35 47 2 35

The tables below show the distribution of complaints by companies.

For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 COMPLAINTS AGAINST NON-LIFE INSURANCELocation: COMPANIES Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Year www.nicgh.Org Companies 2013 2014 2015 2016 2017 1. Activa International Insurance Co. Ltd 1 1 1 - 11 2. Allianz Insurance Co. Ltd - 1 1 - 2 3. Best Assurance Co. Ltd - - - - 0 4. Donewell Insurance Co. Ltd 21 19 15 16 8 5. Ecowas Brown Card 3 0 6. Enterprise Insurance Co. Ltd 2 3 8 6 4 7. Equity Assurance Co. Ltd 6 10 11 20 17 8. Ghana Union Assurance Co. Ltd 2 - - 1 2 9. Glico General Insurance Co. Ltd 1 - 1 5 8 10 Hollard Insurance Co. Ltd (formerly MET) 4 3 4 7 6 11. Heritage Energy Insurance Co. Ltd (formerly IEI) - 3 4 3 1 12. IGI (Ghana) Insurance Co. Ltd* - - - - 1 13. Millennium Insurance Co. Ltd - - 1 2 1 14. NEM Insurance (Ghana) Co. Ltd 1 8 15 - NA 15. NSIA Insurance (Ghana) Co. Ltd 2 5 3 2 1 16. Phoenix Insurance Co. Ltd 3 7 4 7 2 17. Provident Insurance Co. Ltd 12 2 13 8 8 18. Prime Insurance Co. Ltd 2 - 3 1 2 19. Priority Insurance Co. Ltd - - - - 4 20. Quality Insurance Co. Ltd 9 10 11 16 12 21. Regency Alliance Insurance Co. Ltd 2 2 1 NA NA 22. RegencyNem Insurance Co. Ltd** 17 20 23. Saham Insurance Ghana Ltd 2 8 6 2 5 24. SIC Insurance Co. Ltd 70 45 60 59 20 25. Star Insurance Co. Ltd 24 28 25 46 24 26. Unique Insurance Co. Ltd 16 20 15 11 13

22 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch 27. Vanguard Assurance Co. Ltd 14 16 14 14 Mineral Wat10er Note Pad, Folder And Pen 28 Wapic Insurance Co. Ltd 5 2 1 12 Internet Connectivity6

** merger Regency Insurance and NEM Insurance

COMPLAINTS AGAINST LIFE INSURANCE COMPANIES

For More Information And Reservation, Please Call The Following Numbers Year0302 238300 | 0302 238301 Companies Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 2013 2014 2015www.nicgh.Org2016 2017 1 Adamas Life Insurance Co. Ltd - - - 1 0 2 A-Plus Assurance Co. Ltd - - - 1 1 Avance Life (formerly Capital Express Insurance 3 2 8 4 5 5 Co. Ltd) Beige Life (formerly Unique Life Insurance Co. 4 2 10 13 5 4 Ltd) 5 Donewell Life Insurance Co. Ltd 1 5 3 0 3 6 Esich Life Insurance Co. Ltd - - 3 8 12 7 Enterprise Life Assurance Co. Ltd 25 31 18 20 9 8 Ghana Life Insurance Co. Ltd 10 3 4 2 4 9 Glico Life Insurance Co. Ltd 18 29 10 2 3 10 IGI Life Insurance Co. Ltd - - - 0 0 11 Metropolitan Life Insurance Co. Ltd 17 45 19 5 3 12 Old Mutual Life Insurance Co. Ltd* 2 9 3 13 2 13 Phoenix Life Insurance Co. Ltd 2 11 - 3 1 14 Prudential Life Insurance Co Ltd 7 84 65 5 1 15 Quality Life Insurance Co. Ltd 2 8 4 3 1 16 Saham Life Insurance Co. Ltd - 9 4 6 0 17 SIC Life Insurance Co. Ltd 18 42 52 6 9 18 Star Life Insurance Co. Ltd 5 16 12 3 1 19 UT Life Insurance Co. Ltd 2 4 3 4 1 20 Vanguard Life Insurance Co. Ltd - 13 5 2 8 TOTAL 113 327 222 94 68 *previously Provident Life

23 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Motor Compensation Fund applications from persons or relations of persons whoBu et Lunch Mineral Water were injured or died in motor accidents involving HitNote Pad, Folder And Pen Internet Connectivity The Motor Compensation Fund (MCF) Committee and Run and Uninsured Vehicles. Other applications intensified its operations in the year 2017. The received stemmedUltra Modern Hall | Modern from and St Breachate of the Art Facilities of |Policy Secured and LargeConditions, Car Park | Central Location | Competitive Price | Spacious Lawns Committee also continued to pursue as one of its such as Change of Ownership, inappropriate drivers objectives, Publicity and Public Education on Motor licence and driving without license which results in the Insurance in particular. repudiation of claims by insurers.

The operations of the MCF was overseen by a The Awards Sub-Committee held nine sittings during Committee made up of officers from the Commission which it interviewed 78 applicants. All 78 applicants and insurance companies which underwrite motor received approval from the Committee and were insurance business. The Committee received awarded a total of GHS 1,276,772.31 For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 2013 2014 2015Tel: 233 302 238 300/1 | 2016Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org No. of awards 115 107 128 105 78 Total amount (GHS) 282,816 551,900 682,764 606,241 1,276,772.31 Avg. claim per award (GHS) 2,459 5,158 5,334 5,774 16,369

Client Rescue Fund • REVIEW OF THE 2015 NATIONAL RISK ASSESSMENT REPORT The objective of the Fund as prescribed by the Law is to compensate clients of insurance companies that A National Risk Assessment (NRA) report on the become bankrupt. The Committee did not meet in insurance sector was prepared in 2015 towards 2017. the Mutual Evaluation (ME) of the country. Ghana was evaluated by the regional regulatory Fire Maintenance Fund body on AML/CFT - Inter-Governmental Action Group Against Money Laundering in West Africa As required under section 185 of the Insurance (GIABA), which is based in Senegal. GIABA Act of 2006, (Act 724) the NIC established the Fire made recommendations after Ghana was taken Fund under the Compulsory Insurance for Private through its second Mutual Evaluation exercise Commercial Buildings and those Under Construction. in 2016.

The NIC continued to create public awareness of the NIC in collaboration with the Financial Compulsory Fire Insurance through its public education Intelligence Centre (FIC) and representatives of activities. the Industry were tasked to review the report after which a final report was forwarded to the The Fund generated an income of GHS 345,456 and FIC for onward submission to GIABA. incurred an expenditure of GHS 29,649 for the year 2017. The accumulated fund as at the end of 2017 • ISSUES RAISED DURING THE MUTUAL EVALU- was GHS 2,166,430.00. ATION (ME) OF GHANA ON THE INSURANCE SECTOR Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) In 2016, Ghana became the first West African country to be evaluated by the Inter- The operations of the AML/CFT Unit are anchored Governmental Action Group Against Anti-Money on the Anti-Money Laundering (Amendment) Act, Laundering in West Africa (GIABA) with its head 2014 (Act 874), Anti-Money Laundering Regulations, office in Senegal. The evaluation was aimed 2011 (L.I 1987) and Insurance Act, 2006 (Act 724). at identifying technical deficiencies as well as The focus of the unit is to ensure that all insurance Ghana’s progress in implementing the Financial institutions are in compliance with AML/CFT Laws. Action Task Force’s (FATF) recommendations. Evaluated countries are expected to address all identified technical compliance deficiencies

24 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break within three years. A follow-up assessment is Bu et Lunch The table below shows some of the identifiedMineral Water done annually to analyse progress made and deficiencies and progress made. Note Pad, Folder And Pen Internet Connectivity may result in re-ratings of outcomes.

The absence of specific provisions in Law or Regulations on Money Laundering/Financing of A new Insurance Bill is being discussed and will Terrorism (ML/FT) issues. address legal concerns to a large extent. No provision in Law that requires companies within a Issues have been addressed in the new Draft group to implement a group-wide programme against InsuranceFor Bill.More Information And Reservation, Please Call The Following Numbers ML/FT. 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 A review of theTel: 233 National 302 238 300/1 Risk | Fax: 233 Assessment 302 237 248 | Email: info(NRA)@nicgh.Org | Website: showed that ML/TF risks largelywww.nicgh.Org come from the products and services provided by Life Insurance NIC has not done enough to identify the ML/FT risks Companies. inherent in the insurance sector. With the technical assistance of the IMF, the NIC has identified Structural and Business risks as the two main indicators. A Risk assessment matrix has been deployed. Data templates have been developed for Life Insurance The approach adopted for determining the frequency Companies. Data from these templates (quarterly) and and intensity of supervision by NIC do not appear Self-assessment control questionnaires (bi-annually) robust enough. is analysed in order to build an institutional profile to guide inspections.

ML/CT guidelines to include sanctions to ensure An administrative sanctions document has been compliance. developed.

Lack of cooperation among Regulators to enhance the A regulators forum has been set up and two meetings sharing of supervisory information. have been held.

• REVIEW OF ANTI-MONEY LAUNDERING from the insurance industry to review that AND COMBATING THE FINANCING OF guidelines. A Revised Guidelines document was TERRORISM (AML/CFT) GUIDELINES drafted for discussion.

Following the review of Financial Action Task The NIC will engage its stakeholders Force (FATF) 40 recommendations in 2012 extensively before the document is finalised and the subsequent amendment of the Anti- and implemented. Terrorism and Anti-Money Laundering (AML) Acts in 2012 and 2014 respectively, it became • ADMINISTRATIVE SANCTION necessary that the insurance industry revised its guidelines which were issued in 2012 to It was observed during the GIABA Mutual reflect the changes and additions in these laws. Evaluation held in 2016 that, the absence of FATF is a global regulatory body on AML/CFT AML/CFT Administrative Sanctions for the which is based in France. insurance sector had impeded the effective enforcement of the sector’s AML/CFT regime. Consequently, the NIC constituted a team made GIABA therefore recommended the introduction up of members from the Financial Intelligence of Administrative Sanctions to enforce Centre (FIC), the NIC and representatives compliance in the sector.

25 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break A committee was set up by the NIC and an • REGULATORS FORUM Bu et Lunch Mineral Water Administrative Sanctions document was drafted Note Pad, Folder And Pen Internet Connectivity for discussion. The provisions are punitive In furtherance of cooperation and facilitation of the efforts at combating the menace of enough to check compliance. Again, the NIC will Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns engage its stakeholders extensively before the money laundering and terrorist financing in document is finalised and implemented. the sector, the four regulators in the financial sector made up of Bank of Ghana (BoG), NIC, • TECHNICAL ASSISTANCE Securities and Exchange Commission (SEC) and National Pensions Regulatory Authority (NPRA) The NIC AML/CFT unit received technical constituted a forum to serve as a platform for assistance from the International Monetary collaboration and sharing of information. Fund (IMF) during the period under consideration. The IMF team trained staff The forumFor More held Information two meetings And Reservation, in the Please year Call The Following Numbers 0302 238300 | 0302 238301 of the unit on a risk based methodology in under review.Location: Appiah-Ampofo The forum House, Independencehas been Ave, very National useful Insurance Commissio n ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: identifying and assessing risks inherent in the as a result of the high level ofwww.nicgh.Org interaction, sector and also assisted the unit to develop a collaboration and information sharing. risk based methodology in assessing the risk levels. • AML/CFT INPUTS FOR THE NEW INSURANCE BILL The unit with the help of the IMF developed various tools for collecting and analysing data Part of GIABA’s recommendations during from insurance institutions. the Mutual Evaluation exercise was that the Insurance Act, 2006 (Act 724) did not make Currently, the NIC uses the Risk Based any explicit provisions on AML/CFT matters as Supervision approach in assessing AML/CFT part of the NIC’s core functions. For instance, risks of all regulated entities. For now, the the NIC was not specifically empowered to methodology applies to only Life Insurance carry out inspection on insurance institutions Companies due to their perceived exposure to regarding Money Laundering (ML) and Terrorist AML/CFT risks. Financing (TF). The NIC was therefore requested to take steps to amend its laws to • AML/CFT STATUTORY REPORTS include provisions on AML/CFT.

Insurance institutions are required by the AML/ In view of that the unit in collaboration with CFT Guidelines to submit reports periodically the FIC and IMF have made some proposals for to the NIC and the FIC. These reports assist consideration in the new Insurance Bill. the NIC to determine the level of compliance of each insurance institution.

During the year under consideration, insurance institutions were required to submit the under listed reports for review:

a. Board Approved Internal Guidelines b. AML/CFT Compliance Programmes c. AML/CFT Operational Compliance Reports d. AML/CFT Independent Audit Reports e. Politically Exposed Persons (PEPs) Lists f. Employee Conduct Monitoring Reports g. Quarterly Returns for Life Insurance Companies h. Completed Bi-Annual Self-Assessment Control Questionnaire

26 GHANA INSURANCE MARKET REPORT Economic Review

Global growth reached 3.0 percent in 2017, a notable recovery from a post- crisis lacklustre growth of 2.4 percent in 2016, with the projected growth targeted at 3.1 percent in 2018. The great improvement reflected in an investment-led pickup in advanced economies and growth acceleration in Emerging Markets and Developing Economies (EMDEs), where there was a rebound in commodity export. Generally, half of the world’s economies experienced growth in 2017, highlighting the broad- based nature of the recovery.

27 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Global trade growth strengthened significantly in On the international trade market, the country Bu et Lunch Mineral Water 2017, benefiting from a cyclical upturn in global recorded a trade surplus of $1.07billion with total Note Pad, Folder And Pen Internet Connectivity capital spending. While global financing conditions exports coming up to $13.75 billion whilst imports remained benign throughout 2017, these are more stood at $12.68Ultra Modern Hall billion.| Modern and St Inate of terms the Art Facilities of | Secured the and exports, Large Car Park | Central gold, Location | Competitive Price | Spacious Lawns likely to tighten up in 2018, as monetary policies cocoa and oil contributed $5.79 billion, $2.71 billion gradually normalizes in major advanced countries. and $3.02 billion respectively. Oil imports during the year 2017 was $2.03billion representing 16 percent The USA economy by the close of the fourth quarter of the total import bill. of 2017 had growth of 2.9 percent, while China had a growth of 6.9 percent. The Euro Zone economy The public debt has been on ascendency right from expanded at a faster rate in 2017 in a decade with an the year 2015 with the total debt as at December overall growth of 2.5 percent since a 3.0 percent rise 2017 standing at GHS138.8 billion (68.7 percent For More Information And Reservation, Please Call The Following Numbers in 2007. of GDP). The total public debt 0302split 238300 into external | 0302 238301 and Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 domestic debts, hasTel: 233 the 302 external238 300/1 | Fax: debt 233 302 237being 248 | Email: GHS info @nicgh.Org74.7 | Website: This came from the backdrop of loose monetary billion (37 percent of GDP), whilst thewww.nicgh.Org domestic was policy and tightening labour markets finally pushing GHS 64.2 billion (SediTalk, 2018). consumption growth upwards (Reuters Business News, 2018). South Asia overall regional economy Fiscal reforms implemented through an International grew by 6.8 percent compared to a growth of 6.7 Monetary Fund (IMF) programme in 2015 to improve percent in 2016; while East Asia and the Pacific had fiscal management by containing expenditure and a growth of 6.4 percent in 2017, which is 0.2 percent making structural reforms to strengthen public higher than the projected figure for the year, compared finances reduced the debt level and spending in 2017. to 6.3 percent in 2016 (The World Bank, 2018). Sub- The IMF predicted debt-to-GDP of 70.5 percent by Saharan Africa economy rebounded to 2.8 percent the close of 2017, however, the actual achieved growth in 2017, after slowing sharply to 1.3 percent at the end of 2017 was 68.7 percent, indicating in 2016. It is projected that Sub-Saharan Africa will efficiency and effectiveness of the IMF fiscal reforms see a modest growth of 3.4 percent in 2018 from the programme. 2.8 percent in 2017. Weak economic growth squeezed by tight monetary The high rise in the growth reflects a modest recovery policy and lower oil production in 2016 led to a decline in Angola, Nigeria and South Africa – the region’s in government revenues resulting in a budget deficit largest economies supported by an improvement of 8.9 percent. However, the budget deficit dropped in commodity prices, favourable global financing to 4.7 percent in 2017 due to increased oil production conditions and slowing inflation. Fiscal deficits and tight expenditure control. narrowed slightly in 2017, while government debt continued to rise across the region compared to 2016 Import cover at December 2016 was 3.5 months, but (Global Economic Prospects: Sub-Saharan Africa, Jan. 9, went up to 3.7 months in January, 2017 and got to the 2018). peak in April 2017 at 4.8 months. However, there was a marginal decline from June closing at 4.3 months The Ghanaian economy grew by 8.5 percent in 2017 in December, 2017 (BoG Monetary Policy Summary, being the fastest growth rate achieved by the country 2018). in five years as against 3.7 percent recorded in 2016. The high recovery growth of the economy came about Inflation mainly from rising industrial and increased oil and gas production (discovery of new hydrocarbon wells in Inflation dropped from December 2016, with headline the Tweneboa, Enyenra, Ntomme and Sankofa oil and inflation going down from 15.40 percent in December gas fields) in the country with the net-of-oil growth 2016 to 13.30 percent in January 2017 and, closing coming up to 4.9 percent; and also along with the the year at 11.8 percent after going down to 11.6 steady declines in inflation and debt levels. percent in October, the lowest since August 2013 (BoG Monetary Policy Summary, January 2018). Apart from oil and gas, other sectors also contributed Headline lower consumer inflation was supported by greatly with industry recording 16.7 percent and a relatively steady rise in the producer price index, agriculture recording 8.4 percent growths. with wholesale prices up 8.2 percent year-on-year

28 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break in October. The steady fall in inflation, coupled with for the US Dollar at the close of December 2017Bu et Lunchwas Mineral Water increased oil production and growth in industry and GHS4.4/USD. The Ghanaian Cedi depreciated Noteagainst Pad, Folder And Pen Internet Connectivity agricultural sectors spurred up the economy in 2017 both the British Pound Sterling and the Euro ending

(Ghana: Year in Review, 2017). theUltra year Modern at Hall |GHS5.96/Pound Modern and State of the Art Facilities |Sterling Secured and Large and Car Park GHS5.25/| Central Location | Competitive Price | Spacious Lawns Euro respectively. Interest Rates Developments on the Ghana Stock Market The Bank of Ghana’s Monetary Policy Committee reduced the Monetary Policy Rate by 50 basis The Ghana Stock Exchange ended its trading session points in November, 2017 bringing the rate to 25.5 on 29th December, 2017 with the GSE Composite percent from 26.0 percent. In line with the decline Index which measures the entire performance of in inflation, the policy rate closed the year at 20.0 the market increasing by 3.33 points to close at For More Information And Reservation, Please Call The Following Numbers percent in December after being reviewed downwards 2,579.72, as against a negative0302 238300 15.33 | 0302 points238301 in 2016. Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 in November. The average lending rate which began As a result, theTel: 233 GSE 302 238 return 300/1 | Fax: for 233 3022017 237 248 closed | Email: info [email protected] 52.73 | Website: the year at 31.8 percent in January, experienced percent. Likewise, the GSE Financialwww.nicgh.Org Stocks Index went marginal reductions to close the year at 29.3 percent up by 4.66 points to close at 2,310.58, indicating in December. The short-term securities market a final return of 49.51 percent for the year. Market experienced reductions in interest rates with the 91- capitalization went up by 11.48 percent to close at Day and 182-Day Treasury bill rates which commenced GHS 58,803.96 million as against GHS 52,690.99 the year at 16.2 percent and 17.4 percent closed the million in 2016. Domestic capitalization also went up year at 13.3 percent and 13.8 percent respectively in to GHS 16,244.34 million in 2017 coming from GHS December, 2017. Both the 1-Year Treasury and 2-Year 10,877.03 million in 2016. The significant increase in Treasury notes had seen some major reductions by the domestic capitalization indicates a strong performance close of the year. The 1-Year note closed the year at of Ghanaian companies listed on the local bourse. 15.0 percent from 19.50 percent in January, while the There was an upsurge in fixed income bond, both 2-Year note went down to 17.18 percent in December corporate, and GoG Notes and Bonds in 2017 with the after commencing the year at 21.0 percent. combined value closing at GHS 28,716.69 million from GHS 12,510.74 million in 2016. Exchange Rates The two insurance companies (Enterprise Insurance At the foreign exchange front, the Ghanaian cedi Co. Ltd and SIC Insurance Co. Ltd) listed on the Stock showed resilience against the US Dollar in 2017 as Exchange had a combined trade volume of 10.54 compared to the year 2016. The Cedi depreciated by million shares with a total value of GHS 14.66 million 4.9 percent by the end of December 2017 compared and a market capitalization of GHS 512.03 million (GSE to 9.66 percent in December 2016. The exchange rate Market Report, 2017).

29 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Ghana Insurance Market Report (2013 – 2017) The aggregate assets of the insurance industry at Bu et Lunch Mineral Water the end of 2017 stood at GHS 5.45bn compared toNote Pad, Folder And Pen Internet Connectivity Assets and Liabilities GHS 4.31bn in 2016. This represents a 26% growth in

the assetsUltra of Modern the Hall | Moderninsurance and State of the industry. Art Facilities | Secured The and Large Life Car Park sector | Central Location | Competitive Price | Spacious Lawns In this section, we set out the assets and liabilities recorded a growth in assets of 28% (from GHS 2.24bn of the life, non-life and reinsurers. We first provide in 2016 to GHS 2.89bn in 2017), the Non-Life sector an overview of the assets of the industry and then grew by 24% from a 2016 figure of GHS1.5bn to compare them with the liabilities. GHS 1.86bn in 2017. The reinsurance sector grew by 17% from a GHS 694million in 2017 compared to GHS 591million in 2016.

Figure 2(a): Analysis of Industry Total Assets For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Industry Total Assets www.nicgh.Org

591,726,586 Reinsurers 694,366,079

1,480,454,667 Non Life Insurers 1,863,667,705

2,241,395,275 Life Insurers 2,889,988,334

- 1,000,000,000 2,000,000,000 3,000,000,000 4,000,000,000

2016 2017

The growth in the assets of the insurance industry illustrates this by showing the assets of Life and Non- in 2017 is part of a trend of increasing amount of Life insurers from 2014 to 2017 and the assets for assets in the insurance industry. The next graph Reinsurers from 2016 to 2017.

Figure 2(b): Analysis of yearly aggregate Life and Non-Life contribution to Total Assets

Total Assets: Yearly Aggregate Life and Non Life Contribution 2,889,988,333 2,241,041,446 1,863,667,705 1,505,676,463 1,744,171,943 1,320,370,212 1,383,427,958 886,659,346

2017 2016 2015 2014 Life Non Life

30 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break The assets of the Life and Non-Life insurers are asset category that makes up the total assetsBu et of Lunch Mineral Water made up of Cash, Investments, Property, Plant and insurers. This is done separately for life and non-lifeNote Pad, Folder And Pen Internet Connectivity Equipment (PPE), Receivables, Intangibles and Other insurers.

Figure 2(c): Analysis of Assets by class for Non-Life Industry

Assets by Class for Non-life Industry (GHS'm)

12.7 Other Assets 14.1 0.7 Intangibles 2.4 For More Information And Reservation, Please Call The Following Numbers 141.0 0302 238300 | 0302 238301 PPE 167.6 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 344.3 Recievables 392.3 www.nicgh.Org 871.5 Investments 1,097.9 110.3 Cash 189.4

- 200.0 400.0 600.0 800.0 1,000.0 1,200.0

2016 2017

Figure 2(d): Analysis of Assets by class for Life Industry

Asset by Class for Life Industry (GHS'm)

0.6 Other Assets 0.4

0.5 Intangibles 2.7

103.4 PPE 103.3

97.4 Recievables 135.0

1,909.3 Investments 2,480.0

130.2 Cash 168.6

- 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0

2016 2017

It can be seen from the two charts above that The next sets of graphs focus on the investments receivables are a more significant asset class for of the insurance industry. Again, this is presented non-life insurers than for life insurers. Most of the separately for the life and non-life sectors. The graphs receivables of the life insurers are policy loans. show that the main asset classes of the life sector are However, most of the receivables in the non-life Term Deposits at licenced banks (33%), Investment industry is due to reinsurance. About GHS 294m of Property (23%), and Government Securities (21%). the GHS 392m receivables of the non-life insurers are Given the trend of falling returns on Government amount due from reinsurers and reinsurers’ share of Securities, it is expected that the proportion of technical provisions. investments in Government Securities may reduce over time. Most of the PPE in the insurance industry is land and buildings occupied by the insurers. About 50% of the PPE of both the life and non-life insurers are owner occupied property.

31 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 3(a): Analysis of investment mix of Life Industry for 2017 Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity

Government Securities 21% Deposits at a licensed bank 23% Other Deposits Equities (listed & unlisted) For More Information And Reservation, Please Call The Following Numbers Mutual funds0302 238300 | 0302 238301 2% Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 7% Property investmentswww.nicgh.Org (not PPE) 33% Related party investments 10% Other Investments

The next graph compares the investment mix of the growth from 2016 to 2017 is property. This is partly life insurers at year end 2016 with that of 2017. It the results of new property investments as well as shows that the asset class that has seen the most increase in the value of property.

Figure 3(b): Analysis of Life Industry Investments Split by class

Investments split by class for life Industry (GHS'm)

15 Other Investments 17 52 Related party investments 70 364 Property investments (not PPE) 573 32 Mutual funds 43 93 Equities (listed & unlisted) 169 170 Other Deposits 264 794 De posi ts a t a l i cense d bank 819 390 Government Securities 525

- 100 200 300 400 500 600 700 800 900

2016 2017

The next sets of graphs are on Investments of the Deposits at licenced banks (42%), Government non-life insurance industry. They show that the securities (21%) and Equities (14%). main asset classes of the non-life industry are Term

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 3(c): Analysis of Investment mix of the Non-Life Industry for 2017 Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Investment mix of the non-life industry as at end of 2017 Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 1%

0% 3% 8% Government Securities 21% Deposits at a licensed bank Other Deposits 14% Equities (listed & unlisted) Mutual funds

11% Property investments (not PPE) For More InformationRelated party investmentsAnd Reservation, Please Call The Following Numbers 42% Other Investments0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org

The next graph compares the investment mix of the It shows the asset class that has seen the most non-life insurers at year end 2016 with that of 2017. growth is Term Deposits.

Figure 3(d): Analysis of Non-Life Industry Investments Split by class

Investments by class for non-life Industry (GHS'm)

76 Property investments (not PPE) 87 0 Mutual funds 2 65 Other Equities 66 49 Listed Equities 87 - Corporate debt 14 119 Other term deposits 119 348 Term depos its held at a licensed bank 460 184 Government of Ghana Securities 225

- 50 100 150 200 250 300 350 400 450 500

2016 2017

It can be seen from the two graphs that the insurance We now compare the assets and liabilities of the industry has significant exposure to the banking insurers. We do this pictorially in the next chart, which sector, through the term deposits that are held at shows the investments as well as the Technical licenced banks. Provisions of the insurers.

Figure 4(a): 2017 Assets & Liabilities in GHS’m

2017 Assets & Liabilities (GHS'm)

643 Non-life 890 1,098 1,864

1,775 2,004 Life 2,480 2,890

- 500 1,000 1,500 2,000 2,500 3,000 3,500

Technical provisions Total Liabilities Investments Total Assets

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break It can be seen from the chart that the industry has The liabilities of the insurance industry is made Bu et Lunch Mineral Water sufficient investments and for that matter assets up of the Technical Provisions (liabilities due to Note Pad, Folder And Pen Internet Connectivity to cover the liabilities. It is also worth pointing out policyholders) and other liabilities (short term liabilities that the above graphs do not include cash which is and long termUltra Modern liabilities). Hall | Modern and Stat e ofThe the Art Facilitiesnext | Secured set and of Large graphs Car Park | Central Location | Competitive Price | Spacious Lawns over GHS 350m. It is however, worth noting that this shows how the liabilities are split across life and non- analysis does not consider the quality of the assets life insurers. and appropriateness of assets, which are part of the on-going discussions between the Commission and individual firms.

Figure 4(b): 2017 Life Industry Liabilities

For More Information And Reservation, Please Call The Following Numbers Liabilities : Life (GHS'm) 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 1 Total Long Term Liabilities 52

140 Short term liabilities 177

1,416 Technical Provisions 1,775

- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

2016 2017

Figure 4(c): 2017 Non-Life Liabilities

Liabilities : Non-Life (GHS'm)

Long Term Liabilities 14 1

235 Short term liabilities 246

540 Technical Provisions 643

- 100 200 300 400 500 600 700

2016 2017

Reinsurance Sector The aggregate technical provisions for the reinsurance sector rose by 54% in 2017 to GHS 154m from a The aggregate assets for the reinsurance industry for 2016 figure of GHS 99m. The Total Equity of the 2017 was at GHS 649m which compares with GHS reinsurance industry increased to GHS 466 in 2017 527m as at 2016. This represents a growth of 23% from a 2016 figure of GHS 367m, representing a in 2017 compared to the growth rate of 9% in 2016. growth rate of 27%.

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 5: Analysis of State of the Reinsurance Sector Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity

367 Equity 466

99 Technical Provisions 154

527 Assets 649 For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 0 100 200 300 400Location: Appiah-Ampofo500 House, Independence600 Ave, National700 Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 2016 2017 www.nicgh.Org

Gross Premium Total premium for life insurance stood at GHS 1,082m whilst non-life premium amounted to GHS 1,357m In 2017, the gross premium for Life and Non-Life (GOGIP inclusive). Thus, the Life sector declined on its Insurers amounted to GHS 2.439bn, this figure 45% contribution to the total gross premium in 2016 includes the premium paid to Ghana Oil and Gas Pool to 44%, while the Non-Life sector improved from 55% which is discussed later. This represents 26% growth to 56% largely because of oil and gas sector premiums. in premium income from a 2016 figure of GHS 1.93bn. As the economy continues to grow, we expect the It is however, worth pointing out that the rate of Life industry premiums to be greater than that of the growth has risen by a 2% point as the 2016 growth in Non-Life sector. premiums was 24%.

Figure 6(a): Analysis of yearly aggregate industry contribution to Gross Premium

Gross Premiums: Yearly aggregate industry contribution

1,600,000,000

1,400,000,000

1,200,000,000

1,000,000,000 1,357,106,120

800,000,000 1,070,057,051 1,082,083,312 1,082,083,312 705,853,360 705,853,360 854,825,825 651,704,719 651,704,719

600,000,000 580,531,821 858,781,522 858,781,522

400,000,000

200,000,000 - 2017 2016 2015 2014

Life Non-life

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 6(b): Proportion of Premium by Life and Non-Life Sectors Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Proportion of premium by life and non-life sectors Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 120

100

80 44 45 45 47

40 56 55 55 53 20 For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 0 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 2017 2016 2015 2014 www.nicgh.Org Non life Life

Insurance Penetration does not. We estimate that if contributions from pensions and health insurance are Insurance penetration is one of the measures used included in the calculation of insurance to assess the strength of the insurance industry in penetration, the figure will be about double a country. It is calculated as the ratio of insurance what is currently being reported. premiums to the Gross Domestic Product of the country. Insurance penetration in Ghana was 1.2% • Insurance penetration only considers as at 2017. Whilst there is significant potential premiums received by insurers domiciled in for growth in Ghana’s insurance sector, this figure Ghana. The implication is that insurance sometimes gives a misleading picture about the premiums paid to cover risks originating from uptake of insurance in Ghana. This is because: Ghana, but paid to insurers not domiciled in Ghana will not be considered. Thus premiums • Given that, insurance penetration is expressed covering mega risks that are paid to insurance as a percentage, it may create a misleading companies out of Ghana will not count impression that insurance penetration can towards insurance penetration. be as high as 100%. This, in practice is not • Micro insurance, by definition, involves possible. The reason being that, since GDP relatively low premium amounts. Thus, even is the value of goods and services produced if a significant proportion of Ghanaians have in a country, an insurance penetration of micro insurance products, the impact of micro 100% implies that all the goods and services insurance premiums on insurance penetration produced within the country are due to the will be practically negligible. activities in insurance sector. This scenario is unlikely to arise in any country. Whilst the reasons above show that there is a need to be cautious in the use of insurance penetration • Comparing the insurance penetration of figures, Ghana’s insurance penetration of 1.2% shows different countries may be akin to comparing that there is significant scope for growth in the apples with pears. This is because the insurance industry. definition of insurance premium used in the calculation of insurance penetration is sometimes different. Some countries include health insurance premium in the calculation of insurance penetration, whilst Ghana’s insurance penetration does not. Insurance premiums of other countries include contributions to pension schemes, whilst Ghana’s calculation of insurance penetration

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 7(a): Non-Life Market leaders – in terms of Total Assets Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity TOTAL ASSETS 2017 Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Provident 67 Glico General 72 Activa 74 Phoe nix 78 Vanguard 90 Ghana Union 126 Hollard 140 Ente rpr ise 151 For More Information And Reservation, Please Call The Following Numbers SIC 203 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Star Assurance Tel: 233 302 238 300/1 | Fax: 233318 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 0 50 100 150 200 250 300 350

The above companies are the top 10 Market leaders Life sector in terms of Total Assets. The value of total in the Non-Life sector in terms of Total Assets in the assets owned by these 10 firms equals GHS 2.5b year under review. compared to that of the top 10 firms in the Non-Life sector totalling GHS 1.3bn. The chart below shows the top 10 Market leaders in

Figure 7(b): Life Market leaders – in terms of Total Assets

TOTAL ASSETS 2017

UT Life 60 Donewell Life 64 Prude nti al Life 97 BeigeUnique Assure Life 124 Metropolitan Life 144 Old Mutual 189 Glico Life 319 Star Life 407 SIC Life 577 Enterprise Life 617

0 100 200 300 400 500 600 700

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 7(c): Reinsurers Market leaders – in terms of Total Assets Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity

Mainstream Reinsurance

GN Reinsurance For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org

Ghana Reinsurance Company

0 200,000,000 400,000,000 600,000,000

The chart above shows the three reinsurance assets. GN Reinsurance has GHS 147million in assets companies and their market share by total assets. representing 21%. Mainstream contributed GHS Ghana Reinsurance dominated the market with total 60million as share of the total assets for reinsurers. assets of GHS 487million, being 70% of the Reinsurers

Figure 8(a): Non-Life Market leaders – in terms of Gross Premium

TOTAL PREMIUMS: Non-Life (GHS'm)

Equity 36 Ghana Union 39 Phoe nix 47 Activa 54 Glico General 69 Hollard 90 Vanguard 99 Star 130 Ente rpr ise 161 SIC 162

0 20 40 60 80 100 120 140 160 180

SIC leads the market with a total premium of from the Non-life market leaders amounted to GHS162m closely followed by Enterprise with an GHS888m representing 75% of the Total premium amount of GHS161m and then Star Assurance with (excluding GOGIP) GHS130m. It is worth mentioning that contributions

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 8(b): Life Market leaders – in terms of Gross Premium Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Total Premiums : Life (GHS'm) Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Vanguard Life 16 Gha na Life 17 UT Life 24 Metropolitan Life 40 Prude nti al Life 53 Old Mutual 56 Glico Life 99 Starlife Ass. 151 SIC Life* 258 For More Information And Reservation, Please Call The Following Numbers Enterprise Life 0302 298238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 0 50 100 150 200 Tel: 233 302250 238 300/1 | Fax:300 233 302 237 248350 | Email: [email protected] | Website: www.nicgh.Org

Enterprise Life led the pack with a total premium above that, these four companies have a far greater of GHS 298m followed by SIC Life and Starlife portion of life insurance business in the Life Industry. with a premium total of GHS 258m and GHS 151m Furthermore, the Life market leaders also contributed respectively. Glico Life also racked up GHS 99m in GHS 1bn representing 93% of the total premium aggregate premiums. It is evident from the chart received.

Figure 9: Life Market leaders – In terms of Policyholder Benefit Paid

BENEFITS PAID

Phoenix Life 9 Prude nti al Life 10 Gha na Life 14 UT Life 17 Metropolitan 27 Old Mutual 56 Star Life 60 Glico Life 61 Enterprise Life 123 SIC Life 176

0 20 40 60 80 100 120 140 160 180 200

The top 10 leaders in the Life sector in benefit insurers. Life business recorded negative underwriting payments paid a total of GHS 553m in 2017. SIC Life result of (GHS 317m) in 2017 compared to (GHS led the market with a total benefit payment of GHS 266m) in 2016, as shown in figure 10 below. Similar 176m. Enterprise Life made a payment of GHS 123m trends pertained in the Non-life sector. The Non-Life followed by Glico Life with GHS 61m and StarLife with underwriting results were (GHS 56m) and (GHS 42m) GHS 60m. in 2017 and 2016 respectively.

Underwriting Results The industry therefore continues to rely heavily on investment income to offset these technical One of the fundamental concerns over the years is losses. Given the trend of falling investment income, the consistent poor underwriting results by regulated especially from Government securities, firms may be entities. 2017 was no different, recording an tempted to invest in riskier assets classes to maintain aggregate underwriting loss for both life and non-life the similar levels of investment income.

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 10: Analysis of Aggregate Underwriting results for Life and Non-Life sectors Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Underwriting results (GHS'm) Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 0 Non life Life -50 -42 -100 -56 -150 -200 -250 -300 -266 For More Information And Reservation, Please Call The Following Numbers -350 -317 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 2017 2016 www.nicgh.Org

Profit after Tax (PAT) life sector grew by 13% in 2017, making an absolute gain of GHS12m. Thus the company profit after tax In 2017, Profit after tax for the life industry rose from increased from GHS 89m to settle at GHS101m in a 2016 figure of GHS98m to GHS144m, representing 2017. As discussed previously, most of these profits a 68% growth. In two years the profit after tax for life are from investments income. There is also a very companies has more than quadrupled from a low of small number of firms showing profits only because of GHS 30.9m in 2015 to GHS144m in 2017. The Non- revaluation of property investments.

Figure 11: Analysis of Profit after Tax: Yearly Aggregate Contribution

Profit after Tax: yearly aggregate contribution Life Non-Life

160,000,000 140,000,000 120,000,000 143,758,871

100,000,000 101,240,032 87,726,640 98,238,141 30,908,304

80,000,000 50,853,600 61,089,526 60,000,000 8,427,514 40,000,000 20,000,000 - 2017 2016 2015 2014

Premium Contribution by Distribution Channel With respect to Non-Life Business, Brokers continue to dominate the sector with a contribution to Individual/Tied Agents are generally the leading income of 40%, individual/tied agents and direct channel for the distribution of Life insurance products business contributed 36% and 18% respectively. in Ghana, contributing 67% of the annual premium Telecommunication companies (Telcos), income of the life sector. Direct business earned 6% Bancasssurance and other corporate agents made up of the premiums, whiles insurance brokers contributed the rest of the Non-life premium income. 7%.

Bancassurance ended the year with 13%, up from 8% in 2016. The other distribution channels used in the life sector are the telecommunication companies and corporate agents.

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 1: Analysis of Premium Income by Distribution Channel Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity 2017 2016 2015 Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Distribution Channel Non-Life Non-Life Non-Life Life (%) Life (%) Life (%) (%) (%) (%) 1.Direct Business 6 18 17 28 14 30 2. Brokers 7 40 8 35 9 36 3. Individual/Tied Agents 67 36 62 32 63 30 4. Bancassurance 13 3 7 2 7 1 For More Information And Reservation, Please Call The Following Numbers 5. Other Corporate Agents 0 2 1 03021 238300 | 03021 238301 1 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 6. Telecom Companies 2 0 2 0 www.nicgh.Org2 0 7. Others 4 1 4 1 4 1

Reinsurance Premium the non-life sectors. It shows that whilst the total reinsurance premium increased from GHS 187m in The graph below provides a picture of the reinsurance 2016 to GHS 236m, that of the life sector declined premium received by reinsurance companies domiciled marginally. in Ghana in 2017 and 2016 split by the life and

Figure 12(a): Analysis of Reinsurance Premium Income

Reinsurance Premium Income

2016

2017

0 50 100 150 200 250

Non Life Life

The next graph illustrates that there has been a trend of increasing reinsurance premium over the period.

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 12(b): Growth of Reinsurance Premium Income over the years Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity PREMIUM INCOME FOR REINSURANCE (2014-2017) Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Life Non Life

223,612,047.00 173,223,471 140,800,625 107,462,304

For More Information And Reservation,Non Life Please Call The Following Numbers 0302 238300 | 0302 238301 12,320,988.00 14,053,709 11,418,416 846,151Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1Life | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 2017 2016 2015 2014

Overseas Reinsurance Premium Transfers to have such overseas arrangements approved by the Commission after having satisfied exhaustion of local The general requirement of the Insurance Act, 2006 capacity requirements. (Act 724) for reinsurance arrangements, among others, is for all insurers to fully utilize the local market The table below shows the amount of premiums that capacity before recourse to any overseas reinsurance. have been approved to be exported overseas over a In this regard, new guidelines were developed and three years period. came into effect on July 1, 2017. Insurers are required

Table 2: Overseas Reinsurance Premium Transfers

OVERSEAS REINSURANCE PREMIUM TRANSFERS

Currency 2017 2016 2015

Dollars (USD) 14.07m 9.72m 4.45m

Pounds Sterling (GBP) 16,601 862 4,568

Euros (€) 267,419 36,052 427,337

Ghana Cedis (GHS) 13.5m 4.68m 18.1m

Market Capacity Ghana Oil and Gas Insurance Pool (GOGIP)

In line with the new Reinsurance Guidelines, market GOGIP is a pool of 22 non-life insurance companies capacity for the year under review was determined for that has the sole mandate to provide insurance cover the following classes of business: for activities related to the Oil and Gas business in Ghana. The graph below shows the gross premium and Fire - GHS 950m sum insured of GOGIP for 2017, 2016 and 2015. The Engineering - GHS 320m Gross premium for 2017 is equivalent to about GHS 168m. Marine Cargo - GHS 250m Marine Hull - GHS 40m Bonds - GHS 120m

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Figure 13: Analysis of Gross Premium and Sum Insured Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity GROSS PREMIUM AND SUM INSURED Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 38 40 34 30 26 22 26 20

10 10 Insured (in USD) (in Insured

Gross Premium and Sum Sum and Premium Gross 0 2015 2016 2017 For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Gross Premium GrossLocation: Sum Appiah-Ampofo Insured House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org

PREMIUM BY CLASS OF BUSINESS (NON-LIFE) and other short-term products contributed a gross market premium of GHS 56, GHS 47m and GHS 12m The motor class of business continued its dominance respectively, representing a collective market share of with a premium income of GHS 566m, contributing 42 approximately 9%. % of the overall premium income for 2017. It improved in growth by 9% over the 2016 premium of GHS There is a general expectation for Marine to grow 518m. Fire, Theft and Property contributed 20% of significantly due to the on-going enforcement the total premium for 2017 and grew by 23% to end of section 37 of Insurance Act, 2006 (Act 724). the year at GHS 272m. Premiums generated from Marine & Aviation has increased from GHS 68m in 2016 to GHS 94m in Oil & Gas came third with an overall contribution of 2017. This class of business has great potential 12%. It is projected that given the trend in the oil because importers are obliged to insure their goods and gas sector, Oil & Gas will dominate the non-life locally under section 37 of the Insurance Act. class of business in the near future. Marine and However, it is rather difficult to get the appropriate Aviation came fourth with an overall contribution state agencies to enforce this requirement of the law. of 7% of the total premium of GHS 1.4bn. Personal Refer to Figure 14 below for premiums per class of Accident & Medical and Engineering came fourth with business. an overall contribution of 5% each. Liability, bonds

Figure 14: Analysis of Non-Life Premiums by Class of Business

Analysis of Non-life Premiums by Class of Business

F,T&P 1% 12% Motor 20% 5% PA,H&M 4% M&A 4% Liability 7% Bond 5% Engineering 42% Oil and Gas Other Approved Products

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break PREMIUM BY CLASS OF BUSINESS (LIFE interest rates nature of our economic environment. Bu et Lunch Mineral Water INSURERS) Expectedly as the economy evolves, there will be a Note Pad, Folder And Pen Internet Connectivity progressive shift from this product to more pure risk

Universal Life led the chart in 2017 contributing GHS related products.Ultra Modern Hall Whole| Modern and St Lifeate of the &Art FacilitiesEndowment | Secured and Large Carcame Park | Central Location | Competitive Price | Spacious Lawns 558 million, being 52% of the premium income of second with 26% while Group Life ended the year with life insurers. This result lends credence to the fact premium income of GHS 89.9million, being 8% of the that the market is generally dominated by savings share of premium. or investment link products. Undoubtedly, the life insurance market in Ghana has seen this product Refer to table 8 for premium by class of business. proliferate over the years, largely because of the high

Figure 15: Analysis of Life Insurers Premiums by Class of Business For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Analysis of Life Premiums by Class Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 0% 5%

Universal Life & I nv estment Group Life 26% Term Credit Life 52% Whole Life & Endownment Dread Disease 4% Other Approved Products 5%

Insurance Broking Market Towers maintained their respective positions as 1st, 2nd and 3rd in the sector. KEK Reinsurance and Safety In 2017, Brokers Commission amounted to GHS 86m maintained their 4th and 5th positions respectively. representing a growth rate of 18%. As shown in Table Horizon and Crown improved to 6th and 7th positions 3 below, 67% of the total commission income was respectively. Corporate Trust and RMAS are the new contributed by the top ten brokers which stood at GHS entrants in 2017. However, Tri-Star, declined to 10th 58m. in 2017 from 6th position in 2016.

With a contribution of GHS 19m, GHS 9m and GHS Below is the list of top ten brokers based on their 7m representing 23%, 10% and 8%, KEK Insurance, market share /Commission income: Edward Mensah, Wood & Associates Limited, and Willis

Table 3: Top Ten Brokers on the basis of their market share / Commission income

NAME OF BROKER BROKERAGE INCOME

1 KEK Insurance Brokers Limited 19,421,932

2 Edward Mensah, Wood & Associates Limited 8,616,239

3 Willis Towers Watson Ghana Limited 6,575,163

4 KEK Reinsurance Brokers 5,260,810

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water NAME OF BROKER BROKERAGE INCOME Note Pad, Folder And Pen Internet Connectivity 5 Safety Insurance Brokers Limited 4,478,395 Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 6 Horizon Insurance Brokers Limited 3,710,621

7 Crown Insurance Brokers Limited 2,833,688

8 Risk Management & Advisory Services 2,706,295

9 Corporate Trust Insurance Brokers Limited 2,224,926

10 Tri-Star Insurance Services Limited For More Information2,135,184 And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Total Tel: 233 30257,963,253 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org

Figure 16 below shows a pictorial analysis for the top ten Brokers in 2017.

Figure 16: 2017 Brokerage Income

2017 BROKERAGE INCOME

KEK Insurance Brokers

Edward Mensah, Wood & Associates Willis Towers Watson 4% 4% 5% KEK Reinsurance Brokers 5% 33% 6% Safety Insurance Brokers

8% Horizon Insurance Brokers

Crown Insurance Brokers 9% 15% 11% Risk Management & Advi. Serv

Corporate Trust

Tri-Star Insurance

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 4: Products Approved in 2017 Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Company Product Name Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns African Life Asetena pa Ghana Union Travel Insurance Beige Assure Funeral Policy Enterprise Life Akwantu Pa Enterprise Life/Micro Ensure Fearless Enterprise Life/Micro Ensure Boafo Pa For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Enterprise Life/Micro Ensure Yedie Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Metropolitan Life Funeral Policy Metropolitan Life Ayo send with care NSIA Insurance Local travel Insurance-Trip Guard Prudential Life Vodafone Hospital Insurance Plan Prudential Life Sound Hospital Cash Plan Prudential Life Sound Prudent Life Plan Prudential Life Enhanced Premium farewell Prudential Life Enhanced Classic farewell plan Prudential Life Enhanced Educational support plan Prudential Life Enhanced Hospital Cash Plan Prudential Life Savings Dream Guard Prudential Life Tigo Hospital Support Plan Prudential Life Tigo Family Care Plan StarLife Esteem Home Call Policy Unique Insurance Travel Insurance UT Life MI Life Product UT Life Fishers future plan UT Life Heritage cash back plan Vanguard Life Micro Insurance (AL-EMAAN PLAN) Wapic Insurance Ghana Travel Insurance

46 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 5(a) Growth in Industry Gross Premium (2013 - 2017) Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Year Premium Income (GHS) Growth Rate % Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 2013 1,052,090,981 24 2014 1,239,853,442 18 2015 1,560,679,185 26 2016 1,928,838,573 24 2017 2,271,368,033 18 For More Information And Reservation, Please Call The Following Numbers 2017 Inclusive of Ghana Oil and 0302 238300 | 0302 238301 2,439,189,432 Location: Appiah-Ampofo House, Independence Ave,26 National Insurance Commission ,GA-016-9180 Gas Insurance Pool Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Table 5(b) Growth in Gross premium for Non-Life Insurance (2013 -- 2017)

Year Premium Income (GHS) Growth Rate % 2013 582,456,306 18 2014 659,262,969 13 2015 854,825,825 30 2016 1,070,057,051 25 2017 1,189,284,721 11 2017 Inclusive of Ghana Oil and 1,357,106,120 27 Gas Insurance Pool

Table 5(c) Growth in Gross Premium for Life Insurance (2013-2017)

Year Premium Income (GHS) Growth Rate % 2013 469,634,675 32 2014 580,590,473 23 2015 705,853,360 22 2016 858,781,522 22 2017 1,082,083,312 26

47 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 5 (d) GROSS PREMIUMS OF NON-LIFE COMPANIES (2013 - 2017) Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity COMPANY 2013 2014 2015 2016 2017 1 Activa Int. 21,720,151 26,900,589 38,268,180Ultra Modern Hall | Modern and Stat40,818,428e of the Art Facilities | Secured and Large Car54,662,270 Park | Central Location | Competitive Price | Spacious Lawns 2 Allianz Insurance 16,666,082 26,624,368 21,858,529 27,183,279 28,527,388 3 Best Assurance NA NA NA 4,918,453 9,459,606* Donewell 4 14,570,013 14,970,003 20,357,071 30,530,398 35,671,068 Insurance Enterprise 5 61,330,000 70,398,623 100,996,493 135,446,537 161,424,631 Insurance

6 Equity Assurance 12,608,637 15,696,407 21,294,662For More Information31,468,150 And Reservation, Please36,230,501 Call The Following Numbers 0302 238300 | 0302 238301 7 Ghana Union 21,856,982 22,348,675 31,536, 467Location: Appiah-Ampofo33,526,207 House, Independence Ave, National39,239,616 Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 8 Glico General 39,691,703 46,397,194 68,638,428 69,660,874www.nicgh.Org68,887,382 9 Imperial General 966,772 5,571,696 6,508,200 9,239,314 11,900,101 10 Heritage Energy 8,196,429 6,132,835 6,721,760 9,694,480 11 Hollard Insurance 53,899,625 63,307,559 77,273,501 84,094,685 89,561,886 12 Loyalty Insurance NA NA NA NA 1,530,893 Millennium 13 7,259,603 6,637,176 8,161,485 12,930,952 15,321,562 Insurance 14 Multi Insurance NA NA NA NA 592,699 15 NSIA Ghana 8,157,332 5,428,571 7,948,287 10,998,238 13,324,794 16 Phoenix Insurance 24,296,304 25,178,385 34,770,287 46,278,553 47,384,649 17 Prime Insurance 2,163,114 5,306,379 12,158,093 29,389,566 29,553,090 18 Priority Insurance 2,135,922 2,597,458 3,872,158 8,940,836 12,134,536 Provident 19 9,793,754 10,462,289 14,952,407 20,364,746 21,419,866 Insurance 20 Quality Insurance 17,170,940 19,356,125 23,090,012 30,946,446 34,424,205 21 Regency NEM 14,586,426 19,259,140 27,816,431 28,733,674 25,970,254 22 Saham Insurance 8,308,085 10,221,468 12,913,133 11,207,580 23,550,683* 23 SIC Insurance 111,897,149 113,069,892 138,984,920 160,111,229 161,928,878* 24 Star Assurance 57,005,894 71,228,815 91,584,258 119,710,991 129,593,555 25 Unique Insurance 5,726,279 5,983,230 7,856,036 11,167,973 11,064,722 Vanguard 26 53,039,656 58,172,319 72,775,120 97,100,246 99,445,056* Assurance 27 Wapic 9,409,454 8,013,773 11,211,667 15,289,696 16,786,350 Totals 582,456,306 659,262,969 861,547,585 1,070,057,051 1,189,284,721 GOGIP) NA NA NA NA 167,821,399.00 Grand Total 582,456,306 659,262,969 861,547,585 1,070,057,051 1,357,106,120 Source: Data Submitted and signed by industry Players to the NI

Notes: GOGIP: Ghana Oil and Gas Insurance Pool

48 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 5(e) GROSS PREMIUM OF LIFE COMPANIES (2013 – 2017) Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity COMPANY 2013 2014 2015 2016 2017 Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 1 African Life 1,655,483* 2 A-Plus NA NA NA 56,742 238,458 3 Avance Life 809,346 580,154 477,366 83,765* 4 Beige Assured 3,798,298 4,834,636 5,022,477 3,700,690 2,991,399 5 Donewell Life 8,118,905 8,241,894 7,705,518 7,134,666 8,234,241 6 Enterprise Life 123,846,285 156,244,014 200,438,627 235,311,893 297,598,693 For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 7 Esich Life* NA 1,663,326 Location:8,200,464 Appiah-Ampofo House,12,375,460 Independence Ave, National Insurance Commission ,GA-016-9180- Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 8 First Insurance NA NA NA www.nicgh.Org 1,264,649 Ghana Life 9 10,533,661 12,731,893 14,740,234 17,911,223 17,229,191 Insurance 10 Ghana Union Life 4,724,564 5,014,211 7,395,373 7,636,506 9,485,565 Glico Life 11 55,546,000 59,654,046 64,926,000 82,733,226 98,755,553 Insurance 12 GN Life Assurance NA NA 1,179,090 7,270,045 15,491,927 13 Metropolitan Life 21,574,030 26,344,298 29,924,473 31,595,032 39,705,069 Old Mutual 14 15,458,278 16,477,834 22,765,849 33,425,000 55,628,677 Assurance Phoenix Life 15 7,121,098 7,627,824 8,029,873 10,224,115 13,053,784 Inurance 16 Prudential Life 5,378,355 11,722,469 20,720,285 33,814,009 52,599,824 Quality Life 17 7,021,932 8,480,291 8,972,136 9,424,765 10,942,633 Assurance 18 Saham Life 906,352 2,550,358 4,563,663 5,999,595 7,911,156 19 SIC Life 127,244,626 158,323,730 181,272,376 212,960,892 258,291,035* 20 Starlife Assurance 53,428,493 68,191,153 82,520,271 105,620,200 151,208,606 21 UT Life 11,952,035 15,697,395 18,872,345 19,634,602 24,075,627 22 Vanguard Life 12,122,417 16,210,947 18,126,941 22,009,604 15,637,977 TOTALS 469,634,675 580,590,473 705,853,361 858,838,265 1,082,083,312

Source: Data Submitted and signed by industry Players to the NIC

49 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 6(a) Profit after Tax for Life Companies Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity COMPANY 2013 2014 2015 2016 2017

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 1 African Life (567,360) 2 A-Plus NA NA NA (1,269,475) (1,404,546) Avance Life (formerly 3 (502,708) (1,775,344) N/S (1,004,932) Capital Express) 4 Beige Assure (1,701,622) (837,374) (2,493,520) (3,393,346) 1,221,774 5 Donewell Life (1,904,686) 2,282,567 (69,383) 753,586 2,481,168 6 Enterprise Life 34,372,110 42,459,149 39,475,528For More Information50,444,042 And Reservation, Please65,745,095 Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 7 Esich Life * NA (2,455,077) (17,897,566)Tel: 233 302 238 300/19,697,271 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 8 First Insurance NA NA N/A N/A (4,193,395) 9 Ghana Life* 313,665 2,837,155 (103,179) (220,220) 10 GUA Life 1,014,484 446,060 2,215,310 1,504,820 2,751,866* 11 Glico Life 10,159,159 4,844,515 4,708,648 26,749,215 57,322,549 12 GN Life NA 1,574,831 1,027,207 5,534,381 5,765,985 13 Metropolitan Life 3,617,895 3,735,547 4,304,019 961,466 7,183,358 14 Old Mutual (15,789,349) (16,877,203) (6,305,000) 3,686,001 (10,155,158) 15 Phoenix Life 367,828 (2,810,091) (571,815) 489,378 904,591 16 Prudential (4,195,123) (5,706,222) (7,057,185) (3,122,725) (2,727,819) 17 Quality Life 1,426,916 1,102,537 517,732 548,741 2,217,857 18 Saham Life (200,524) 5,866 111,583 332,681 687,114 19 SIC Life 9,288,157 12,382,878 15,547,729 3,407,626 6,420,942 20 StarLife 4,739,658 8,050,762 6,054,695 10,922,050 14,014,015 21 UT Life 2,008,795 786,428 (3,980,163) (10,431,350) (7,377,161) 22 Vanguard Life 211,151 (466,020) (2,800,994) 373,524 4,472,928 Total 43,728,514 50,853,600 30,908,304 96,967,667 143,758,871

Source: Data Submitted by licensed Life companies

50 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 6(b) Profit after Tax for Non- Life Companies Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity COMPANY 2013 2014 2015 2016 2017

2 Allianz (469,397) (788,624) (2,512,678) (1,592,056) -9,295,478

3 Best Assurance NA NA N/A 439,553 2,610,535*

4 Donewell 1,561,159 3,235,787 3,454,261 5,071,865 3,274,983

5 Enterprise 13,522,000 8,314,907 9,238,477 17,023,497 11,606,686

6 Equity 1,425,393 1,263,176 2,177,456For More Information And4,177,606 Reservation, Please Call The5,114,960 Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 7 GUA 1,024,264 1,221,690 3,388,629Tel: 233 302 238 300/1 913,913| Fax: 233 302 237 248 | Email: [email protected],326 | Website: www.nicgh.Org 8 Glico General 812,653 (3,489,527) (1,492,335) 3,813,043 5,239,155*

9 IEI / Heritage (5,390,403) (3,281,638) 249,233 N/S 2,497,072

10 Hollard 2,823,074 1,560,741 4,428,310 8,124,290 8,995,215

11 Imperial Gen. 220,543 228,339 122,011 (1,254,015) 709,316

12 Loyalty Insurance NA NA NA NA -1,509,356

13 Millennium 1,621,823 601,201 (155,221) 1,828,426 3,160,245

14 Multi Insurance NA NA NA NA -627,986

15 NEM 261,515 329,888 542,667 NA NA

16 NSIA (2,816,023) (3,623,029) 602,653 1,202,744 2,884,723

17 Phoenix (91,960) 2,011,860 1,701,742 5,752,775 7,438,861

18 Prime (1,204,301) (6,135,082) (889,655) 745,706 882,643

19 Priority 881,056 1,317,602 2,680,385 1,628,931 672,699

20 Provident 9,119,943 3,174,096 5,839,491 5,514,311 4,788,721

21 Quality 1,137,964 140,242 650,405 2,937,363 4,080,213

22 RegencyNem 784,781 2,135,023 529,167 2,725,976 1,265,804

23 Saham 173,203 123,209 414,546 (4,290,683) 764,872*

24 SIC 594,652 (8,303,403) 10,035,509 3,646,458 10,220,143*

25 Star Assurance 5,610,573 1,129,093 14,016,260 19,600,192 25,515,541

26 Unique (1,335,826) (209,695) 17,762 4,238,056 1,529,932

27 Vanguard 4,429,673 906,791 5,914,810 7,777,244 7,491,888 *

28 Wapic (660,618) 2,501,595 (2,190,904) (3,967,022) -2,109,009

Total 35,921,086 5,145,876 61,338,759 88,640,553 101,240,032

Source: Data Submitted licensed Non-Life companies *Note: The 2013- 2015 figures of RegencyNem belong to Regency Alliance Insurance Company Limited before the merger.

51 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 7: Premium Income for Reinsurance companies (2013-2017) Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Growth Market share Market Year Life Non-life Total Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Rate % Non-life share Life 2012 4,649,741 74,975,650 79,625,391 34 94% 6% 2013 6,580,506 86,727,612 93,308,118 18 93% 7% 2014 8,446,151 107,462,304 115,908,455 24 93% 7% 2015 11,418,416 140,800,625 152,219,041 31 92% 8% 2016 12,749,034 161,292,156 174,041,190 14 93% 7% For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Source: Data Submitted and signed by industry Players to the NIC Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Included in 2016 is a draft Annual data for Ghana Reinsurance www.nicgh.Org

Table 8 Premium Distribution by Class of Business (2015-2017)

2015 2016 2017 Non Life Cont. per Cont. per Cont. Premiums Premiums Premiums class class per class

Fire, Theft and property 198,072,421 23.20% 221,506,349 20.7% 271,865,371 20.0% Motor 355,227,506 41.60% 518,257,208 48.4% 566,460,876 41.7% Personal Accident, Health and 84,671,194 9.90% 68,659,141 6.4% 68,192,111 5.0% Medical Marine and Aviation 62,446,511 7.30% 68,497,311 6.4% 94,306,292 6.9% Liability 28,707,779 3.40% 34,083,134 3.2% 56,570,082 4.2% Bonds/Financial Guarantees 41,777,399 4.90% 54,654,670 5.1% 47,497,394 3.5% Engineering 61,571,738 7.20% 90,035,148 8.4% 72,496,175 5.3% Other Approved Products 22,351,277 2.60% 14,364,090 1.3% 11,896,420 0.9% GOGIP 167,821,399 12.4% Total Non-Life Premiums 854,825,825 100% 1,070,057,051 100.0% 1,357,106,120 100%

2015 2016 2017 Life Cont. per Cont. Cont. per Premiums Premiums Premiums class per class class Universal Life & Investment 558,067,629 51.6% Group Life 89,909,629 8.3% Term 53,078,239 4.9% Credit Life 47,136,848 4.4% Whole Life & Endowment 280,818,363 26.0% Dread Disease 59,087 0.0% Other Approved Products 53,013,517 4.9% Total Life Premium 1,082,083,312 100.0%

Source: Data Submitted and signed by industry Players to the NIC *The Non-Life product lines have been realigned, thus separating Bonds/Financial Guarantees, Engineering and Liability from Personal Accident line of business. 52 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Table 9: Brokerage Commission for 2013 – 2017 expressed in Cedis Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity COMPANY 2013 2014 2015 2016 2017 Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 1. Afro-Asian Reinsurance Brokers Ltd. 261,943

2. AG & Associates 146,423 220,709 326,800 N/S N/S

3. Akoto Risk 542,781 630,740 960,550 1,203,754 1,009,593

4. All Risks 689,827 721,166 763,677 879,618 919,670

5. AllStar - 415,953 538,093 N/S For More Information And Reservation, Please Call The Following Numbers 6. Allied 52,343 134,279 75,5790302 238300110,051 | 0302 238301 N/S Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 7. Alpha 352,147 474,200 554,134 www.nicgh.Org701,662 785,042

8. Apex 64,457 318,336 374,483 628,716 N/S

9. ARB 264,395 494,090 800,266 884,536

10. ARK 162,741 254,695 311,321 347,425 288,454

11. Arrowclass 774,653 999,791 1,324,991 1,367,152

12. Ascoma Ghana 679,537 1,225,130 1,134,591 1,401,987 1,423,377

13. Asterix 131,319 192,507 129,207 197,194 N/S

14. Baobab 9,682 36,185 103,687 188,203 172,598

15 .Boaitey & Associates - 264,810 542,177 567,581

16. Byllwych - 3,694 N/S N/S

17. Cardinal Brokers * - 193,340 363,280 N/S 273,582 18. Ceris Int’l 325,020 801,849 577,793 N/S N/S

19. CLAIM Ltd. 242,468 511,109 483,781 340,547 N/S

20. Corporate Trust 542,789 249,279 982,734 N/S 2,224,926

21. Crown 1,165,184 1,611,389 1,874,542 2,089,394 2,833,688

22. Danniads 981,531 1,367,910 1,369,603 1,458,624 1,168,501

23. Dezag Insurance Brokers Limited 48,958 171,380 190,253 157,629

24. Double D & M 20,907 - 62,906 N/S N/S

25. Dynamic 270,994 402,873 461,250 444,832 N/S

26. Edward Mensah, Wood & Associates. 3,718,846 4,060,201 6,596,403 6,031,736 8,616,239

27. Eureka 84,015 - N/S N/S

28. Felin Brokers 147,350 427,251 592,832 905,780 1,320,831

29. First Anchor 638,421 1,195,548 1,478,209 1,424,594 1,654,219

53 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch COMPANY 2013 2014 2015 2016 2017Mineral Water Note Pad, Folder And Pen Internet Connectivity 30. Functions Risk 27,657 144,511 202,619 389,085

32. Ghana Int’l Brokers 118,096 N/A N/A N/S N/S

33. Global Impact 91,763 125,550 113,395 129,673 N/S

34. Goldlink 40,140 46,708 95,300 182,672

35. Goodwill - 2,704 73,442 N/S For More Information And Reservation, Please Call The Following Numbers 36. Willis Towers Watson 2,091,824 2,229,774 3,232,346 03025,230,618 238300 | 03026,575,163 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 37. Horizon 1,544,717 2,143,062 2,721,601 2,749,823www.nicgh.Org3,710,621

38. Ideal Insurance Brokers Limited - - - - 221,284

39. Insurance Centre 124,892 189,745 280,919 376,241 52,012

40. Insurance Consult. 232,232 204,661 193,349 295,054 258,048

41. Insurance Management Services - - - - 102,101

42. Insurance Solutions 385,187 723,412 1,053,551 1,466,311 1,694,230

43. Irisk Management Limited - - - - 1,074,519

44. KAV 130,216 114,770 98,677 224,683 283,788

45. KEK Brokers 8,272,563 10,909,117 13,265,860 14,921,591 19,421,932

46. KEK Reinsurance Brokers 1,450,312 2,507,054 3,293,701 3,678,527 5,260,810

47. Khols & Hols 23,301 272,412 N/S

48. Liberty Brokers 171,056 191,365 277,784 229,930 140,257

49. Lordship 327,665 470,040 531,091 669,372 706,408

50. M & G Ins. Brokers 478,626 758,816 928,308 1,090,259 1,127,166

51. Maxpal Interm. 152,932 63,166 83,574 143,009 N/S

52. Metrix 90,330 218,222 328,624 383,537

53. Midas 1,034,889 1,474,030 1,802,416 2,054,216 2,008,625

54. Multinational 65,266 211,036 362,427 399,966

55. NDL Consult 69,400 206,702 230,157 232,442 271,294

56. Novelty - 144,950 152,198 N/S

57. OAK Brokers - 40,161 - 83,573

58. Pacific Ins. Brokers - - - - 75,152

59. Premier Brokers 31,697 129,152 137,180 230, 211 300,525

60. Progressive 881,760 924,358 1,126,622 1,418,800 1,741,174

54 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch COMPANY 2013 2014 2015 2016 Mineral2017 Water Note Pad, Folder And Pen Internet Connectivity 61. Prudent Ins. Brokers 320,226 324,768 270,249 302,425 390,333

63. Risk Mgt. & Adv. 930,215 1,519,347 2,287,277 2,013,409 2,706,295

64. Risk Partners Limited - - - - 81,020

65. Safeguard - 31,290 1,119,123 812,274

66. Safety 1,510,646 2,034,626 2,557,076 3,019,912 4,478,395 For More Information And Reservation, Please Call The Following Numbers 67. Saviour 68,121 10,561 194,2400302 238300119123 | 0302 238301 250,000 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 68. Shield 1,145,922 1,530,327 2,102,993 www.nicgh.Org2,597,133 885,286

69. Strategic Ins. Consult - - - - 88,320

70. Supreme Trust Brokers - - - - 118,859

71. Trans-National 354,437 470,585 420,156 473,070 578,283

72. Trinity - 88,699 112,900 158,523 178,101

73. Tri-Star 1,604,359 2,095,376 2,612,467 2,766,881 2,135,184

74. UGroup Ltd. 23,501 36,115 43,652 62,325 N/S

75. Universal 130,016 - 101,896 93,446 96,417

76. VISAL 1,160,472 1,244,939 1,961,997

78. Worldwide Ins. Brokers - - - - 155,518

Total 34,827,223 48,497,491 64,749,967 73,485,830 88,173,998

Earnings of top 10 companies 23,539,265 30,640,273 40,544,266 45,138,831 57,963,253

Percentage of top 10 companies 68% 63% 63% 61% 66%

N/S – These companies had not submitted their reports as at the time of finalising this report.

55 FINANCIAL & RATIO ANALYSIS

Introductory Remarks on ratio analysis

This ratio analysis have been prepared for a five year period from 2013 to 2017. The companies marked * are companies that had not submitted their audited 2017 figures and we have therefore used their unaudited figures for 2017 to prepare the ratios. Companies whose ratios have been marked ** are those that had not been licensed in the years in which the reports have been prepared. Companies with *** are newly licensed.

56 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Life Companies Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity CHANGE IN POLICYHOLDER INFLOWS

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns This ratio measures growth or contraction of an insurer’s total premium (both risk and savings components) inflows from policyholders. The Average Policyholder inflow for 2016 which is 21% is a point drop in the growth rate of Long Term Insurers Premium compared to the 2015 results. 2017 saw mixed results from regulated entities, however the results for A Plus and First Insurance are outside the acceptable range because they are startups. Beige Assure, Vanguard Life and Ghana Life were the only Life Companies that experienced negative growth rates.

TABLE 10: CHANGE IN POLICYHOLDER INFLOWS For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302Percentage 238 300/1 | Fax: 233 (%) 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Year: 2013 2014 2015 2016 2017 Industry Average: 38 35 22 21 27 Life Companies: 1 Africa Life Assurance Co. Limited** 2 A-Plus Life Assurance Co. Limited 1,079 319 Avance Life (formerly Capital Express Assurance 3 -18 Ghana Limited) * 4 Donewell Life Insurance Co. Limited 14 1 -7 -8 15 5 Enterprise Life Assurance Co. Limited 40 26 25 16 25 6 Esich Life Assurance Co. Limited 511 51 7 First Insurance Co. Limited 409 8 Ghana Life Insurance Co. Limited 27 20 16 19 -3 9 Ghana Union Assurance Life Co. Limited 78 -5 45 27 21 10 Glico Life Insurance Co. Limited 49 10 8 27 20 11 GN Life Assurance Co. Limited 553 127 12 Metropolitan Life Insurance Ghana Limited 9 22 10 5 24 13 Old Mutual Assurance Ghana Limited -3 7 38 48 65 14 Phoenix Life Assurance Co. Limited 18 7 3 28 30 15 Prudential Life Insurance Ghana Limited 202 113 73 64 53 16 Quality Life Assurance Co. Limited 20 21 6 5 16 17 Saham Life Insurance Ghana Limited 584 186 78 29 33 18 SIC Life Insurance Co. Limited 27 24 15 18 21* 19 StarLife Assurance Co. Limited 34 28 21 28 43 20 Beige Assure Co. Limited 11 2 -27 -19 21 UT Life Insurance Co. Limited 80 31 20 3 26 22 Vanguard Life Assurance Co. Limited -10 36 10 23.09 -34

57 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break POLICYHOLDER COVERAGE Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio compares the equity and actuarial liabilities of a company. It is an indicator of how much capital the company has after all technical provisioning have been considered. Generally,Ultra Modern Hall | Modern when and State theof the Art actuarial Facilities | Secured andliabilities Large Car Park | Central are Location | Competitive Price | Spacious Lawns more than 300% of the company’s equity, it is considered risky since the ability to absorb unexpected shocks may be impaired. The industry average of 139% shows an average improvement in the capacity of long term insurers to meet unforeseen shocks. This is however subject to the detail capital adequacy requirements.

TABLE 11: POLICYHOLDER COVERAGE

Percentage (%) Year: 2013 2014For More Information2015 And Reservation,2016 Please Call2017 The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Industry Average: 260 191Tel: 233 302 238180 300/1 | Fax: 233 302 161237 248 | Email: [email protected] | Website: www.nicgh.Org Life Companies: 1 Africa Life Assurance Company Limited*** 7 2 A-Plus Life Assurance Co. Limited 2 64 Avance Life (Formerly Capital Express Assurance 3 -814 20* Ghana Limited) 4 Donewell Life Insurance Company Limited -538 14532 -15011 180 161 5 Enterprise Life Assurance Co. Limited 255 235 262 282 283 6 Esich Life Assurance Company Limited -217 125 7 First Insurance Company Limited 1 8 Ghana Life Insurance Company 298 97 111 101 217 9 Ghana Union Assurance Life Company Limited 127 209 78 36 25 10 Glico Life Insurance Company Limited 115 125 147 126 84 11 GN Life Assurance Company Limited 5 8 27 12 Metropolitan Life Insurance Gh. Limited 556 392 336 376 329 13 Old Mutual Assurance Ghana Limited 1233 199 128 134 217 14 Phoenix Life Assurance Company Limited 310 96 59 70 68 15 Prudential Life Insurance Ghana Limited 153 25 50 58 71 16 Quality Life Assurance Company Limited 344 294 339 377 177 17 Saham Life Insurance Ghana Limited 19 31 6 10 18 18 SIC Life Insurance Company Limited 535 539 570 702 667* 19 StarLife Assurance Company Limited 600 271 311 329 334 20 Beige Assure -3593 -566 141 16 21 UT Life Insurance Company Limited 81 91 157 81 106 22 Vanguard Life Assurance Company Limited 241 75 147 29 25

58 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break PROPORTION OF INVESTMENT TO ASSETS Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This is an asset quality ratio calculated as a ratio of total investments (including cash and cash equivalents) to total assets. It seeks to establish the percentage of the company’sUltra Modern assets Hall | Modern andthat State of are the Art Facilitiesin investments | Secured and Large Car Park as | Central opposed Location | Competitive Price | Spacious Lawns to operational assets. Investment assets are generally kept to meet known liabilities and so a high investment assets show a positive position than a low investment assets ratio. Life insurance sector recorded an average of 81%. The higher the ratio, the better the quality of the company’s asset base. The ratios for Vanguard Life, UT Life, Ghana Life, Ghana Union Life, First, Donewell Life and A Plus are worrying.

TABLE 12: PROPORTION OF INVESTMENT TO ASSETS

Percentage (%) For More Information And Reservation, Please Call The Following Numbers Year: 2013 2014 03022015 238300 | 03022016 238301 2017 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Industry Average: 70 78 84www.nicgh.Org 84 81 Life Companies: 1 Africa Life Assurance Company Limited 90** 2 A-Plus Life Assurance Co. Limited 38 64 Avance Life (Fomerly Capital Express Assurance 3 0 76 54* Ghana Limited) 4 Donewell Life Insurance Company Limited 79 91 95 88 85 5 Enterprise Life Assurance Company Limited 86 87 93 93 96 6 Esich Life Assurance Company Limited 89 91 7 First Insurance Company Limited 64 8 Ghana Life Insurance Company 60 63 64 61 60 9 Ghana Union Assurance Life Company Limited 68 72 86 73 51 10 Glico Life Insurance Company Limited 91 80 87 93 94 11 GN Life Assurance Company Limited 96 89 88 12 Metropolitan Life Insurance Gh. Limited 96 93 98 98 98 13 Old Mutual Assurance Ghana Limited 61 80 92 96 95 14 Phoenix Life Assurance Company Limited 66 81 85 84 78 15 Prudential Life Insurance Ghana Limited 64 35 89 90 92 16 Quality Life Assurance Company Limited 88 85 89 91 91 17 Saham Life Insurance Ghana Limited 76 65 94 92 90 18 SIC Life Insurance Company Limited* 78 80 86 92 93 19 StarLife Assurance Company Limited 82 85 96 94 92 20 Beige Assure 71 66 87 98 21 UT Life Insurance Company Limited 54 64 68 77 67 22 Vanguard Life Assurance Company Limited 63 53 46 73 64

59 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch POLICYHOLDER BENEFIT COVER Mineral Water Note Pad, Folder And Pen Internet Connectivity This is a measure of investment adequacy with respect to an insurers liabilities. It is calculated as a ratio of total investments to actuarial liabilities. It seeks to assess the adequacy ofUltra Modernthe Hallcompany’s | Modern and State of investmentsthe Art Facilities | Secured and to Large cover Car Park | Central the Location | Competitive Price | Spacious Lawns policyholder liabilities. The Life sector recorded an average of 289% in 2017. This is a significant improvement in the ratio compared to the previous years. The investment assets should, as a minimum, cover policyholder benefits. A ratio of less than 100% means that the company does not have enough investments to cover the policyholder liabilities. No company recorded a ratio below 100%.This ratio helps to analyse the adequacy of a company’s technical provisions and must be considered alongside policyholder benefit cover to ensure a company is not associated with the risk of under provisioning. African Life and First Insurance ratios are out of range because they are startups, and generally have low actuarial liabilities.

For More Information And Reservation, Please Call The Following Numbers TABLE 13: POLICYHOLDER BENEFIT COVER 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Percentage (%) Year: 2013 2014 2015 2016 2017 Industry Average: 138 144 144 253 289 Life Companies: 1 Africa Life Assurance Company Limited 1,456** 2 A-Plus Life Assurance Co. Limited 1,796 172 Avance Life (Formerly Capital Express Assurance 3 0 106 480* Ghana Limited) 4 Donewell Life Insurance Company Limited 68 96 99 142 146 5 Enterprise Life Assurance Co. Limited 132 134 135 134 139 6 Esich Life Assurance Company Limited 93 211 7 First Insurance Company Limited 6,133 8 Ghana Life Insurance Company 91 146 135 135 102 9 Ghana Union Assurance Life Company Limited 128 115 204 283 261 10 Glico Life Insurance Company Limited 180 150 158 194 239 11 GN Life Assurance Company Limited 2407 1353 439 12 Metropolitan Life Insurance Ghana Limited 128 122 135 131 135 13 Old Mutual Assurance Ghana Limited 69 132 175 178 150 14 Phoenix Life Assurance Company Limited 102 183 256 234 232 15 Prudential Life Insurance Ghana Limited 99 191 313 272 244 16 Quality Life Assurance Company Limited 116 117 119 117 144 17 Saham Life Insurance Ghana Limited 702 393 1883 1,059 611 18 SIC Life Insurance Company Limited* 97 99 103 109 108 19 StarLife Assurance Company Limited 101 123 134 131 127 20 Beige Assure 72 59 155 1,231 21 UT Life Insurance Company Limited 159 161 127 185 140 22 Vanguard Life Assurance Company Limited 96 145 103 407 385

60 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break RETENTION RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio measures the proportion of the premiums that are not ceded to reinsurers. Retention among life insurers in Ghana is generally high. SIC Life had the highest retentionUltra Modern Hall ratio | Modern andof St at100%.e of the Art Facilities Generally, | Secured and Large this Car Park high | Central Locationretention | Competitive Price | Spacious Lawns rate can be attributed to the high savings oriented life policies, relative to risk businesses in the life insurance market. A-Plus is a startup.

TABLE 14: RETENTION RATIO

Percentage (%) Year: 2013 2014 2015 2016 2017 For More Information And Reservation, Please Call The Following Numbers Industry Average: 97 95 030291 238300 | 0302 91238301 92 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Life Companies: www.nicgh.Org 1 Africa Life Assurance Company Limited 74** 2 A-Plus Life Assurance Co. Limited 100 100 Avance Life (Capital Express Assurance Ghana 3 100 100* Limited) 4 Donewell Life Insurance Company Limited 99 99 83 82 84 5 Enterprise Life Assurance Company Limited 99 99 97 96 90 6 Esich Life Assurance Company Limited 88 99 7 First Insurance Company Limited 92 8 Ghana Life Insurance Company 100 99 100 98 99 9 Ghana Union Assurance Life Company Limited 74 67 63 79 77 10 Glico Life Insurance Company Limited 100 99 98 98 98 11 GN Life Assurance Company Limited 87 92 98 12 Metropolitan Life Insurance Ghana Limited 98 98 75 84 83 13 Old Mutual Assurance Ghana Limited 98 99 98 96 92 14 Phoenix Life Assurance Company Limited 97 97 80 82 88 15 Prudential Life Insurance Ghana Limited 100 98 94 94 92 16 Quality Life Assurance Company Limited 99 98 96 97 98 17 Saham Life Insurance Ghana Limited 98 100 99 96 98 18 SIC Life Insurance Company Limited* 100 100 100 100 100 19 StarLife Assurance Company Limited 100 100 100 99 99 20 Beige Assure 100 90 84 89 21 UT Life Insurance Company Limited 96 90 88 63 95 22 Vanguard Life Assurance Company Limited 91 83 89 91 87

61 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break INVESTMENT YIELD Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio calculates the return on a company’s investments. It seeks to measure the quality of a company’s investment portfolio. It is the ratio of investment income to total investment.Ultra Modern Hall | Modern The and Stindustryate of the Art Facilities average | Secured and Large reduced Car Park | Central by Location | Competitive Price | Spacious Lawns 1% to end the year 2017 with an average ratio of 15%. Nine companies recorded investment performance below the industry average. Saham Life and UT Life recorded very low yields far below the average treasury bill rate of 16%. The ratio for Glico Life is out of range because the result is largely led by unrealized fair value gains on properties.

TABLE 15: INVESTMENT YIELD

For MorePercentage Information And (%) Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Year: 2013 2014Location: Appiah-Ampofo2015 House, Independence2016 Ave, National Insurance2017 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Industry Average: 19 18 17 www.nicgh.Org16 15 Life Companies: 1 Africa Life Assurance Company Limited 16** 2 A-Plus Life Assurance Company Limited 22 18 Avance Life ( Formerly Capital Express Assurance 3 23 4* Ghana Limited) 4 Donewell Life Insurance Company Limited 18 22 21 12 18 5 Enterprise Life Assurance Company Limited 27 15 16 16 17 6 Esich Life Assurance Company Limited 10 16 7 First Insurance Company Limited 16 8 Ghana Life Insurance Company 11 38 21 10 17 9 Ghana Union Assurance Life Company Limited 20 24 20 13 23 10 Glico Life Insurance Company Limited 11 9 23 26 27 11 GN Life Assurance Company Limited 18 17 15 12 Metropolitan Life Insurance Ghana Limited 22 18 16 19 21 13 Old Mutual Assurance Ghana Limited 15 13 18 20 12 14 Phoenix Life Assurance Company Limited 21 12 13 22 24 15 Prudential Life Insurance Ghana Limited 6 3 9 11 10 16 Quality Life Assurance Company Limited 20 21 22 24 19 17 Saham Life Insurance Ghana Limited 19 21 3 7 8 18 SIC Life Insurance Company Limited* 15 16 20 21 20 19 StarLife Assurance Company Limited 29 12 19 20 16 20 Beige Assure 16 30 12 5 21 UT Life Insurance Company Limited 27 27 21 3 5 22 Vanguard Life Assurance Company Limited 22 25 1 14 11

62 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break RETURN ON EQUITY Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio calculates the return on shareholders fund over a period, usually, one year. A negative ratio imply the company experienced a loss or has a negative equity base or bothUltra Modern during Hall | Modern the and Stat period.e of the Art Facilities Five | Secured Companies and Large Car Park | Central recorded Location | Competitive Price | Spacious Lawns Loss after tax. A Plus result is out of range.

TABLE 16: RETURN ON EQUITY

Percentage (%) Year: 2013 2014 2015 2016 2017 Industry Average: 20 18 17 6 3 For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Life Companies: Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 1 Africa Life Assurance Company Limited www.nicgh.Org -3** 2 A-Plus Life Assurance Company Limited -10 -73 Avance Life (Formerly Capital Express Assurance 3 0 -1,480 -37* Ghana Limited) 4 Donewell Life Insurance Company Limited -14 1076 -31 4 11 5 Enterprise Life Assurance Company Limited 59 51 39 42 43 6 Esich Life Assurance Company Limited -168 51 7 First Insurance Company Limited -24 8 Ghana Life Insurance Company 8 21 -1 -1 -57 9 Ghana Union Assurance Life Company Limited 61 34 63 11 16 10 Glico Life Insurance Company Limited 18 8 8 30 39 11 GN Life Assurance Company Limited 6 23 20 12 Metropolitan Life Insurance Ghana Limited 36 22 18 4 23 13 Old Mutual Assurance Ghana Limited -487 -60 -75 6 -18 14 Phoenix Life Assurance Company Limited 15 -34 -4 3 5 15 Prudential Life Insurance Ghana Limited -118 -15 -23 -8 -5 16 Quality Life Assurance Company Limited 31 17 8 8 13 17 Saham Life Insurance Ghana Limited -12 0 1 2 5 18 SIC Life Insurance Company Limited* 25 25 26 6 9 19 StarLife Assurance Company Limited 30 18 12 16 16 20 Beige Assure 812 -161 -48 2 21 UT Life Insurance Company Limited 18 5 -28 -31 -27 22 Vanguard Life Assurance Company Limited 4 -8 -95 2.4 24

63 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break RETURN ON ASSET Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This is a ratio of profit after tax to total assets. It seeks to measure the efficiency with which management utilize the assets of the company to generate returns for its variousUltra stakeholders. Modern Hall | Modern and St atThee of the Artmarket Facilities | Secured performance and Large Car Park | Central on Location | Competitive Price | Spacious Lawns this ratio has been experiencing a dip for the past three years. This can be attributed to the increasing volume of assets in the industry and the poor profit base of the companies.

TABLE 17: RETURN ON ASSET

Percentage (%) Year: 2013 2014 2015 2016 2017 For More Information And Reservation, Please Call The Following Numbers Industry Average: 7 6 -10302 238300 | 40302 238301 1 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Life Companies: www.nicgh.Org 1 Africa Life Assurance Company Limited 3 2 A-Plus Life Assurance Company Limited -9 -42 Avance Life ( Formely Capital Express Assurance 3 0 -131 -21 Ghana Limited) 4 Donewell Life Insurance Company Limited 3 7 -0.2 1 4 5 Enterprise Life Assurance Company Limited 15 14 10 10 11 6 Esich Life Assurance Company Limited -73 1 7 First Insurance Company Limited -23 8 Ghana Life Insurance Company 2 9 -0.3 -1 -15 9 Ghana Union Assurance Life Company Limited 25 10 34 8 12 10 Glico Life Insurance Company Limited 8 3 3 12 18 11 GN Life Assurance Company Limited 4 19 15 12 Metropolitan Life Insurance Ghana Limited 5 4 4 1 5 13 Old Mutual Assurance Ghana Limited -35 (18) -31 2 -5 14 Phoenix Life Assurance Company Limited 3 (16) -2 2 3 15 Prudential Life Insurance Ghana Limited -39 (11) -13 -5 -3 16 Quality Life Assurance Company Limited 7 4 2 2 5 17 Saham Life Insurance Ghana Limited -6 0 1 2 4 18 SIC Life Insurance Company Limited* 4 4 4 1 1 19 StarLife Assurance Company Limited 4 5 3 4 3 20 Beige Assure -22 (9) -32 -19 1 21 UT Life Insurance Company Limited 8 2 -10 -16 -.12 22 Vanguard Life Assurance Company Limited 1 (4) -29 2 16

64 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break EXPENSE RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio calculates actual management expenses incurred as a percentage of total net inflows received from policyholders. It serves as a check on efficiency. The internationalUltra Modern industry Hall | Modern and Statacceptablee of the Art Facilities | Securedratio and Largeshould Car Park | Centralnot Location exceed | Competitive Price | Spacious Lawns 40%. A high ratio indicates inefficiency on the part of the insurance company in handling its activities. It actually means much of the premium is going into expenses and not policyholders benefit reserves. Beige Assure, First Insurance, Avance Life, A Plus and African Life are outliers.

TABLE 18 EXPENSE RATIO

Percentage (%) Year: 2013 For More2014 Information And2015 Reservation, Please2016 Call The Following2017 Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Industry Average: 57 Tel: 23361 302 238 300/1 | Fax:65 233 302 237 248 | Email:65 [email protected] | Website:64 www.nicgh.Org Life Companies: 1 Africa Life Assurance Company Limited 204** 2 A-Plus Life Assurance Company Limited 4,358 3630 Avance Life ( Formerly Capital Express Assurance 3 0 326 1529* Ghana Limited) 4 Donewell Life Insurance Company Limited 37 51 59 62 98 5 Enterprise Life Assurance Company Limited 36 36 37 36 35 6 Esich Life Assurance Company Limited 350 76 7 First Insurance Company Limited 621 8 Ghana Life Insurance Company 58 62 67 58 68 9 Ghana Union Assurance Life Company Limited 68 80 60 70 74 10 Glico Life Insurance Company Limited 25 29 44 33 34 11 GN Life Assurance Company Limited 265 80 52 12 Metropolitan Life Insurance Ghana Limited 50 41 47 53 48 13 Old Mutual Assurance Ghana Limited 33 95 113 77 58 14 Phoenix Life Assurance Company Limited 57 67 56 75 66 15 Prudential Life Insurance Ghana Limited 146 136 134 93 77 16 Quality Life Assurance Company Limited 38 41 42 47 45 17 Saham Life Insurance Ghana Limited 170 102 88 79 71 18 SIC Life Insurance Company Limited* 22 23 27 28 29 19 StarLife Assurance Company Limited 31 37 45 43 38 20 Beige Assure 79 97 108 148 21 UT Life Insurance Company Limited 68 71 73 104 85 22 Vanguard Life Assurance Company Limited 54 51 60 54 68

65 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break CHANGE IN CAPITAL AND SURPLUS Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio measures the growth or decline in the equity of an insurer over the previous year. It is the general measure of improvements or deterioration of an insurer’s financial Ultraposition. Modern Hall | ModernSome and St atofe of thethe Art Facilitiesfactors | Secured andthat Large Carcan Park | Centralaffect Location | Competitive Price | Spacious Lawns this ratio are profits or loss after tax, change in unrealized gains or losses, changes in actuarial liabilities and regulatory enforcements to inject capital. The ratio for Beige Life is out of range mainly because of the injection of investment properties. Avance Life ratio is also out of range because of the losses made over the years.

TABLE 19: CHANGE IN CAPITAL AND SURPLUS

Percentage (%) Year: 2013 2014For More Information2015 And Reservation,2016 Please Call2017 The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Industry Average: 7 180Tel: 233 302 238 300/118 | Fax: 233 302 23757 248 | Email: [email protected] 19 | Website: www.nicgh.Org Life Companies: 1 Africa Life Assurance Company Limited (3)** 2 A-Plus Life Assurance Co. Limited 43 (27) Avance Life ( Formerly Capital Express Assurance -104 (758)* 3 Ghana Limited) 4 Donewell Life Insurance Company Limited -28 -102 -207 -8595 19 5 Enterprise Life Assurance Company Limited 46 42 21 19 27 6 Esich Life Assurance Company Limited -246 -279 7 First Insurance Company Limited 0 8 Ghana Life Insurance Company 11 253 7 21 (28) 9 Ghana Union Assurance Life Company Limited 7 -21 167 463 14 10 Glico Life Insurance Company Limited 20 5 5 43 68 11 GN Life Assurance Company Limited 6 31 24 12 Metropolitan Life Insurance Ghana Limited 57 75 36 4 29 13 Old Mutual Assurance Ghana Limited -47 749 102 7 (15) 14 Phoenix Life Assurance Company Limited 19 242 83 3 7 15 Prudential Life Insurance Ghana Limited -53 959 -19 28 32 16 Quality Life Assurance Company Limited 38 42 3 5 144 17 Saham Life Insurance Ghana Limited -10 0 782 2 5 18 SIC Life Insurance Company Limited* 41 30 21 -3 14 19 StarLife Assurance Company Limited 48 185 17 27 31 20 Beige Assure -143 -269 -556 758 21 UT Life Insurance Company Limited 84 41 -8 137 (20) 22 Vanguard Life Assurance Company Limited 25 0.1 -49 426 31

66 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break STATEMENT OF ASSETS - LIFE Bu et Lunch Mineral Water Note Pad, Folder And Pen 2017 Internet2016 Connectivity

2. Investments:

Government of Ghana Securities 265,077,379 253,148,032

Bank of Ghana Securities 232,962,733 122,803,939 For More Information And Reservation, Please Call The Following Numbers Statutory Deposits 26,573,3810302 238300 | 0302 238301 13,771,149 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Term deposits held at a licensed bank 818,554,536www.nicgh.Org 793,911,939 Other term deposits 263,670,346 169,691,282

Corporate Debt 5,288,822 4,685,913

Securities listed on Ghana Stock Exchange 122,472,918 60,963,119

Other Securities 46,574,929 31,861,839

Equity backed mutual funds 91,593 78,314

Money market mutual funds 43,136,443 31,936,342

Land & building held as investment 573,491,907 364,092,608

Investments in, and subordinated loans to, connected persons 70,403,933 51,866,619

Other Investments 11,697,535 10,500,500

Total Investments 2,479,996,455 1,909,311,595

3. Receivables & Prepayments

Policy Loans 54,196,426 49,089,122

Premium Debtors 13,304,155 5,229,044

Staff Loans and Advances 2,252,833 2,324,935

Due from reinsurers less than 3 months old - 463,618

Due from reinsurers more than 3 months old - 1,390,853

Due from other Insurers 9,682 -

Due from Agents and Brokers 1,472,303 1,190,431

Due from Connected Persons 9,326,713 5,632,308

Reinsurance Share of Insurance liabilities 1,311,090 847,691

Deferred Tax Assets 9,614,942 2,423,995

Other Receivables 43,527,325 28,801,665

Total Receivables 135,015,469 97,393,662

67 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch 4 Property, Plant and Equipment Mineral Water Note Pad, Folder And Pen Internet Connectivity Land & Buildings occupied by Insurer for own use 50,397,351 46,647,473

Computer Hardware and Software 11,829,804 8,596,031

Motor Vehicles 16,778,753 15,451,570

Furniture and Fittings 11,068,690 9,845,088

Other Assets 9,923,855 18,507,026

Total Property, Plant & Equipment For More 103,271,947 Information And Reservation, Please103,414,197 Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 5 Intangible Assets

Goodwill, unless otherwise deducted 9,239 28,000

Other assets shown as intangible assets 488,868 2,622,399 Total intangible assets 2,650,399 498,107

6 Other Assets Capitalised research and development costs - - Deferred acquisition costs - -

Corporate stationery 563,130 445,983 Other assets not included above - - Total Other Assets 445,983 563,130

TOTAL ASSETS 2,889,988,333 2,241,395,275

68 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break STATEMENT OF EQUITY AND LIABILITIES FOR LIFE INSURERS Bu et Lunch Mineral Water Note Pad, Folder And Pen 2017 Internet2016 Connectivity GHS GHS Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 1 Technical Provisions Actuarial Liabilities 1,764,214,748 1,410,965,496 Investment Contracts Liabilities 10,123,043 4,576,330 Other Provisions 214,074 172,844 Total Technical Provisions 1,774,551,865 1,415,714,670

For More Information And Reservation, Please Call The Following Numbers 2 Payables 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Bank Overdrafts and Loans 7,013,312www.nicgh.Org 5,771,436 Due to Reinsurers 3,574,120 3,806,279 Due to Agents and Brokers 2,805,480 1,500,728 Taxation 3,874,154 5,376,068 Deferred Taxation 50,343,021 37,242,477 Due to Related Parties 10,878,593 8,661,839 Other Accruals & Payables 98,295,082 77,436,525 Total Payables 176,783,762 139,795,352

3 Long Term Liabilities Bank Loans 392,150 1,435,197 Debentures - - Unsecured Subordinated Debts Perpetual - - More than 4 years to maturity 51,779,242 - More than 3 but 4 years or less to maturity - - More than 2 but 3 years or less to maturity - - More than 1 but 2 years or less to maturity - - 1 year or less to maturity - - Other Borrowings 70,849 - Total Long Term Liabilities 52,242,241 1,435,197

69 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water 4 EQUITY Note Pad, Folder And Pen Internet Connectivity

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Paid Up Ordinary Shares 532,904,993 481,663,467 Ordinary Shares held as treasury shares - - Paid up perpetual non-cumulative preference shares - - Paid up perpetual non-cumulative preference shares held as - - treasury Paid up perpetual cumulative preference shares - -

Paid up perpetual cumulative preference shares held as treasury For More Information And - Reservation, Please C all The Following - Numbers 0302 238300 | 0302 238301 Contingency Reserves Location: Appiah-Ampofo 57,463,941 House, Independence Ave, National 40,496,759 Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Revaluation Reserves (Owned Land & Building) 32,135,554 25,674,678 Revaluation Reserves (Investments excluding items to be 24,359,316 15,130,511 deducted from core capital) Revaluation Reserves (Others) 3,415,057 2,063,864 1,306,208 2,134,000 Retained Earnings, as at end of previous financial year 117,085,712 76,521,800 Current year net earnings/deficit 85,464,527 40,563,912

Others 32,275,159 201,065

Total Equity 886,410,466 684,450,055 TOTAL LIABILITIES AND EQUITY 2,889,988,334 2,241,395,275

70 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Non-life Companies Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity CHANGES IN GROSS WRITTEN PREMIUMS

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns This ratio measures growth or contraction in the company’s gross premium relative to the prior year. In 2017 the industry recorded 11% without GOGIP, a dip compared to 2016 growth rate of 28%. Nevertheless, the market continues to witness positive growth. With the exception of Activa, GUA ,Glico, the rest witnessed a dip in growth. Meanwhile RegencyNem and Unique experienced serious contraction in growth to settle at -10% and -1% respectively. Saham recorded growth far beyond the expected range.

TABLE 20: CHANGES IN GROSS WRITTEN PREMIUMS

For More Information And Reservation, Please Call The Following Numbers Percentage0302 (%) 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Year: 2013 2014Tel: 233 302 238 300/12015 | Fax: 233 302 237 2016248 | Email: [email protected] | Website: www.nicgh.Org Industry Average: 18 13 32 28 11 1. Activa International Insurance Co. Limited 36 24 42 7 34 2. Allianz Insurance Company Limited 17 60 -18 24 5 3. Best Assurance Company Limited* N/A N/A N/A 0 0 4. Donewell Insurance Company Limited 16 3 36 50 17 5. Enterprise Insurance Company Limited 42 15 43 34 19 6. Equity Assurance Company Limited 17 24 36 48 15 7. Ghana Union Assurance Company Limited* 51 2 41 6 17 8. Glico General Insurance Company Limited* 24 17 48 1 18 9. Heritage Insurance Company Limited 5 N/S N/S N/S 16 10. Hollard Insurance Company Limited 21 17 22 9 7 11. Imperial General Insurance Co. Limited 0 420 20 42 29 12. Loyalty Insurance Company Limited 0 13. Millennium Insurance Company Ltd 76 -9 23 58 15 14. Multi Insurance Company Limited 0 15. NSIA Ghana Insurance Company 13 -33 46 38 21 16. Phoenix Insurance Company 16 4 38 33 2 17. Prime Insurance Company Limited 448 148 147 142 1 18. Priority Insurance Company Limited 7586 22 49 118 36 19. Provident Insurance Company Limited 1 7 43 36 5 20. Quality Insurance Company Limited 11 13 19 34 11 21. RegencyNEM Insurance Ghana Ltd 33 49 43 61 -10 22. Saham Insurance Company Limited* 137 23 26 -13 110 23. SIC Insurance Company Limited* 2 1 20 15 1 24. Star Assurance Company Limited -6 25 29 31 8 25. Unique Insurance Company Ltd 14 5 32 42 -1 26 Vanguard Assurance Company Limited* 27 10 25 33 2 27 Wapic Insurance (Gh.) Limited -4 -15 19 36 10 Reinsurers: 1. Ghana Reinsurance Company Limited 10 21 34 13 20 2. Mainstream Reinsurance Company Limited 2 -4 20 35 31 3. GN Reinsurance N/A - 1024 132 37

71 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break CHANGES IN NET WRITTEN PREMIUM Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This measures growth or contraction in the company’s current net premiums over the previous year’s net premiums. A high growth/contraction rate that does not positively correlateUltra Modern Hall | Modernto the and St atgrosse of the Art Facilitiespremium | Secured and growth Large Car Park | Centralrate Location | Competitive Price | Spacious Lawns indicates significant changes in the company’s reinsurances. Thus, any ratio greater or less than +or-33% reflects significant changes in reinsurance policy or volatility in premiums.

TABLE 21: CHANGES IN NET WRITTEN PREMIUM

Percentage (%) Year: 2013 2014 2015 2016 2017 Industry Average: 40 13For More Information43 And Reservation,41 Please Call The12 Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Non-life Companies: Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 1. Activa International Insurance Co. Limited 17 29 15 31 17 2. Allianz Insurance Company Limited 34 54 36 18 44 3. Best Assurance Company Limited* N/A N/A N/A 0 4. Donewell Insurance Company Limited 22 20 29 51 8 5. Enterprise Insurance Company Limited 45 14 45 30 12 6. Equity Assurance Company Limited 14 23 30 49 16 7. Ghana Union Assurance Company Limited 35 -7 46 36 25* 8. Glico General Insurance Company Limited 43 -25 114 -9 -13* 9. Heritage Insurance Company Limited 4 N/S N/S N/S 20 10. Hollard Insurance Company Limited 38 -2 68 22 -1 11. Imperial General Insurance Co. Limited 79 361 22 53 40 12. Loyalty Insurance Company Limited 0 13. Millennium Insurance Company Ltd 71 -15 24 47 22 14. Multi Insurance Company Limited 15. NSIA Ghana Insurance Company 10 -34 27 32 14 16. Phoenix Insurance Company 21 0 34 22 16 17. Prime Insurance Company Limited 360 88 197 156 4 18. Priority Insurance Company Limited 7904 28 46 156 30 19. Old Mutual Life Insurance -2 6 57 29 13 20. Quality Insurance Company Limited 16 6 22 36 8 21. RegencyNEM Insurance Ghana Ltd 35 42 36 87 -7 22. Saham Insurance Company Limited 65 44 5 -22 93* 23. SIC Insurance Company Limited -9 -11 -8 40 4* 24. Star Assurance Company Limited 2 14 37 33 11 25. Unique Insurance Company Ltd 17 -5 62 32 -3 26 Vanguard Assurance Company Limited 41 9 14 22 4* 27 Wapic Insurance (Gh.) Limited -5 -11 17 28 7 Reinsurers: 1. Ghana Reinsurance Company Limited 6 41 10 21 37 2. Mainstream Reinsurance Company Limited 6 -14 30 19 61 3. GN Reinsurance N/A - 706 115 66

72 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break NET INSURANCE RISK RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio measures the ability or capacity of the insurer’s capital and surplus to absorb unforeseen shocks. It is calculated as a ratio of Net Written Premium to Equity. The higherUltra Modern the Hall | Modernratio, and theState of theless Art Facilities conservative | Secured and Large Car Parkthe | Central insurer, Location | Competitive and Price | Spacious Lawns hence, the greater the potential risk that, the insurer cannot absorb shock/losses. In 2017, the ratio declined to 81% showing improvement in companies potential capacity to absorb unforeseen losses. Enterprise, Prime and Vanguard appear quite aggressive with higher level of risks relative to their capital or equity base.

TABLE 22: NET INSURANCE RISK RATIO

Percentage (%)

Year: 2013 For2014 More Information2015 And Reservation,2016 Please Call The Following2017 Numbers 0302 238300 | 0302 238301 Industry Average: 134 Location:104 Appiah-Ampofo House,98 Independence Ave, National92 Insurance Commissio81n ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Non-life Companies: www.nicgh.Org 1. Activa International Insurance Co. Limited 93 89 56 64 57 2. Allianz Insurance Company Limited 242 80 155 80 89 3. Best Assurance Company Limited N/A N/A N/A 24 47* 4. Donewell Insurance Company Limited 138 116 101 127 123 5. Enterprise Insurance Company Limited 117 124 144 168 153 6. Equity Assurance Company Limited 150 157 135 120 124 7. Ghana Union Assurance Company Limited 22 12 27 28 23* 8. Glico General Insurance Company Limited 145 111 205 102 67* 9. Heritage Insurance Company Limited -146 N/S N/S N/S 72 10. Hollard Insurance Company Limited 178 151 129 125 98 11. Imperial General Insurance Co. Limited 0 33 49 86 68 12. Loyalty Insurance Company Limited 10 13. Millennium Insurance Company Ltd 79 63 79 56 61 14. Multi Insurance Company Limited 15. NSIA Ghana Insurance Company 131 68 81 33 30 16. Phoenix Insurance Company 264 72 99 103 100 17. Prime Insurance Company Limited 48 -117 68 173 169 18. Priority Insurance Company Limited 21 23 27 37 48 19. Old Mutual Life Insurance 83 54 32 39 41 20. Quality Insurance Company Limited 242 153 143 83 78 21. RegencyNEM Insurance Ghana Ltd 199 185 230 209 149 22. Saham Insurance Company Limited 202 125 45 49 72* 23. SIC Insurance Company Limited 108 95 83 119 99* 24. Star Assurance Company Limited 114 78 84 87 41 25. Unique Insurance Company Ltd 271 146 80 62 55 26 Vanguard Assurance Company Limited 219 230 160 166 152* 27 Wapic Insurance (Gh.) Limited 325 74 48 77 85 Reinsurers: 1. Ghana Reinsurance Company Limited 37 41 44 48 58 2. Mainstream Reinsurance Company Limited 86 63 38 32 47 3. GN Reinsurance N/A 1 12 15 24

73 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break GROSS INSURANCE RISK RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio is similar to the Net Risk Ratio with Net Written Premium replaced with Gross Written Premium. The quite aggressive insurers appear to be the same as in the Net InsuranceUltra Modern risk Hall | Modernexcept and Stat efor of the ArtActiva, Facilities | Secured Allianz, and Large Car Equity, Park | Central Location | Competitive Price | Spacious Lawns Hollard, Glico, Prime, RegencyNem, Saham and SIC . However, their high risk appears to be managed through reinsurance as evidenced by relatively lower net retentions.

TABLE 23: GROSS INSURANCE RISK RATIO

Percentage (%) Year: 2013 2014 2015 2016 2017 Industry Average: 215 168For More Information159 And Reservation,142 Please Call The121 Following Numbers 0302 238300 | 0302 238301 Non-life Companies: Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Activa International Insurance Company www.nicgh.Org 1. 303 278 216 200 206 Limited 2. Allianz Insurance Company Limited 923 316 370 203 165 3. Best Assurance Company Limited N/A N/A N/A 32 53* 4. Donewell Insurance Company Limited 189 137 126 156 164 5. Enterprise Insurance Company Limited 181 191 219 264 257 6. Equity Assurance Company Limited 176 186 167 146 150 7. Ghana Union Assurance Company Limited 59 36 78 64 50* 8. Glico General Insurance Company Limited 257 305 389 216 186* 9. Heritage Insurance Company Limited -184 N/S N/S N/S 90 10. Hollard Insurance Company Limited 412 422 261 224 190 11. Imperial General Insurance Company Limited 0 45 64 104 75 12. Loyalty Insurance Company Limited 11 13. Millennium Insurance Company Ltd 93 79 99 76 76 14. Multi Insurance Company Limited 4 15. NSIA Ghana Insurance Company 152 80 110 47 46 16. Phoenix Insurance Company 352 100 141 160 137 17. Prime Insurance Company Limited 57 -184 88 215 203 18. Priority Insurance Company Limited 26 27 33 40 55 19. Old Mutual Life Insurance 113 73 40 51 50 20. Quality Insurance Company Limited 287 193 175 101 97 21. RegencyNEM Insurance Ghana Ltd 234 228 297 232 162 22. Saham Insurance Company Limited 354 187 82 101 160* 23. SIC Insurance Company Limited 153 152 171 202 162* 24. Star Assurance Company Limited 178 133 136 138 64 25. Unique Insurance Company Ltd 336 200 88 74 66 26 Vanguard Assurance Company Limited 291 307 235 266 240* 27 Wapic Insurance (Gh.) Limited 310 81 63 109 140 Reinsurers: 1. Ghana Reinsurance Company Limited 42 23 30 60 58 2. Mainstream Reinsurance Company Limited 90 73 41 37 47 3. GN Reinsurance N/A 1 17 28 34

74 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break CHANGE IN CAPITAL AND SURPLUS Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio measures the growth or decline in the equity of the insurer over the previous year. It is the general measure of improvement or deterioration of an insurer’s financial position. SomeUltra of Modern the Hallfactors | Modern and thatState of thecould Art Facilities affect | Secured and this Large Carratio Park | Central are Location after | Competitive tax Price | Spacious Lawns profits or losses, changes in unrealized gains or losses on assets, or changes in the Technical Provision valuation policies and injection of capital. In 2017, the ratio declined from 45% to 32%. We expect this ratio to further reduce mainly because the industry averages of 2014, 2015 and 2016 have been largely influenced by capital injections due to regulatory requirements. The acceptable threshold for this ratio is between 0 to 33%. The nature, scale, complexity as well as the risk appetite level of the insurer’s business is a useful indicator of the level of capital required.

TABLE 24: CHANGE IN CAPITAL AND SURPLUS

For More InformationPercentage And Reservation, (%) Please Call The Following Numbers 0302 238300 | 0302 238301 Year: 2013 Location:2014 Appiah-Ampofo House,2015 Independence Ave,2016 National Insurance Commissio2017n ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Industry Average: 24 76 48 www.nicgh.Org45 32 Non-life Companies: 1. Activa International Insurance Company Limited 36 35 83 16 30 2. Allianz Insurance Company Limited -20 366 -30 127 29 3. Best Assurance Company Limited N/A N/A N/A 0 0* 4. Donewell Insurance Company Limited 52 42 44 21 12 5. Enterprise Insurance Company Limited 15 9 25 11 23 6. Equity Assurance Company Limited 126 18 52 68 12 7. Ghana Union Assurance Company Limited 103 67 -34 30 54* 8. Glico General Insurance Company Limited 5 -2 16 83 13* 9. Heritage Insurance Company Limited -573 N/S N/S N/S 244 10. Hollard Insurance Company Limited 25 15 97 26 26 11. Imperial General Insurance Company Limited 0 3 1 -12 78 12. Loyalty Insurance Company Limited 0 13. Millennium Insurance Company Ltd 47 8 -2 106 30 14. Multi Insurance Company Limited 0 15. NSIA Ghana Insurance Company -30 27 6 227 24 16. Phoenix Insurance Company -1 265 8 17 20 17. Prime Insurance Company Limited 36 -177 -615 6 6 18. Priority Insurance Company Limited 11 16 29 87 0 19. Old Mutual Life Insurance 20 64 185 5 8 20. Quality Insurance Company Limited 13 203 31 153 16 21. RegencyNEM Insurance Ghana Ltd 23 53 10 96 30 22. Saham Insurance Company Limited 8 133 191 -28 32* 23. SIC Insurance Company Limited 9 2 9 -2 23* 24. Star Assurance Company Limited 25 66 26 29 134 25. Unique Insurance Company Ltd -179 76 198 7 10 26 Vanguard Assurance Company Limited 25 4 64 17.76 13* 27 Wapic Insurance (Gh.) Limited -21 293 82 -21.28 -15 Reinsurers: 1. Ghana Reinsurance Company Limited 27 23 3 9 20 2. Mainstream Reinsurance Company Limited 19 30 216 42 10 3. GN Reinsurance N/A - -12 18 12

75 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break CLAIMS RESERVE RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio is calculated as the Provision for Outstanding Claims (including the IBNR) divided by the Net Earned Premiums. It compares the relationship of Provisions for Outstanding Claims to net earnedUltra premiums,Modern Hall | Modern toand Stdetermineate of the Art Facilities whether | Secured and Large or Car not Park | Centralthe Location | Competitive Price | Spacious Lawns company is adequately reserving for claims in process. It is therefore an indication of the adequacy of the Outstanding Claims Provision. The internationally acceptable range for this ratio is between 25% and 50%. In 2017 the average ratio increased to 40% from 32% in 2016. With the exception of GUA, Phoenix, and Vanguard, the rest improved their ratios. The ratios for Quality Insurance however, remained the same at 10%. Activa, Hollard and Saham have improved relative to the 2015 high ratios. Best, Heritage, Imperial, Phoenix, Prime, RegencyNem have their ratios being below the thresholds.

TABLE 25: CLAIMS RESERVE RATIO

ForPercentage More Information (%) And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Year: 2013 2014Location: Appiah-Ampofo2015 House, Independence2016 Ave, National Insurance2017 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Industry Average: 38 24 36 www.nicgh.Org32 40 Non-life Companies: Activa International Insurance Company 1. 97 109 308 60 81 Limited 2. Allianz Insurance Company Limited 29 12 63 6 27 3. Best Assurance Company Limited N/A N/A N/A 4 5* 4. Donewell Insurance Company Limited 42 35 23 19 19 5. Enterprise Insurance Company Limited 11 14 70 21 31 6. Equity Assurance Company Limited 12 21 26 10 19 7. Ghana Union Assurance Company Limited 74 67 290 176 132* 8. Glico General Insurance Company Limited 49 42 32 44 62* 9. Heritage Insurance Company Limited 48 N/S N/S N/S 9 10. Hollard Insurance Company Limited 32 42 149 75 93 11. Imperial General Insurance Company Limited 0 17 15 10 12 12. Loyalty Insurance Company Limited 21 13. Millennium Insurance Company Ltd 15 15 26 40 49 14. Multi Insurance Company Limited 0 15. NSIA Ghana Insurance Company 96 104 98 66 94 16. Phoenix Insurance Company 14 7 15 13 6 17. Prime Insurance Company Limited 80 86 14 13 15 18. Priority Insurance Company Limited 96 22 24 19 63 19. Old Mutual Life Insurance 46 43 62 50 46 20. Quality Insurance Company Limited 22 11 12 10 10 21. RegencyNEM Insurance Ghana Ltd 24 15 24 5 6 22. Saham Insurance Company Limited 34 13 148 75 66* 23. SIC Insurance Company Limited 15 19 54 17 25* 24. Star Assurance Company Limited 14 19 28 38 44 25. Unique Insurance Company Ltd 24 35 18 28 31 26 Vanguard Assurance Company Limited 9 13 22 17 15* 27 Wapic Insurance (Gh.) Limited 41 34 86 100 109 Reinsurers: 1. Ghana Reinsurance Company Limited 36 42 45 36 51 2. Mainstream Reinsurance Company Limited 10 5 34 10 4 3. GN Reinsurance N/A - 47 18 17

76 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break RETENTION RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This is calculated as the Net Written Premium over the Gross Written Premium. It represents the portion of the risks that insurers have not passed on to reinsurers. Even thoughUltra Modern high Hall | Modernretentions and State of the Artare Facilities usually | Secured and considered Large Car Park | Central Location riskier, | Competitive Price | Spacious Lawns the tolerance level actually vary between the various lines of business. High retention will require sufficient capital to support the insurer. The industry recorded an average retention ratio of 71% in 2017, representing a three-percentage point increase compared to 2016. Activa’s retention is worrying.

TABLE 26: RETENTION RATIO

Percentage (%)

Year: 2013 For2014 More Information2015 And Reservation, 2016 Please Call The Following2017 Numbers 0302 238300 | 0302 238301 Industry Average: 71 Location:68 Appiah-Ampofo House,66 Independence Ave, National68 Insurance Commissio71n ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Non-life Companies: www.nicgh.Org Activa International Insurance Company 1. 31 32 26 32 28 Limited 2. Allianz Insurance Company Limited 26 25 42 40 54 3. Best Assurance Company Limited N/A N/A N/A 77 90* 4. Donewell Insurance Company Limited 73 85 80 81 75 5. Enterprise Insurance Company Limited 65 65 66 64 60 6. Equity Assurance Company Limited 86 85 81 82 83 7. Ghana Union Assurance Company Limited 36 33 34 44 45* 8. Glico General Insurance Company Limited 57 37 53 47 36* 9. Heritage Insurance Company Limited 79 N/S N/S N/S 81 10. Hollard Insurance Company Limited 43 36 49 55 51 11. Imperial General Insurance Company Limited 71 74 76 82 90 12. Loyalty Insurance Company Limited 93 13. Millennium Insurance Company Ltd 85 79 80 74 80 14. Multi Insurance Company Limited 100 15. NSIA Ghana Insurance Company 86 80 74 70 66 16. Phoenix Insurance Company 75 72 70 64 73 17. Prime Insurance Company Limited 84 64 76 81 83 18. Priority Insurance Company Limited 81 85 83 92 89 19. Old Mutual Life Insurance 74 73 81 76 82 20. Quality Insurance Company Limited 84 79 81 83 80 21. RegencyNEM Insurance Ghana Ltd 85 81 77 90 92 22. Saham Insurance Company Limited 57 67 55 49 45* 23. SIC Insurance Company Limited 71 63 49 59 61* 24. Star Assurance Company Limited 64 58 62 63 65 25. Unique Insurance Company Ltd 81 73 91 84 82 26 Vanguard Assurance Company Limited 75 75 68 63 63* 27 Wapic Insurance (Gh.) Limited 95 91 76 71 60 Reinsurers: 1. Ghana Reinsurance Company Limited 88 90 82 88 100 2. Mainstream Reinsurance Company Limited 94 85 92 81 100 3. GN Reinsurance N/A 1 72 66 70

77 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break INVESTMENT YIELD Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio gives a reasonable indication of the return on the investment portfolio. It is calculated by dividing the investment income by the total investments. In 2017 the industry averageUltra Modern Hall settled | Modern and Stat ate of the 13% Art Facilities commensurate | Secured and Large Car Park | Central to Locationthe | Competitive Price | Spacious Lawns current general market condition as interest rates continue to fall. The ratios for Activa, Best, Enterprise, Equity, Glico, Heritage, Imperial, Loyalty, Multi, RegencyNem, Saham, SIC, Vanguard are all below the industry average. Hollard, Millennium and Prime made significant yields .

TABLE 27: INVESTMENT YIELD

Percentage (%)

Year: 2013 2014For More Information2015 And Reservation,2016 Please Call2017 The Following Numbers 0302 238300 | 0302 238301 Industry Average: 15 16Location: Appiah-Ampofo16 House, Independence16 Ave, National Insurance13 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Non-life Companies: www.nicgh.Org 1. Activa International Insurance Company Limited 12 10 9 12 8 2. Allianz Insurance Company Limited 22 18 30 19 14 3. Best Assurance Company Limited N/A N/A N/A 9 7* 4. Donewell Insurance Company Limited 12 13 9 20 14 5. Enterprise Insurance Company Limited 26 18 20 14 12 6. Equity Assurance Company Limited 12 11 16 13 12 7. Ghana Union Assurance Company Limited 3 4 7 4 2* 8. Glico General Insurance Company Limited 11 16 8 9 8* 9. Heritage Insurance Company Limited 58 N/S N/S N/S 4 10. Hollard Insurance Company Limited 20 20 12 20 19 11. Imperial General Insurance Company Limited 3.77 23 27 21 10 12. Loyalty Insurance Company Limited 9 13. Millennium Insurance Company Ltd 20 24 23 18 21 14. Multi Insurance Company Limited 12 15. NSIA Ghana Insurance Company 22 14 19 19 15 16. Phoenix Insurance Company 13 14 14 18 16 17. Prime Insurance Company Limited 18 30 2 22 20 18. Priority Insurance Company Limited 26 26 28 8 13 19. Old Mutual Life Insurance 15 22 17 16 16 20. Quality Insurance Company Limited 15 16 10 14 16 21. RegencyNEM Insurance Ghana Ltd 11 15 17 19 17 22. Saham Insurance Company Limited 16 8 3 9 9* 23. SIC Insurance Company Limited 10 11 17 15 10* 24. Star Assurance Company Limited 8 10 20 23 14 25. Unique Insurance Company Ltd 10 8 13 17 18 26 Vanguard Assurance Company Limited 10 12 24 11 9* 27 Wapic Insurance (Gh.) Limited 17 21 15 22 16 Reinsurers: 1. Ghana Reinsurance Company Limited 30 21 18 13 12 2. Mainstream Reinsurance Company Limited 6 33 9 20 19 3. GN Reinsurance N/A 6 14 20 11

78 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break RETURN ON ASSET RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio is an indicator of general profitability of the insurer. It is calculated as after tax profits divided by total assets. It seeks to measure the efficiency with which managementUltra Modern Hall utilize| Modern and Sttheate of theassets Art Facilities | Securedof the and Large company Car Park | Central Locationto generate | Competitive Price | Spacious Lawns returns for the various stakeholders. The industry average has hovered between 3% and 6% in five years, with 2017 remaining same at 4% as in the prior year. With respect to 2017, Allianz, Loyalty and Multi recorded negative return on assets. As indicated, Equity attained the highest return on assets.

TABLE 28: RETURN ON ASSET RATIO

Percentage (%)

Year: 2013 For More2014 Information And2015 Reservation, Please2016 Call The Following2017 Numbers 0302 238300 | 0302 238301 Industry Average: 6 Location: Appiah-Ampofo4 House, Independence3 Ave, National4 Insurance Commission4 ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Non-life Companies: www.nicgh.Org 1. Activa International Insurance Company Limited 8 3 3 4 3 2. Allianz Insurance Company Limited -5 -6 -12 -5 -31 3. Best Assurance Company Limited N/A N/A N/A 2 9* 4. Donewell Insurance Company Limited 7 11 11 12 7 5. Enterprise Insurance Company Limited 20 12 7 14 8 6. Equity Assurance Company Limited 9 6 8 11 11 7. Ghana Union Assurance Company Limited 2 2 4 1 1* 8. Glico General Insurance Company Limited 2 -10 -3 6 7* 9. Heritage Insurance Company Limited -66 N/S N/S N/S 16 10. Hollard Insurance Company Limited 7 3 3 7 6 11. Imperial General Insurance Company Limited 2 2 1 -9 3 12. Loyalty Insurance Company Limited -10 13. Millennium Insurance Company Ltd 13 5 -1 6 8 14. Multi Insurance Company Limited -4 15. NSIA Ghana Insurance Company -15 -18 3 3 6 16. Phoenix Insurance Company 0 9 3 8 9 17. Prime Insurance Company Limited -17 -215 -4 2 2 18. Priority Insurance Company Limited 8 11 16 6 2 19. Old Mutual Life Insurance 34 13 11 9 7 20. Quality Insurance Company Limited 6 1 3 6 7 21. RegencyNEM Insurance Ghana Ltd 9 17 3 10 4 22. Saham Insurance Company Limited 2 1 1 -18 2* 23. SIC Insurance Company Limited 0 -5 5 2 5* 24. Star Assurance Company Limited 8 1 10 11 8 25. Unique Insurance Company Ltd -16 -3 0 19 6 26 Vanguard Assurance Company Limited 7 1 7 8 8* 27 Wapic Insurance (Gh.) Limited -4 13 -7 -12 6 Reinsurers: 1. Ghana Reinsurance Company Limited 11 13 5 7 6 2. Mainstream Reinsurance Company Limited 7 9 5 9 11 3. GN Reinsurance N/A 3 6 10 9

79 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break CLAIMS RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio is calculated as the net claims incurred divided by the Net Earned Premiums. It is a key ratio which indicates how well an insurance company pays claims and to some extent, of fair customerUltra treatment. Modern Hall | Modern The and Stat ratioe of the Art is Facilities an indication| Secured and Large Carof Park how | Central much Location | Competitive Price | Spacious Lawns policyholders get back in return for each cedi of premium paid to insurance companies. The industry ratio over the years have been low compared to the international acceptable standard, which ranges between 40% and 60%. Since the core obligation of an insurer is to pay claims, insurers must ensure that all incurred claims are paid quickly in order to win the confidence of the average Ghanaian. 2017 industry average showed a declining ratio of 37% from 39% in the prior year, and Best, Equity, GUA, Glico, Hollard, Phoenix, Unique and Wapic had their ratio reflective of the trend seen in the industry claim ratio.

TABLE 29: CLAIMS RATIO

For MorePercentage Information (%) And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Year: 2013 2014Location: Appiah-Ampofo2015 House, Independence2016 Ave, National Insurance2017 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Industry Average: 31 37 37 www.nicgh.Org39 37 Non-life Companies: 1. Activa International Insurance Company Limited 12 37 33.71 24 36 2. Allianz Insurance Company Limited 63 31 99.5 44 63 3. Best Assurance Company Limited N/A N/A N/A 13.38 11* 4. Donewell Insurance Company Limited 29 25 16.31 30 50 5. Enterprise Insurance Company Limited 48 62 63.44 53 61 6. Equity Assurance Company Limited 23 24 24.77 32 28 7. Ghana Union Assurance Company Limited 60 54 52.84 63 50* 8. Glico General Insurance Company Limited 52 51 62.1 58 36* 9. Heritage Insurance Company Limited 57 N/S N/S N/S 21 10. Hollard Insurance Company Limited 53 64 55.26 46 43 11. Imperial General Insurance Company Limited 0 32 29.58 20 22 12. Loyalty Insurance Company Limited 34 13. Millennium Insurance Company Ltd 27 26 66.96 46 48 14. Multi Insurance Company Limited 2 15. NSIA Ghana Insurance Company 61 70 24.24 32 39 16. Phoenix Insurance Company 38 34 54.1 44 35 17. Prime Insurance Company Limited 7 97 23.51 29 35 18. Priority Insurance Company Limited 38 14 17.82 12 27 19. Old Mutual Life Insurance 37 27 36.02 28 41 20. Quality Insurance Company Limited 27 21 33.7 30 30 21. RegencyNEM Insurance Ghana Ltd 19 -3 42.58 35 38 22. Saham Insurance Company Limited 37 16 52.03 63 26* 23. SIC Insurance Company Limited 32 71 57.97 25 35* 24. Star Assurance Company Limited 25 29 42.01 45 37 25. Unique Insurance Company Ltd 30 28 43.13 51 43 26 Vanguard Assurance Company Limited 35 42 57.5 40 41* 27 Wapic Insurance (Gh.) Limited 51 15 75.85 81 55 Reinsurers: 1. Ghana Reinsurance Company Limited 46 56 67 30 49 2. Mainstream Reinsurance Company Limited 31 27 28 15 28 3. GN Reinsurance N/A - 93 23 33

80 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break TOTAL EXPENSE RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity The total expense ratio is another key indicator of profitability. It is calculated as Total Expense (Management Expense +

Commission expense) as a percentage of the Net Earned Premium. TheUltra Moderninternational Hall | Modern and St acceptableate of the Art Facilities |ratio Secured andis Large<40%. Car Park | TheCentral Locationimplication | Competitive Price | Spacious Lawns of a high ratio is that, the insurer is inefficient in discharging its insurance obligations and this is very likely to affect its ability to pay claims promptly. In 2017, the industry average improved from 89% in 2016 to 86%. Activa, Allianz, NSIA, Saham and WAPIC all recorded ratios above 100%. Multi, Loyalty and Best are startups.

TABLE 30: TOTAL EXPENSE RATIO

Percentage (%) Year: 2013 2014 2015 2016 2017 For More Information And Reservation, Please Call The Following Numbers Industry Average: 82 92 0302115 238300 | 0302 89238301 86 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Non-life Companies: www.nicgh.Org 1. Activa International Insurance Company Limited 68 95 107 117 114 2. Allianz Insurance Company Limited 124 91 139 97 149 3. Best Assurance Company Limited N/A N/A N/A N/A 81* 4. Donewell Insurance Company Limited 74 78 72 64 59 5. Enterprise Insurance Company Limited 56 55 50 51 59 6. Equity Assurance Company Limited 78 68 74 78 70 7. Ghana Union Assurance Company Limited 78 74 74 72 73* 8. Glico General Insurance Company Limited 69 62 103 68 79* 9. Heritage Insurance Company Limited 82 189 N/S N/S 63 10. Hollard Insurance Company Limited 87 80 86 81 82 11. Imperial General Insurance Company Limited 160 220 136 91 12. Loyalty Insurance Company Limited 70 67 112 118 515 13. Millennium Insurance Company Ltd 70 117 115 116 83 14. Multi Insurance Company Limited 66 113 88 83 1719 15. NSIA Ghana Insurance Company 0 357 495 109 118 16. Phoenix Insurance Company 0 137 117 91 90 17. Prime Insurance Company Limited 67 106 113 105 95 18. Priority Insurance Company Limited 67 81 83 75 86 19. Old Mutual Life Insurance 68 76 92 75 72 20. Quality Insurance Company Limited 118 91 99 89 76 21. RegencyNEM Insurance Ghana Ltd 100 100 87 79 73 22. Saham Insurance Company Limited 79 83 106 88 107* 23. SIC Insurance Company Limited 132 120 91 85 88* 24. Star Assurance Company Limited 67 66 76 73 76 25. Unique Insurance Company Limited 72 79 91 121 80 26 Vanguard Assurance Company Limited 70* 27 Wapic Insurance (Gh.) Limited 37 46 62 67 116 Reinsurers: 1. Ghana Reinsurance Company Limited 62 67 57 57 56 2. Mainstream Reinsurance Company Limited 90 64 69 69 77 3. GN Reinsurance N/A 531 124 84 86

81 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break COMBINED RATIO Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity The combined ratio is the summation of the Claims Ratio and the Total Expense Ratio. It is the single best measure of an insurer’s underwriting and operational efficiency. The ratio does not measureUltra Modern total Hall | Modernprofitability and State of the Art as Facilities investment | Secured and Large incomeCar Park | Central Locationand | Competitive Price | Spacious Lawns other earnings are excluded. Generally, a ratio of less than 100% indicates underwriting profitability. While a ratio of more than 100% usually indicates a loss, this may not be the case for companies that make huge investment and other related earnings to boost their profitability. Best, Equity and Heritage reported a combined ratio of 92%, 97% and 84% respectively, all falling below 100%. Industry average declined by nine percentage points to 124% in 2017 from 133% in 2016. Industry players must strive to improve their underwriting efficiencies to be more profitable.

TABLE 31: COMBINED RATIO

For MorePercentage Information (%) And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Year: 2013 2014Location: Appiah-Ampofo2015 House, Independence2016 Ave, National Insurance2017 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Industry Average: 119 124 137 www.nicgh.Org133 124 Non-life Companies: 1. Activa International Insurance Company Limited 107 143 151 142 150 2. Allianz Insurance Company Limited 154 170 196 158 212 3. Best Assurance Company Limited N/A N/A N/A 151.06 92* 4. Donewell Insurance Company Limited 107 97 80 99 109 5. Enterprise Insurance Company Limited 103 111 114 96 120 6. Equity Assurance Company Limited 91 97 103 99 97 7. Ghana Union Assurance Company Limited 134 129 125 135 123* 8. Glico General Insurance Company Limited 114 153 130 116 116* 9. Heritage Insurance Company Limited 246 N/S N/S N/S 84 10. Hollard Insurance Company Limited 133 150 136 122 125 11. Imperial General Insurance Company Limited 160 252 166 153 113 12. Loyalty Insurance Company Limited 549 13. Millennium Insurance Company Ltd 94 139 185 127 131 14. Multi Insurance Company Limited 1721 15. NSIA Ghana Insurance Company 178 185 140 176 156 16. Phoenix Insurance Company 150 122 138 141 125 17. Prime Insurance Company Limited 364 593 132 129 130 18. Priority Insurance Company Limited 175 131 109 100 113 19. Old Mutual Life Insurance 142 140 142 108 113 20. Quality Insurance Company Limited 108 104 109 105 106 21. RegencyNEM Insurance Ghana Ltd 95 90 117 106 112 22. Saham Insurance Company Limited 128 115 141 221 133* 23. SIC Insurance Company Limited 131 158 137 158 123* 24. Star Assurance Company Limited 108 135 130 128 114 25. Unique Insurance Company Ltd 151 119 128 119 123 26 Vanguard Assurance Company Limited 101 117 131 113 112* 27 Wapic Insurance (Gh.) Limited 130 106 197 202 171 Reinsurers: 1. Ghana Reinsurance Company Limited 92 118 87 87 105 2. Mainstream Reinsurance Company Limited 91 92 84 84 105 3. GN Reinsurance N/A 531 147 107 119

82 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break TECHNICAL RESERVE COVER Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This is calculated by dividing the Technical Provisions by the liquid investments. It is an indicator of whether sufficient liquid assets are being held to cover the technical provisions,Ultra Modern Hall | Modern as and claims State of the Art Facilitiesshould | Secured be and Largepaid Car Parkas | Centraland Location when | Competitive Price | Spacious Lawns they fall due. Ratios above 100% mean that the companies do not have enough liquid investments backing their technical provisions. Glico, Hollard, Priority, Saham, Wapic and SIC reported ratios above 100%. GUA is too high because most of its investment are not considered as generally liquid. 2017 recorded a ratio of 70%, an increase from 64% in 2016. Industry should endeavour to improve on its liquidity and solvency position.

TABLE 32: TECHNICAL RESERVE COVER

Percentage (%) For More Information And Reservation, Please Call The Following Numbers Year: 2013 2014 20150302 238300 | 03022016 238301 2017 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Industry Average: 141 70 76 www.nicgh.Org64 70 Non-life Companies: 1. Activa International Insurance Company Limited 111 104 224.18 90 94 2. Allianz Insurance Company Limited 195 27 206.55 85 72 3. Best Assurance Company Limited N/A N/A N/A 7.47 7* 4. Donewell Insurance Company Limited 127 92 117.51 59 74 5. Enterprise Insurance Company Limited 50 37 111.99 59 56 6. Equity Assurance Company Limited 112 91 96.76 52 66 7. Ghana Union Assurance Company Limited 527 137 428.83 657 726* 8. Glico General Insurance Company Limited 141 95 111.15 96 108* 9. Heritage Insurance Company Limited 297 N/S N/S N/S 83 10. Hollard Insurance Company Limited 80 55 194.94 111 116 11. Imperial General Insurance Company Limited 2.69 38 51 60 39 12. Loyalty Insurance Company Limited 10 13. Millennium Insurance Company Limited 35 24 34.85 27 30 14. Multi Insurance Company Limited 4 15. NSIA Ghana Insurance Company 205 95 79.48 27 38 16. Phoenix Insurance Company 97 55 52.27 57 57 17. Prime Insurance Company Limited 66 521 41.94 69 66 18. Priority Insurance Company Limited 23 15 18.33 61 146 19. Old Mutual Life Insurance 65 45 47.06 43 42 20. Quality Insurance Company Limited 209 153 128.08 53 50 21. RegencyNEM Insurance Ghana Ltd 90 68 88 72 62 22. Saham Insurance Company Limited 144 53 90.68 123 124* 23. SIC Insurance Company Limited 240 97 146.66 101 100* 24. Star Assurance Company Limited 125 36 60.9 68 39 25. Unique Insurance Company Ltd 311 138 42.67 41 45 26 Vanguard Assurance Company Limited 70 61 71.86 50 56* 27 Wapic Insurance (Gh.) Limited 81 36 39.75 69 231 Reinsurers: 1. Ghana Reinsurance Company Limited 43 34 35 37 44 2. Mainstream Reinsurance Company Limited 78 69 41 42 25 3. GN Reinsurance N/A 2 15 18 19

83 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break PROPORTION OF INVESTMENT ASSETS Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio is calculated as total investments divided by total asset. It is a useful measure of the quality of assets on the insurer’s balance sheet. Investments are generally betterUltra Modern assets Hall | Modern in and terms State of the Artof Facilities liquidity | Secured and andLarge Car capital Park | Central Location | Competitive Price | Spacious Lawns management than other assets such as Property Plant and Equipment, Receivables if any. In 2017, the industry average was maintained at 66% as in 2016.

TABLE 33: PROPORTION OF INVESTMENT ASSETS

Percentage (%) Year: 2013 2014 2015 2016 2017

Industry Average: 49 For51 More Information72 And Reservation,66 Please Call The66 Following Numbers 0302 238300 | 0302 238301 Non-life Companies: Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 1. Activa International Insurance Company Limited 42 66 36.09 www.nicgh.Org56 52 2. Allianz Insurance Company Limited 17 75 30.62 43 56 3. Best Assurance Company Limited N/A N/A N/A 82.82 79* 4. Donewell Insurance Company Limited 53 72 64.37 71 64 5. Enterprise Insurance Company Limited 73 87 45.66 67 74 6. Equity Assurance Company Limited 46 55 51.8 62 63 7. Ghana Union Assurance Company Limited 86 96 60.01 54 67* 8. Glico General Insurance Company Limited 58 83 82.5 71 62* 9. Heritage Insurance Company Limited 24 N/S N/S N/S 74 10. Hollard Insurance Company Limited 63 80 41.71 53 53 11. Imperial General Insurance Company Limited 90.82 50 46 53 63 12. Loyalty Insurance Company Limited 66 13. Millennium Insurance Company Limited 69 88 82.11 87 87 14. Multi Insurance Company Limited 71 15. NSIA Ghana Insurance Company 44 64 66.06 85 77 16. Phoenix Insurance Company 60 73 83.79 79 81 17. Prime Insurance Company Limited 35 28 66.15 64 62 18. Priority Insurance Company Limited 67 78 78.68 74 47 19. Old Mutual Life Insurance 48 65 45.5 60 65 20. Quality Insurance Company Limited 21 22 32.13 54 58 21. RegencyNEM Insurance Ghana Ltd 54 68 65.38 62 58 22. Saham Insurance Company Limited 28 48 43.32 25 31* 23. SIC Insurance Company Limited 47 61 50.33 62 65* 24. Star Assurance Company Limited 61 88 76.61 79 87 25. Unique Insurance Company Limited 58 83 92.61 96 85 26 Vanguard Assurance Company Limited 47 63 65.12 78 79* 27 Wapic Insurance (Gh.) Limited 60 83 83.49 68 65 Reinsurers: 1. Ghana Reinsurance Company Limited 78 96 69 74 78 2. Mainstream Reinsurance Company Limited 46 57 62 83 66 3. GN Reinsurance N/A 99 95 91 93

84 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break RETURN ON EQUITY Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity This ratio measures the return on the shareholders’ funds over a period. It indicates how effective management is at growing and funding the operations of an insurance companyUltra Modern using Hall | Modern equity and State of the financing. Art Facilities | Secured andIn Large practice, Car Park | Central Locationhigh | Competitiveratios Price | Spacious Lawns may not always be an indication of good performance, as such factors as capital adequacy can boost the ratio.

TABLE 34: RETURN ON EQUITY

Percentage (%) Year: 2013 2014 2015 2016 2017 Industry Average: 12 10 6 6 9 Non-life Companies: For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 1. Activa International Insurance Company Limited 26 Tel: 2338 302 238 300/1 | Fax:15 233 302 237 248 | Email:13 [email protected] | Website:12 www.nicgh.Org 2. Allianz Insurance Company Limited -26 -9 -43 -12 -54 3. Best Assurance Company Limited N/A N/A N/A 3 14* 4. Donewell Insurance Company Limited 20 30 21 26 15 5. Enterprise Insurance Company Limited 40 23 20 33 18 6. Equity Assurance Company Limited 20 15 17 19 21 7. Ghana Union Assurance Company Limited 3 2 8 2 1* 8. Glico General Insurance Company Limited 5 -23 -8 12 14* 9. Heritage Insurance Company Limited 121 N/S N/S NS 23 10. Hollard Insurance Company Limited 22 10 15 22 19 11. Imperial General Insurance Company Limited 2 2 1 -14 4 12. Loyalty Insurance Company Limited -11 13. Millennium Insurance Company Limited 21 7 -2 11 16 14. Multi Insurance Company Limited -4 15. NSIA Ghana Insurance Company -53 -53 8 5 10 16. Phoenix Insurance Company -1 17 7 20 21 17. Prime Insurance Company Limited -35 230 -6 5 6 18. Priority Insurance Company Limited 11 14 23 7 3 19. Old Mutual Life Insurance 105 22 15 14 11 20. Quality Insurance Company Limited 19 1 5 10 11 21. RegencyNEM Insurance Ghana Limited 22 39 9 22 8 22. Saham Insurance Company Limited 7 2 3 -39 5* 23. SIC Insurance Company Limited 1 -11 12 5 10* 24. Star Assurance Company Limited 17 2 21 23 13 25. Unique Insurance Company Limited -78 -7 0 28 9 26 Vanguard Assurance Company Limited 24 5 19 21 18* 27 Wapic Insurance (Gh.) Limited -26 25 -12 -28 -18 Reinsurers: 1. Ghana Reinsurance Company Limited 18 18 8 12 11 2. Mainstream Reinsurance Company Limited 10 12 6 12 13 3. GN Reinsurance N/A 4 7 15 11

85 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break AGGREGATED STATEMENT OF ASSETS AS AT 31 DEC, 2017 – NON LIFE Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity 2017 2016 Ultra Modern Hall | Modern and State of theGHS Art Facilities | Secured and Large Car Park | CentralGHS Location | Competitive Price | Spacious Lawns 1 Cash 189,418,669 110,279,937

2. Investments:

Government of Ghana Securities 179,984,629 145,342,942

Bank of Ghana Securities 11,929,957 15,992,132 Statutory Deposits For More Information33,463,385 And Reservation, Please22,900,782 Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Term deposits held at a licensed bank Tel:459,808,102 233 302 238 300/1 | Fax: 233 302 237 248347,539,619 | Email: [email protected] | Website: Other term deposits 118,951,943 www.nicgh.Org119,069,353 Corporate debt 13,801,053 - Securities listed on Ghana Stock Exchange 87,039,424 49,051,781 Other securities 66,389,269 65,081,283 Equity backed mutual funds 522,145 168,142 Money market mutual funds 1,825,484 242,360 Land & buildings held as an investment 87,125,979 75,623,159 Investments in, and subordinated loans to, 37,029,196 29,978,228 connected persons Other Investments - 500,000 Total Investments 1,097,870,566 871,489,781

3. Receivables: Staff Loans and Advances 12,251,219 8,362,367

Due from reinsurers less than 3 months old 33,847,432 28,347,044

Due from reinsurers more than 3 months old 50,156,756 57,948,025

Due from Other Insurers 12,490,112 10,261,985 Due from Agents and Brokers 406,752 132,676 Due from Connected Persons 16,847,909 9,445,024 Reinsurance Share of Insurance liabilities 197,221,050 177,310,921 Deferred Tax Asset 12,665,079 5,439,487 Other Receivables 56,370,875 47,047,527 Total Receivables 392,257,185 344,295,055

86 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch 2017 Mineral2016 Water Note Pad, Folder And Pen GHS InternetGHS Connectivity

4 Property, Plant and Equipment Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Land & buildings occupied by insurer for own 94,772,556 85,934,345 use Plant and Equipment 8,396,270 6,290,307 Computer Hardware and Software 14,606,312 11,622,570 Motor Vehicles 25,038,041 19,816,531 Furniture and Fittings 8,612,695 8,587,865

Other Assets For More Information 16,198,951 And Reservation, Please C all The 8,724,481 Following Numbers 0302 238300 | 0302 238301 Total Property, Plant & Equipment Location: Appiah-Ampofo 167,624,826 House, Independence Ave, National Insurance 140,976,098 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 5 Intangible Assets Goodwill, unless otherwise deducted - -

Other assets shown as intangible assets 2,374,377 669,290

Total Intangible Assets Total Intangible Assets 2,374,377 669,290

6 Other Assets 6 Other Assets Capitalised research and development costs - - Deferred acquisition costs 11,221,424 9,639,505 Corporate stationery 202,402 - Other assets not included above 2,698,256 3,105,000 Total Other Assets 14,122,082 12,744,505

TOTAL ASSETS TOTAL ASSETS 1,480,454,667 1,863,667,705

AGGREGATED STATEMENT OF EQUITY AND LIABILITIES AS AT 31 DEC, 2017 – NON-LIFE

2017 2016 GHS GHS 1 Technical Provisions Unearned Premiums 374,586,483 356,486,882 Unexpired Risk Provision 9,296 - Outstanding Claims 208,962,219 149,624,624 IBNR Provision 56,750,620 34,201,531 Other Provisions 3,046,982 (172,043) Total Technical Provisions 643,355,600 540,140,994

87 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch 2017 2016Mineral Water Note Pad, Folder And Pen GHS GHSInternet Connectivity

2 Payables Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Bank Overdrafts and Loans 11,058,252 12,563,227 Due to Reinsurers 61,759,754 66,661,150 Due to Other Insurers 5,626,288 8,011,324 Due to Agents and Brokers 16,163,374 13,964,969 Taxation 24,483,365 21,491,450 Deferred Tax 21,699,348 16,057,987 Due to Related Parties For More Information 12,034,897 And Reservation, Please 10,449,207 Call The Following Numbers 0302 238300 | 0302 238301 Other Accruals & Payables Location: Appiah-Ampofo 93,171,105 House, Independence Ave, National 86,145,141 Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Total Payables 245,996,383 www.nicgh.Org 235,344,455

3 Long Term Liabilities Bank Loans - - Debentures - 11,812,416.00 Unsecured Subordinated Debts Perpetual - - More than 4 years to maturity - - More than 3 but 4 years or less to maturity - - More than 2 but 3 years or less to maturity - - More than 1 but 2 years or less to maturity - - 1 year or less to maturity - - Other Borrowings 1,000,000.00 2,500,000.00 Total Long Term Liabilities 1,000,000.00 14,312,416.00

88 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

4 EQUITY Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Paid up ordinary shares 538,436,689 389,013,770 Ordinary shares held as treasury shares - - Paid up perpetual non-cumulative preference 8,000,000 - shares Paid up perpetual non-cumulative preference - - shares held as treasury shares Paid up perpetual cumulative preference 1,350,000 9,313,328 shares For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Paid up perpetual cumulative preference Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302- 237 248 | Email: info @nicgh.Org | Website: - shares held as treasury shares www.nicgh.Org Contingency Reserves 184,408,957 148,285,518

Revaluation reserve (owned land & buildings) 62,283,407 51,831,195

Revaluation reserve (investments - excluding 71,354,974 32,305,160 items to be deducted from core Revaluation reserve (other) 6,240,476 (1,249,346) Other reserves (please specify) (428,290) (1,080,527) Retained earnings, as at end of previous 52,234,991 17,116,998 financial year Current year net earnings/deficit 49,391,116 44,793,172 Others (please specify) 43,402 327,535 Total Equity 973,315,723 690,656,803 TOTAL LIABILITIES AND EQUITY 1,863,667,705 1,480,454,667

89 APPENDICES

DIRECTORS REPORT

The Directors submit their report together with the audited Financial Statements of the National Insurance Commission (the Commission) for the year ended 31st December, 2017.

90 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Statement of Directors’ Responsibilities Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity The Directors are responsible for the preparation of the Financial Statements for each financial year which give a true and fair view of the state of affairs of the Commission andUltra Modernof the Hall | Modern operating and State of the Artperformance Facilities | Secured and Large andCar Park | CentralCash Location Flows | Competitive for Price | Spacious Lawns that period. In preparing these Financial Statements, the Directors have selected suitable accounting policies and then applied them consistently, made judgments and estimates that are reasonable and prudent and followed the Ghana National Accounting Standards.

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. 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. For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Principal Activities Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org The object of the Commission is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance to protect insurance policy holders and the insurance industry in Ghana other than health insurance under the National Health Insurance Act, 2003 (Act 650).

Directors

By virtue of the provisions of the Transitional Act all the Directors retired on 6th January 2017. New Directors were appointed on 18th August, 2017. The Commissioner was appointed on 12th July, 2017.

Financial Results (Highlights) The financial results of the Commission are as 2017 2016 summarised below: GHS GHS Excess of Income over Expenditure 2,889,404 5,745,343 Total Assets 40,285,164 34,544,357 Accumulated Funds 18,404,541 15,515,137

91 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Independent Auditors REPORT TO THE determines is necessary to enable the preparation Bu et Lunch Mineral Water Honourable Minister of Finance of financial statements that are free from materialNote Pad, Folder And Pen Internet Connectivity misstatement, whether due to fraud or error.

Opinion Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns In preparing the financial statements, the Board of We have audited the financial statements of National Directors is responsible for assessing the Commission’s Insurance Commission which comprise the statement ability to continue as a going concern, disclosing, of financial positon as at 31 December, 2017 Income as applicable, matters related to going concern and and Expenditure Accounts and cash flow statement using the going concern basis of accounting unless for the year then ended, and notes to the financial the Board of Directors either intends to liquidate the statements, including a summary of significant Commission or to cease operations, or has no realistic accounting policies and other explanatory notes as set alternative but to do so. The Board of Directors are For More Information And Reservation, Please Call The Following Numbers out on pages 97 to 103. responsible for overseeing the0302 Commission’s 238300 | 0302 238301financial Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 reporting process.Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: In our opinion, the accompanying financial statements www.nicgh.Org give a true and fair view of the financial position of Auditors’ responsibility the Commission as at 31 December, 2017 and of its financial performance and its cash flows for the Our objectives are to obtain reasonable assurance year then ended in accordance with Ghana National about whether the financial statements as a whole Accounting Standards and in the manner required by are free from material misstatement, whether due the Insurance Act 2006 (Act 724). to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance Basis for Opinion is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will We conducted our audit in accordance with always detect a material misstatement when it exists. International Standards on Auditing (ISAs). Our Misstatements can arise from fraud or error and are responsibilities under those standards are further considered material if, individually or in the aggregate, described in the Auditor’s Responsibilities for the they could reasonably be expected to influence the Audit of the Financial Statements section of our economic decision of users taken on the basis of report. We are independent of the Commission in these financial statements. accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional As part of an audit in accordance with ISAs, we Accountants (IESBA Code), and we have fulfilled our exercise professional judgement and maintain other ethical responsibilities in accordance with the professional skepticism throughout the audit. We also; IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide Identify and assess the risks of material misstatement a basis for our opinion. of the financial statements, whether due to fraud or error, design and perform audit procedures responsive Responsibilities of the Board of Directors for to those risks, and obtain audit evidence that is the Financial Statements sufficient and appropriate to provide a basis for our opinion. The Board of Directors are responsible for the preparation of the financial statements in accordance The risk of not detecting a material misstatement with Ghana National Accounting Standards and in the resulting from fraud is higher than for one resulting manner required by the Insurance Act 2006 (Act 724) from error, as fraud may involve collusion, forgery, and for such internal control as the Board of Directors intentional omissions, misrepresentations, or the

92 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break override of internal control. Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity Obtain an understanding of internal control relevant to the audit in order to design audit procedures that Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Commission’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

For More Information And Reservation, Please Call The Following Numbers Evaluate the overall presentation, structure and 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 content of the financial statements, including the Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: disclosures, and whether the financial statements www.nicgh.Org represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The engagement Partner on the audit resulting in this independent auditor’s report is

Emmanuel Offei – ICAG/P/1102 for: Boateng, Offei & Co. – [ICAG/F/2018/108] Chartered Accountants Correspondent firm; Grant Thornton International 9 Bissau Avenue, East Legon Accra – Ghana 6 JUNE 2018

93 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch STATEMENT OF Mineral Water Note Pad, Folder And Pen INCOME AND EXPENDITURE Internet Connectivity Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016 For More Information And Reservation, Please Call The Following Numbers Notes GHS0302 238300 | 0302 238301GHS Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Income 2 26,010,543 www.nicgh.Org 22,070,775

Expenditure 3 (23,121,139) (16,325,432)

Excess of Income over Expenditure 2,889,404 5,745,343

Accumulated Funds Balance at 1st January 15,515,137 9,769,794

Excess of Income over Expenditure for the year 2,889,404 5,745,343 Balance as at 31st December 18,404,541 15,515,137 The accompanying notes form an integral part of these Financial Statements.

94 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch STATEMENT OF Mineral Water Note Pad, Folder And Pen FINANCIAL POSITION Internet Connectivity Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns FOR THE YEAR ENDED 31ST DECEMBER 2017

Assets Notes 2017 2016 Non-Current Assets GHS GHS Property, Plant & Equipment 4a 17,854,346 17,732,302 For More Information And Reservation, Please Call The Following Numbers Equity Investments 5 40,0000302 238300 | 0302 238301 40,000 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 30217,894,346 238 300/1 | Fax: 233 302 237 248 | Email: info 17,772,[email protected] | Website: www.nicgh.Org

Long Term Securities 6 1,969,300 1,727,605

Current Assets Accounts Receivable 7 3,791,688 2,839,230 Short Term Investments 8 10,028,640 6,796,711 Cash & Cash Equivalents 9 6,601,190 5,408,509 20,421,518 15,044,450

Total Assets 40,285,164 34,544,357

Accumulated Fund and Deferred Grant Accumulated Funds 18,404,541 15,515,137 Revaluation Reserve 4b 17,111,280 17,111,280 Deferred Grant 10b 224,014 249,449 35,739,835 32,875,866 Current Liabilities Accounts Payable and Accruals 11 4,545,329 1,668,491

Total Liabilities, Accumulated Fund & Grant 40,285,164 34,544,357

The Financial Statements on pages 94 to 103 were approved by the Board of Directors on 10th May, 2018 and were signed on its behalf by:

………………………………………. ………………………………………. CHAIRMAN OF THE BOARD DIRECTOR

The accompanying notes form an integral part of these Financial Statements.

95 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch STATEMENT OF Mineral Water Note Pad, Folder And Pen CASHFLOWS Internet Connectivity Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns FOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016 GHS GHS Operating Activities For More Information And Reservation, Please Call The Following Numbers Cash Generated from Operations 3,434,6490302 238300 | 0302 3,619,762 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Interest Received Tel: 233 302 424,141 238 300/1 | Fax: 233 302 237 248 | Email: 421,080 [email protected] | Website: www.nicgh.Org Net Cash Generated from Operating Activities 3,858,790 4,040,842

Cash flow from Investing Activities Purchase of Property, Plant & Equipment (1,605,217) (401,820) Proceeds from the Sale of Assets 281,941 2,771 Purchase of Investments (3,473,624) (2,925,726) Investment Income Received 2,130,791 1,758,558 Net Cash used in Investing Activities (2,666,109) (1,566,217)

Net Increase/(Decrease) in Cash and Cash Equivalents 1,192,681 2,474,625

Movement in Cash and Cash Equivalents Cash and Cash equivalents at beginning of the year 5,408,509 2,933,884 Increase/(Decrease) in Cash and Cash Equivalents 1,192,681 2,474,625 Cash and Cash equivalents at the end of the year 6,601,190 5,408,509

96 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch NOTE FORMING PART OF THE Mineral Water Note Pad, Folder And Pen FINANCIAL STATEMENTS Internet Connectivity Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns FOR THE YEAR ENDED 31ST DECEMBER 2017

1. Accounting Policies and Basis of Presentation

The following Accounting Policies have been used in the preparation of the Financial Statements.

(a) Basis of Accounting For More Information And Reservation, Please Call The Following Numbers Except for the revaluation of property, the Financial Statements have been 0302prepared 238300 under | 0302 238301 the historical Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 cost convention and accrual basis and comply with the Ghana NationalTel: 233 302 238 Accounting 300/1 | Fax: 233 302 Standards. 237 248 | Email: [email protected] | Website: www.nicgh.Org (b) Property, Plant and Equipment Depreciation

All properties and equipment are recorded at cost less depreciation, Depreciation is calculated to write off the cost of each asset on a straight-line basis at the following annual rates.

Bungalow & Office Furniture & Fittings 20% Motor Vehicles 20% Office Equipment 20% Office Building 3% Computers & Accessories 33.33%

Disposals of properties and equipment are accounted for by comparing the net book value with the proceeds. The resulting profit or loss on disposal is credited or charged to the Income and Expenditure Account. Depreciation method, residual values and useful life are re-assessed at the end of each financial year. Any Equipment costing less than GHS 2,000 is written off in the year of purchase.

For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and Bank Balances.

(d) Investments

Investment securities are in the form of Treasury Bills, Fixed Deposits, Non-Negotiable Certificates of Deposit and Euro-Bonds. Investments are quoted at cost.

(e) Accounts Receivable

Accounts receivable are stated net of bad and doubtful debts.

(f) Transactions in Foreign Currencies

Transactions in foreign currency during the year are translated into Ghana cedis at rates prevailing at the time of transaction. Monetary assets and liabilities denominated in foreign currency at the balance sheet date are translated into cedis at the exchange rate ruling on that date. Gains and losses resulting from the translation are dealt with in the Income and Expenditure Account in the year in which they arise.

97 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break (g) Stocks Bu et Lunch Mineral Water Note Pad, Folder And Pen Stocks are ordered just for the year and are charged to the Income and Expenditure Account in the yearInternet Connectivity

of purchase. However, the quantities of unused Insurance stickersUltra Modern Halland | Modern PVC and Stat holderse of the Art Facilities are | Secured reflected and Large Car Park in | Central the Location | Competitive Price | Spacious Lawns annual accounts as part of the notes.

2 Income Notes 2017 2016 This is made up as follows: GHS GHS

Levies on Life Insurers 3,411,275 2,685,025 Levies on Non-life Insurers 8,004,985 5,982,605 For More Information And Reservation, Please Call The Following Numbers Levies on Reinsurers 1,351,8000302 238300 | 0302 1,044,700 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Levies on Brokers 831,156 www.nicgh.Org 579,866 Licensing/Renewal Income 1,291,992 1,214,680 Investment Income 2,130,791 1,758,558 Interest Received 2a 424,141 421,080 Motor Contribution 5,064,002 5,045,639 Sale of Fire Certificates 13,500 16,350 Grant Income 10a 101,934 - Deferred Grant Income 10b 25,435 25,435 Rent Income/Fees - IITC 127,243 78,670 Mega Risk Income 2,715,489 2,230,961 Penalties 98,339 594,623 Exchange Gains 244,117 199,581 Training Fees 63,400 75,813

Other Income 2b 110,944 117,189 26,010,543 22,070,775 2a Interest Received Call Accounts 410,751 420,875

Current Accounts 13,390 205 424,141 421,080 2b Other Income Year Book Sales 14,290 22,894 Interest on Loans 35,975 18,207 Gains on Sales of Assets 52,423 2,646 Insurance Claims - 1,473

Others 8,256 71,969 110,944 117,189

98 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch 3 Expenditure Notes 2017 Mineral2016 Water Note Pad, Folder And Pen Expenditure is made up as follows: GHS Internet GHSConnectivity

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Training/Workshops/Conferences/Seminars 1,155,665 748,453 Directors’ Remuneration 423,946 192,576 Electricity & Water 357,181 333,163 General Office Expenses 1,397,302 1,140,718 Medicals 168,189 94,316 Public Education 71,733 72,678 Repairs & Maintenance For More Information And 295,039 Reservation, Please C all The 241,509 Following Numbers 0302 238300 | 0302 238301 Staff Cost Location: Appiah-Ampofo 12,298,772 House, Independence Ave, National Insurance 10,095,551 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Staff Terminal Benefit Scheme Cost 15 4,279,138www.nicgh.Org 1,046,020 Sticker & Adhesive Cost 256,379 229,848 Vehicle Running Cost 604,293 483,943 Rent Expenses 118,072 121,755 Telephone 94,236 75,036 Audit Fees 27,025 23,500 Depreciation 1,253,654 1,114,848 Insurance Premium 154,669 146,508 Internet Services/Subscription 71,599 71,353

Security Services 94,247 93,657 23,121,139 16,325,432

4a Fixed Assets Schedule

4a Property, Plant & Equipment Office Bungalow Office Furniture Motor Office Computers & Furniture Building & Fittings Vehicle Equipment Accessories & Fittings Total

At 1st January 2017 17,632,000 534,622 1,530,957 556,302 433,149 381,573 21,068,603

Additions - 112,010 1,193,738 22,198 136,386 140,885 1,605,217

Disposals - - (394,710) (53,296) (19,411) (272,773) (740,190) 31st December, 2017 (A) 17,632,000 646,632 2,329,985 525,204 550,124 249,685 21,933,630

99 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Depreciation Mineral Water Note Pad, Folder And Pen At 1 January Internet Connectivity 2017 1,057,920 282,543 1,080,630 396,499 318,677 200,032 3,336,301 Charge for the Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns year 528,960 107,154 361,856 84,235 123,554 47,896 1,253,655

Disposals - - (272,433) (52,748) (19,400) (166,091) (510,672) 31st December, 2017 1,586,880 389,697 1,170,053 427,986 422,831 81,837 4,079,284

Net Book Value 31st For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 December, Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 2017 16,045,120 256,935 1,159,932 97,218 Tel: 233 127,293302 238 300/1 | Fax: 233167,848 302 237 248 | Email:17,854,346 [email protected] | Website: www.nicgh.Org

31st December, 2016 16,574,080 252,079 450,327 159,803 114,472 181,541 17,732,302

Cost Fully Depreciated (B) - 178,543 377,777 150,243 112,652 39,310 858,525 Depreciable Value (A-B) - 468,089 1,952,208 374,961 437,472 210,375 21,075,105

Disposal of Property & Equipment

Cost - - 394,710 53,296 19,411 272,773 740,190 Accum. Depreciation - - (272,433) (52,748) (19,400) (166,091) (510,672)

Net Book Value - - 122,277 548 11 106,682 229,518 Proceeds on Sale - - 109,947 60 - 171,934 281,941 Profit/(Loss) on Disposal - - (12,330) (488) (11) 65,252 52,423

4b Revaluation Reserve

This represent surplus arising on the revaluation of the Commission’s property plant and equipment.

5 Equity Investments - GHS 40,000

This represent 40% National Insurance Commission’s shareholding in the Ghana Insurance College (GIC). The book value of the investment on the GIC’s balance sheet is GHS 882,930 as at 31/12/2016.

6 Long -Term Securities

Long-Term Securities are Eurobonds held-to-maturity with a coupon of 8.5% maturing in 2017.

100 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water Note Pad, Folder And Pen 2017 Internet2016 Connectivity 7 Accounts Receivable and Prepayments GHS GHS Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Levies due from Insurers and Brokers 1,696,800 1,078,837 West African Insurance Institute - 155,083 IITC Debtors 51,998 75,679 Staff Advances 610,991 506,906 Sundry Debtors 191,886 85,735 Accrued Investment Income 517,033 631,882

Prepaid Insurance Expenses For More Information And Reservation,152,351 Please Call The109,775 Following Numbers 0302 238300 | 0302 238301 Penalties Receivable Location: Appiah-Ampofo House, Independence201,029 Ave, National Insurance185,290 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Rent Prepaid 369,600www.nicgh.Org 10,043 3,791,688 2,839,230

8 Short Term Investments This is made up as follows: Fixed Deposits 8,122,934 5,153,196 Treasury Bills 1,905,706 1,643,515 10,028,640 6,796,711

Balance as at 1st January 6,796,711 4,078,590 Additions 3,231,929 2,718,121 10,028,640 6,796,711 Balance as at 31st December 10,028,640 6,796,711

Net Movement in Investments 3,231,929 2,718,121

9 Cash and Cash Equivalents 2017 2016 GHS GHS Cash 43,597 40,937 Bank 6,557,593 5,367,572 6,601,190 5,408,509

10 a. Grants Grants include support from (Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, to support insurance market development in Ghana and from the insurance industry to sponsor various programmes and activities

2017 2016 GHS GHS Grant Received 101,934 -

101 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch b. Deferred Grants Mineral Water Note Pad, Folder And Pen Deferred Grants represent grants received from the World Bank and Government of Ghana through the Internet Connectivity Ministry of Finance for the construction and furnishing of the Insurance Industry Training Centre (IITC) building, which is being written-off over its depreciable life.Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns

2017 2016 GHS GHS Balance at 1st January 249,449 274,884 Transfer to Income and Expenditure Account (25,435) (25,435) Balance at 31st December 224,014 249,449 For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 2017www.nicgh.Org 2016 11 Accounts Payable and Accruals Notes GHS GHS Accrued Expenses 12 358,488 209,671 Compensation Fund 240,975 141,616 Fire Maintenance Fund Payable 543 58,076 Motor Contributions Payable 1,380,829 868,818 PAYE Payable 361,031 189,914 SSF Payable 111,056 55,826 Staff Terminal Benefit Payable 15 1,930,547 113,441 VAT Payable 350 1,050 Withholding Tax Payable 69,444 15,164

Sundry Creditors 92,066 14,915 4,545,329 1,668,491

12 Accrued Expenses Audit Fees 27,025 23,500 Medicals 15,223 80 Repairs and Maintenance 4,850 23,513 Insurance Stickers 34,820 34,820 Telephone 21,647 13,771 Water & Electricity 76,964 40,639

Sundry 177,959 73,348 358,488 209,671

102 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch 13 Reconciliation of Excess of Income over Expenditure Mineral Water Note Pad, Folder And Pen to Cash flow from operating activities Internet Connectivity

Excess of Income over Expenditure Ultra Modern Hall | Modern and State of the Art Facilities2,889,404 | Secured and Large Car Park | Central5,745,343 Location | Competitive Price | Spacious Lawns Amortisation of Capital Grant (25,435) (25,435) Depreciation 1,253,655 1,114,848 (Gain)/Loss on Disposal of Property & Equipment (52,423) (2,646) Interest Income (424,141) (421,080) Investment Income (2,130,791) (1,758,558) (Increase)/Decrease in Accounts Receivable & Prepayments (952,458) (700,917) For More Information And Reservation, Please Call The Following Numbers Increase/(Decrease) in Accounts Payable & Accruals 0302 238300 | 0302 238301 Location: Appiah-Ampofo House,2,876,838 Independence Ave, National Insurance(331,793) Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Cash Generated from Operating Activities 3,434,649www.nicgh.Org 3,619,762

14 Gain/(Loss) on Disposal of Assets GHS GHS Cost 740,190 149,634

Accumulated Depreciation (510,672) (149,509) Net Book Value 229,518 125 Proceeds 281,941 2,771 Gains/(Loss) on Disposal 52,423 2,646

15 Staff end of service benefit Scheme The Staff Terminal Benefit Scheme is a plan that provides for a lumpsum payment that an employee is entitled to receive on retirement, dependent on one or more factors such as age, years of service and salary. An actuarial valuation is yet to be carried out. The Staff Terminal Benefit cost for 2017 includes benefit for retiring staff for the year and executives who ended their service in the course of the year.

16 Capital Commitment There were no Capital Commitments as at 31st December, 2017 (2016 : Nil)

17 Contingent Liability There were no contingent liabilities at 31st December, 2017 (2016: Nil)

103 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break FIRE MAINTENANCE FUND The Directors are responsible for ensuring that the Bu et Lunch Mineral Water Fund keeps proper accounting records that discloseNote Pad, Folder And Pen Internet Connectivity DIRECTORS REPORT with reasonable accuracy at any time the financial

position ofUltra the Modern Fund.Hall | Modern Theand State ofDirectors the Art Facilities | Secured are and also Large Car responsible Park | Central Location | Competitive Price | Spacious Lawns The Directors present herewith the audited Financial for safeguarding the assets of the Fund and taking Statements of the National Insurance Commission reasonable steps for the prevention and detection of (NIC) Fire Maintenance Fund for the year ended 31st fraud and other irregularities. December, 2017. Principal Activities Statement of Directors Responsibilities The principal activities of the Fund are: The Directors are responsible for the preparation of For More Information And Reservation, Please Call The Following Numbers the Financial Statements for each financial year which To provide funds and equipment0302 to 238300 state | 0302institutions 238301 give a true and fair view of the state of affairs of the Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 assigned with firefightingTel: 233 302 238 300/1 functions | Fax: 233 302 237and 248 |such Email: [email protected] | Website: Fund and of the operating result and Cash flows for organisations as the Commission maywww.nicgh.Org determine for that year. In preparing these Financial Statements, the the purpose of fighting fires. Directors have selected suitable accounting policies and applied them consistently, made judgments and Financial Results estimates that are reasonable and prudent in the circumstances and followed the Ghana Acceptable The financial results of the NIC Fire Maintenance Fund Accounting Standards. are as summarised below:

2017 2016 GHS GHS Excess of Income over Expenditure 778,466 542,898 Total Assets 2,171,130 1,391,701 Accumulated Fund 1,387,964 845,066

By order of The Board

10th May, 2018

………………………………………. ………………………………………. CHAIRMAN OF THE BOARD DIRECTOR

104 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Independent auditors report to the the going concern basis of accounting unlessBu et the Lunch Mineral Water Honourable Minister of Finance Board of Directors either intends to liquidate theNote Pad, Fund Folder And Pen Internet Connectivity or to cease operations, or has no realistic alternative

Opinion butUltra to Modern do Hallso. | Modern The and StBoardate of the Art of Facilities Directors | Secured and Large are Car Park responsible | Central Location | Competitive for Price | Spacious Lawns overseeing the Fund’s financial reporting process. We have audited the financial statements of NIC - Fire Maintenance Fund which comprise the statement of Auditors responsibility financial positon as at 31 December, 2017 Income and Expenditure Accounts and cash flow statement Our objectives are to obtain reasonable assurance for the year then ended, and notes to the financial about whether the financial statements as a whole statements, including a summary of significant are free from material misstatement, whether due accounting policies and other explanatory notes as set to fraud or error, and to issue an auditor’s report For More Information And Reservation, Please Call The Following Numbers out on pages 110 to111 . that includes our opinion.0302 Reasonable 238300 | 0302 assurance 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 is a high levelTel: of 233 302assurance, 238 300/1 | Fax: but233 302 is 237 not 248 | Email:a guarantee [email protected] | Website: In our opinion, the accompanying financial statements that an audit conducted in accordancewww.nicgh.Org with ISAs will give a true and fair view of the financial position of always detect a material misstatement when it exists. the Fund as at 31 December, 2017 and of its financial Misstatements can arise from fraud or error and are performance and its cash flows for the year then considered material if, individually or in the aggregate, ended in accordance with Ghana National Accounting they could reasonably be expected to influence the Standards and in the manner required by the Insurance economic decision of users taken on the basis of Act 2006 (Act 724). these financial statements.

Basis for Opinion As part of an audit in accordance with ISAs, we exercise professional judgement and maintain We conducted our audit in accordance with professional skepticism throughout the audit. We also; International Standards on Auditing (ISAs). Our responsibilities under those standards are further • Identify and assess the risks of material described in the Auditor’s Responsibilities for the misstatement of the financial statements, Audit of the Financial Statements section of our whether due to fraud or error, design and report. We are independent of the Fund in accordance perform audit procedures responsive to with the International Ethics Standards Board those risks, and obtain audit evidence that is for Accountants’ Code of Ethics for Professional sufficient and appropriate to provide a basis for Accountants (IESBA Code), and we have fulfilled our our opinion. other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we • The risk of not detecting a material have obtained is sufficient and appropriate to provide misstatement resulting from fraud is higher a basis for our opinion. than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, Responsibilities of the Board of Directors for misrepresentations, or the override of internal the Financial Statements control. • Obtain an understanding of internal control The Board of Directors are responsible for the relevant to the audit in order to design preparation of the financial statements in accordance audit procedures that are appropriate in the with Ghana National Accounting Standards and in the circumstances, but not for the purpose of manner required by the Insurance Act 2006 (Act 724) expressing an opinion on the effectiveness of and for such internal control as the Board of Directors the Fund’s internal control. determines is necessary to enable the preparation of financial statements that are free from material • Evaluate the appropriateness of accounting misstatement, whether due to fraud or error. policies used and the reasonableness of accounting estimates and related disclosures In preparing the financial statements, the Board of made by the Board of Directors. Directors are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as • Conclude on the appropriateness of the Board applicable, matters related to going concern and using of Directors’ use of the going concern basis of

105 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break accounting and, based on the audit evidence We communicate with the Board of Directors regarding,Bu et Lunch Mineral Water obtained, whether a material uncertainty among other matters, the planned scope and timingNote Pad, Folder And Pen Internet Connectivity exists related to events or conditions that of the audit and significant audit findings, including

may cast significant doubt on the Fund’s any significantUltra Modern Halldeficiencies | Modern and State of the Artin Facilities internal | Secured and Largecontrol Car Park | Centralthat Location we | Competitive Price | Spacious Lawns ability to continue as a going concern. If we identify during our audit. conclude that a material uncertainty exists, we are required to draw attention in our The engagement Partner on the audit resulting in this auditor’s report to the related disclosures in independent auditor’s report is the financial statements or, if such disclosures are inadequate, to modify our opinion. Our Emmanuel Offei – ICAG/P/1102 conclusions are based on the audit evidence obtained up to the date of our auditor’s report. for: Boateng, Offei & Co. – [ICAG/F/2018/108] For More Information And Reservation, Please Call The Following Numbers However, future events or conditions may 0302 238300 | 0302 238301 Chartered AccountantsLocation: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 cause the Fund to cease to continue as a going Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: concern. www.nicgh.Org Correspondent firm; Grant Thornton • Evaluate the overall presentation, structure International and content of the financial statements, including the disclosures, and whether the 9 Bissau Avenue, East Legon financial statements represent the underlying transactions and events in a manner that Accra – Ghana achieves fair presentation. 6th June, 2018

106 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch FIRE MAINTENANCE FUND Mineral Water Note Pad, Folder And Pen INCOME AND Internet Connectivity Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016 NOTES GHS GHS For More Information And Reservation, Please Call The Following Numbers Income 2 934,5900302 238300 | 0302 238301 716,387 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Expenditure 3 (156,124) (173,489) Excess of Income Over Expenditure 778,466 542,898

Accumulated Fund Balance at 1st January 1,387,964 845,066 Excess of Income over Expenditure for the year 778,466 542,898 Balance at 31st December 2,166,430 1,387,964 The accompanying notes form an integral part of these Financial Statements

107 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch FIRE MAINTENANCE FUND Mineral Water Note Pad, Folder And Pen STATEMENT OF FINANCIAL POSITION Internet Connectivity Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns FOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016 Current Assets NOTES GHS GHS Accounts Receivable 4 168,639 158,673 Short Term Investments 5 1,747,059 649,363 For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Cash & Cash Equivalent 6 Location: Appiah-Ampofo255,432 House, Independence Ave, National 583,665 Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 2,171,130 www.nicgh.Org 1,391,701

Accumulated Fund

Accumulated Fund 2,166,430 1,387,964

Current Liabilities Accounts Payable 7 4,700 3,737

Total Liabilities & Accumulated Fund 2,171,130 1,391,701

The Financial Statements on page 107 to 111 were approved by the Board of Directors of the NIC on 10th May, 2018 and were signed on its behalf by:

………………………………………. ………………………………………. CHAIRMAN OF THE BOARD DIRECTOR

The accompanying notes form part of these Financial Statements

108 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch FIRE MAINTENANCE FUND Mineral Water Note Pad, Folder And Pen STATEMENT OF CASH FLOWS Internet Connectivity Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns FOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016 Notes GHS GHS Operating Activities

Cash Generated from/(used in) Operating Activities For More 8Information And Reservation, 403,843 Please Call The 337,997 Following Numbers 0302 238300 | 0302 238301 Net Cash Generated from (used in) Operating Activities Location: Appiah-Ampofo House, Independence 403,843 Ave, National Insurance 337,997Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org

Cash flow from Investing Activities Purchase of Investments (1,097,696) (149,363) Investment Income Received 365,620 167,545 Net Cash Inflow from Investing Activities (732,076) 18,182

Net Increase in Cash and Cash Equivalents (328,233) 356,179

Movement in Cash and Cash Equivalents Cash & Cash Equivalent at the beginning of the year 583,665 227,486 Increase in Cash and Cash equivalents 7 (328,233) 356,179

Cash & Cash Equivalent at the end of the year 255,432 583,665

The accompanying notes form an integral part of these Financial Statements.

109 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch FIRE MAINTENANCE FUND Mineral Water Note Pad, Folder And Pen NOTE FORMING PART OF Internet Connectivity THE FINANCIAL STATEMENTSUltra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns FOR THE YEAR ENDED 31ST DECEMBER 2017

1 Accounting Policies

The following is a summary of the significant accounting policiesFor Moreadopted Information by the And Fund. Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: a. Basis of Accounting www.nicgh.Org The Financial Statements have been prepared under the historical cost convention and accruals basis and comply with Ghana Acceptable Accounting Standards.

b. Investments Investments in treasury bills and fixed deposits are stated at cost.

c. Accounts Receivable Accounts receivable are stated at a net of bad and doubtful debts.

d. Cash and Cash Equivalents For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks.

2017 2016 2 Income GHS GHS Contribution from Insurance Companies 568,970 548,842 Investment Income 365,620 167,545 934,590 716,387

3 Expenditure Audit Fees 4,700 3,525 Bank Charges 2,509 965 Support to Ghana National Fire Service 127,598 100,000 General Office Expenses 6,352 12,434 Public Education 5,745 37,817

Travelling & Transport 9,220 18,748 156,124 173,489

2017 2016

110 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch 4 Accounts Receivable 2017 Mineral2016 Water Note Pad, Folder And Pen Penalties Receivable 25,000 Internet25,000 Connectivity

5 Short Term Investment Fixed Deposit 1,747,059 649,363

Balance as at 1st January For More Information And Reservation,649,363 Please Call The500,000 Following Numbers 0302 238300 | 0302 238301 Additions Location: Appiah-Ampofo House,1,097,696 Independence Ave, National Insurance149,363 Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Balance as at 31st December 1,747,059www.nicgh.Org 649,363

Net Investments 1,097,696 149,363

6 Cash & Cash Equivalents 2017 2016 GHS GHS Bank and Cash 255,432 583,665 255,432 583,665

7 Accounts Payable Audit Fees 4,700 3,525 Withholding Tax - 211 4,700 3,736

8 Reconciliation of Excess of Income over Expenditure to Cash Flow from operating Activities Excess of Income over Expenditure 778,466 542,898 Investment Income (365,620) (167,545) (Increase)/Decrease in Accounts Receivable (9,966) (35,628) Increase/(Decrease) in Creditors 963 (1,728) Cash Generated from / (used in) Operating Activities 403,843 337,997

9 Contingent Liabilities There were no contingent liabilities at 31st December, 2017 (2016 : Nil)

111 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Registered Non-Life Insurance Companies Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity ADDRESS/TEL. & FAX NOS./HEAD OFFICE NAME OF COMPANY CONTACT LOCATIONUltra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns CODE: (0302)

PMB KA 85, Airport, Accra Ghana 3rd Floor, Heritage Tower 6th Avenue, West Ridge, Accra 1. Activa International Mr. Solomon Lartey Tel: 0302 686 352 / 672145 / 685118/19/20, Insurance Company- Ghana Limited Chief Executive Officer 0277764933,For More 026228888 Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Fax: 0302 685176Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org e-mail [email protected] s.kyerematen@ group-activa.com

PMB CT 353 Cantonments-Accra, Ghana Tel: +233 (0)302 764 893-94 / 764 891 Fax: +233 (0)302 765 140 2. Allianz Insurance Company Gh. Darlington Munhuwani Loc: Lexta Square No.79 Achimota Road, Ebony Ltd Chief Executive Officer Cresent (Off Olusegun Obansajo Highway) Opposite Roman Ridge - Accra E-mail: [email protected] www.allianz-ghana.com

P. O. Box CT 11022 Cantonments-Accra Franklin O. Asafo-Adjei Loc: Opp. American House, East Legon 3.Best Assurance Company Limited Chief Executive Officer Tel: +233(0)302 544145/46/48/49 Info: bestpointinsurance.com www.bestpointinsurance.co,

P. O. Box GP2136, Accra Tel. 763065, 763118, 763171, 7011560/1, 772778 4. Donewell Insurance Mr. Seth Aklasi Fax:760484 Company Managing Director e-mail: [email protected] www.donewellinsurance.com F33/1 Carl Quist Street, Kuku Hill Osu RE

P. O. Box GP 50, Accra 666856-8/666847-9 5. Enterprise Insurance Mr. Kwame Ofori Fax: 677677 Company Executive Director e-mail: [email protected] Enterprise House, 11 High Street

112 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

P. O. Box 16235 KIA Accra Tel: 0302 - 770548, 769542 Fax:0302 769592 6. Equity Assurance Mr. S. Yemi Adetuwo Location: 48 Senchi Street, Off Aviation Road, Company Managing Director/CEO AirportFor More Residential Information Area And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Accra,Location: Ghana Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: e-mail: [email protected],.ghwww.nicgh.Org www. equityassuranceltd.com

P. O. Box 1322, Accra 0302 - 780625/6, 780628/9-10 7. Ghana Union Aretha Duku Fax: 0302 - 780647 Assurance Managing Director Loc. F828/1Ring Road East, Osu e-mail: [email protected]

P. O. Box 4251, Accra-Ghana Tel.: 0302 - 253021,245235, Mr. Andrew Achampong- 8. Glico General Kyei Esq. Fax: 0302 - 258211 Insurance Company Managing Director Glico Hs. No. 47 Kwame Nkrumah Avenue e-mail: [email protected] www.glicogeneral.com

P. O. Box PMB K.I.A Accra- Tel. 770338, 769365 9. Heritage Energy Mr. Uche Okugo Fax : 768944 Insurance Company Managing Director Location: C 132/21 Limited 11 Saflo Street Abelemkpe Residential Area e-mail: [email protected]

P. O. Box CT 10686, Cantonments Accra, 10. Imperial General Tel. 0577667436-8/0577656170/0204653496 Mrs. Esther Osei Yeboah Assurance Company Loc. Ring Road Central, Accra Adjacent Paloma Hotel Managing Director Ltd. e-mail: [email protected] website:www.imperialgeneral.com

113 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

P. O. Box 20084, Accra 0302-220966 / 2227439 / 2241322 / 2242554 /2225296 / 2225289 / 120070 / 1 11. Hollard Insurance Mr. Daniel Boi Addo Fax: Ghana Limited Managing Director e-mail: [email protected], [email protected], [email protected] For More Information And Reservation, Please Call The Following Numbers No. 11 Patrice Lumumba Road0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Airport Residential Area, Accra www.nicgh.Org

P. O. Box YK 1173, Kanda, Accra Tel: 0303978389

12. Loyalty Insurance Mr. Frank Yeboah Loc: 3rd Floor, Ghana Shippers House, No. 12 Cruickshank Street, Ambassadorial Enclave, West Company Limited Managing Director Ridge, Accra [email protected] www.loyaltyinsurancegh.com

P. O. AT 128, Achimota, Accra Tel. 0302 766633, 0544322144 13. Millennium Mr. Godfried Love Djanie Fax: 0302 763323 Insurance Company Managing Director Location No. 4, 7th Street, Airport Residential Area Accra

P. O. Box KS 1480, Adum-Kumasi Tel:03220 37350, 03220 37351 14. Multi Insurance Mr. Mark Ampadu Fax : 03220 27602 Company Ltd. Managing Director/ CEO Loc. H/N ZE 71, Manhyia-Kuamsi e-mail: [email protected]

P.O. Box 3 GP 114, Accra Tel.0302 - 210180 15. NSIA Ghana Mr. Yaw Adom Boateng Fax: 0302 - 210181 Company Limited Managing Director www.groupensia.com Location: 14/16 Main Street Tesano P. O. Box 17753, Accra-North, 911 Tel. 246319, 245921 Fax: 246311 16. Phoenix Insurance Mr. Henry Bukari e-mail: [email protected] Company Managing Director Website: www.phoenixghana.com 244/3 6th Ringway Link Estates, Accra

114 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

P. O. Box 782, Accra 221096/229807/233964 17. Provident Insurance Mr. Ato Awusie Wilson Fax:239463 Company Ag. Managing Director Provident Towers, Ring Road Central e-mail: [email protected] For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 P. O. Box TGPel: 233 21222 302 238 300/1 Accra | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Tel. 0302 2229062/ 0302 233499/ 0302 234078 18. Prime Insurance Mr. Joseph N. Dorh 0302 3976799 Company Limited Managing Director Location: Platinum Place Kanda High Street, Accra e-mail: [email protected] www.primeinsuranceghana.com

P. O. BOX GP 13808 Accra Tel: 0302 979478,979477 0243138803,055 3019060,0505719499 19. Priority Insurance Mr. Matthew Aidoo Location Priority House No. 502/1, Avenor Junction Company Ltd. Managing Director Adjacent to C. Woermann (Ghana) Ltd. .Kwame Nkrumah Circle to Caprice Rd. [email protected]

P. O. Box MP1252, Mamprobi, Accra Tel. 258125-30,258130-4, 241016 20. Quality Insurance Mr. Kobina Addison Fax:220165/258135/258136 Company Chief Executive Officer Quality House, Ring Road Central, Kokomlemle e-mail: [email protected] www.qicghan.com

Tel. 0302 769789/ 768463/ 778106/ 220798 Fax: 0302 782871 21. RegencyNem Mr. Bode Oseni Location: 65 Patrice Lumumba Road, Airport Insurance Ghana Chief Executive Officer Residential Area, Accra Ltd. e-mail: [email protected] www.regencynem.com

P. O. Box GP 1292, Accra

Mrs. Mabel Nana Nyarkoa Tel: 026093726/0576782571/ 0234414957 22. Saham Insurance Porbley Loc: # 18 Dr. Isert Road, Ridge-Accra Ghana Limited Managing Director e-mail: [email protected] www.sahaminsurance.com.gh

115 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch ADDRESS/TEL. & FAX NOS./HEAD OFFICE Mineral Water Note Pad, Folder And Pen NAME OF COMPANY CONTACT LOCATION Internet Connectivity CODE: (0302) Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns P. O. Box 2363, Accra Tel. 780600-9 23. SIC Insurance Mr. Stephen Oduro Fax: 780615 Company Limited Managing Director e-mail: [email protected], [email protected] Head Office: Ring Road East (Nyamitei House)Website www.sic-gh.com For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 P. O. Box 7532,Location: Accra-North Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 028935337/ 0289353538/0289353539,www.nicgh.Org 245906/245908 24. Star Assurance Mr. Kofi Duffuor Fax:230624 Company Managing Director e-mail: [email protected] www.starassurance.com 1st floor, Stanbic Heights Building, 215 South Liberation Link

P. O. Box AN 5721, Accra-North Tel. 0302 -248174-7, 2248175, 228176, 2248177, 2241892 Fax: 0302 2248173, 2221430 25. Unique Insurance Mr. Victor Obeng Adiyiah e-mail: uniqueinsurance-gh.com Company Limited Managing Director www.uniqueinsuranceghana.com No. 86 North Ridge, Ring Road Central Formers office of KLM, behind Total Filling Station and next to DHL Head office

P. O. Box 1868, Accra, Ghana 0302 - 666485-7 / 782921-2 780146 /7010677/9 26. Vanguard Assurance Dr. Gideon Amenyidor Fax:668610 Company Limited Chief Executive Officer No. 21 Independence Avenue e-mail: [email protected] www. vanguardassurance.com

PMB 163 K.I.A-Accra Tel. 772606, 773616, 773609 Fax: 773749 27. Wapic Insurance Mr. Adedayo Arowojolu Location: 35, Aviation Road Airport, Residential Area (Ghana) Limited Managing Director Accra e-mail: [email protected] www.wapic.com/gh

116 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Hse. No. C112513, 7th Avenue North Ridge P.O. Box AN 5879, Accra-North 28. GN Insurance Company Albert Eyeson-Ghansah Tel: 0501673296/0501673297 Email: [email protected] www.gninsurance.com

ADDRESS/TEL. & FAX NOS./HEAD OFFICE NAME OF COMPANY CONTACT LOCATION CODE: (233-0302)

P. O. Box 16192, KIA -Accra 1. African Life Tel: 769666/769615/769518 Assurance Company Managing Director Fax: Limited Email: [email protected] www.africanlifeghana.com

P. O. Box AD 655, Adabraka-Accra 2. A-Plus Life Mr. Oyebanji Ade Ademola Email: [email protected] Assurance Company Chief Executive Officer Location: 9/1 & 9/2 Saxel Avenue, Tesano, Accra Limited Tel: 0244-258490

P. O. Box CT115 Cantonments, Accra Tel.: 220409, 0289546118,028 9546151 3. Avance Life Assurance (Gh) Mrs. Judith A. Asamoah Fax : 247942 Ltd. Managing Director e-mail: [email protected] HD16, Sekou Toure Street, Ridge Residential Area near NHIA Office

P. O. Box GP3958, Accra 772778, 763321, 763266 4. Donewell Life Mrs. Stella Segbawu Fax:763266 Company Ag. Managing Director e-mail: [email protected] 2nd floor F33/1 Carl Quist Street, Kuku Hill Osu RE

117 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water Private Mail Bag, General Post Office Accra, Ghana Note Pad, Folder And Pen Internet Connectivity Tel. 689940, 689943, 669945 5. Enterprise Life Mrs. Jackie Benyi Fax: 677073Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Assurance Company Executive Director Enterprise House, 11 High Street e-mail: [email protected]

P.O. Box CT 8309 Cantonments, Accra Tel. 201980, 201981` 6. Esich Life Assurance Cynthia Odoi Tenkorang Loc: 2nd Ring Link North Ridge Residential Area opposite For More Information And Reservation, Please Call The Following Numbers Company Ltd. Ag. Chief Executive Officer IC Securities 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 e-mail [email protected]: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org www.esichlife.com

P. O. Box CT 10536, Cantonments-Accra

Managing Director Tel 0302 – 231520, 231521/2 7. First Insurance Nuckchady Sanjiv e-mail: [email protected] Company Limited Chowbay www.firstinsurance.net #59 Ring Road Central, Asylum Down, Accra

P. O. Box 8168, Accra 781118, 780543,771298 8. Ghana Life Mr. Ivan A. Avereyireh Fax: 769096 Insurance Company Chief Executive Officer Location: 17 Aviation Road Airport Residential Area E-mail info@ghanalife insurance.com www.ghanalifeinsurance.com

P. O. Box 1185, Accra 9. Ghana Union 764674, 783021 Mr. Kwesi Offeh Assurance Life Fax: 764168 Chief Executive Officer Company e-mail: [email protected] Loc: F828/1 Ring Road East, osu

P. O. Box 4251, Accra Tel. 246140, 246142 10. Glico Life Insurance Mr E. Fokuo-Kyei Fax: 258210 Company Managing Director Glico Hs. No. 47 Kwame Nkrumah Avenue e-mail [email protected] www.glicolife.com.

118 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water P. O. Box AN 5879, Accra-North Note Pad, Folder And Pen Internet Connectivity Tel: 0302-221885

11. GN Life Assurance Mr. Fiifi Simpson Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Fax: 0302-256344 Limited Chief Executive Officer Location: Former Ocean Wave Hotel Sakumono - Accra

P. O. Box CT 456, Cantonments-Accra Tel 633933 12. Metropolitan Life Fax: 685466,For More Information 685440 And Reservation, Please Call The Following Numbers Mr. Tawiah Ben-Ahmed 0302 238300 | 0302 238301 Insurance Ghana e-mailLocation: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Chief Executive Officer Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Limited www.metropolitan.com.gh www.nicgh.Org Loc: No. 81 Tabon Link North Ridge Crescent near DHL offices – North Ridge

P. O. Box AD 190, Adabraka-Accra Tel : 0302 224299,264552, Mrs. Gifty Ama Fiagbe- 13. Saham Life Insurance Alabi Fax :0302-260020 Ghana Ltd. Chief Executive Officer Loc : 4th Floor Sethi Plaza near Adabraka Police Station Kwame Nkrumah Avenue e-mail : [email protected]

P. O. Box 1975 Achimota Market, Accra Tel. 249061, 245737, 228420

Mr. Kwaku Yeboah- Fax: 250343 14. UT Life Company Asuamah e-mail: [email protected] Co. Ltd. Chief Executive Officer www.utlifeghana.com [email protected] Location: UT Life Plaza, Legon West Road, Kisseman

P. O. Box an 5457, Accra-North 0302-230638/230646/252132/233938 Fax:239463 15. Old Mutual Life Mr. George Addison e-mail: [email protected] Assurance Co. Ghana Managing Director Website: www.oldmutual.com.gh 2nd Floor Provident Towers, Ring Road Central

119 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water P. O. Box 17753, Accra-North, Note Pad, Folder And Pen Internet Connectivity Tel. 0243690442/3, 0302 667426, 671050 Fax:

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 16. Phoenix Life Mr. Richard S. Eshun E-mail: [email protected] Assurance Company Managing Director Website: www.phoenixghana.com CDH House, No. 36 Independence Avenue, North Ridge- Accra

P. O. Box AN 10476, Accra, Ghana 17. Prudential Life Mr. Emmanuel Aryee Tel.0302 252487 0289555580 For More Information And Reservation, Please Call The Following Numbers Insurance Ghana Chief Executive Officer e-mail: [email protected] 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Loc: Hs. No. 35 North St. Tesano, oppositewww.nicgh.Org Hobats Clinic

Mr. Raymond Afrifa P. O. Box AD14 Adabraka Accra 18. Quality Life -Yamoah 234016, 252328, 258146-8 Fax:258150 Assurance Company Chief Executive Officer e-mail: [email protected]

P. O. Box CT 3242 Cantonments-Accra

Mrs. Elizabeth Wyns- Tel: 0302 678130, 662317 19. SIC Life Company Dogbe Fax: 0302 662286 Ltd. Chief Executive Officer e-mail [email protected]. www.siclife-gh.com. No. 1 Jones Nelson Road, Adabraka Freetown, Accra

P. O. Box AN 5783 Accra-North Tel: 0302 258943-7, Fax: 0302 258947 20. Starlife Assurance Mrs. Kakra Duffour-Nyarko e-mail: [email protected] Company Chief Executive Officer Website: www.starlife.com.gh Location: Plot Z20 B, Mankata Avenue, Airport Residential Area, Accra

P. O. Box AN 5721, Accra-North Tel. 0302 225572/ 0302 225590 21. Beige Assure Mr. Sheriff Abudu Fax: 248173 Company Chief Executive Officer e-mail: [email protected] Loc : No#. Samora Machel Street, Asylum Down, Accra www.beigeaasure.com Special House, 1st Floor, Airport Residential Area

22. Hollard Life Insurance Ghana Mr. Nashiru Iddrisu P.O. Box GP 20084, Accra Company Managing Director Tel: +233(0)32220366/2227439 www.hollard.com.gh

120 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water PMB CT 353 Cantonments, Accra-Ghana Note Pad, Folder And Pen Internet Connectivity Tel +233(0)302 789074/ 772 980 FaxUltra Modern +233(0)302 Hall | Modern and St at773e of the Art085 Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 23. Allianz Life Insurance Company Mr. Patrick Prado Email: [email protected] Ghana Limited Managing Director Website: www.allianz-ghana.com Location: 18 North Airport Road Adjacent Villagio Apartments, West Airport Residential Area.

PMB CT 455, Cantonments For More Information And Reservation, Please Call The Following Numbers Tel: 253242, 235434/50302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 24. Vanguard Life Mr. Isaac Senior Damptey Fax: 235437Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Assurance Company Chief Executive Officer Loc. No. 21 Independence Avenue E-mail: [email protected] Website www.vanguardlife.com

Registered Reinsurance Companies

ADDRESS/TEL. & FAX NOS./HEAD OFFICE NAME OF COMPANY CONTACT LOCATION CODE: (233-0302)

P. O. Box 7509, Accra-North, George Y. Mensah Tel. 0302 633733 1. Ghana Reinsurance Company Managing Director Fax: 221958 Plot 24, Sudan Road, Ambassador Area, Ridge, (next to Stanbic Bank Head Office)

P. O. Box CT.3959 Cantonments - Accra

2. Mainstream Reinsurance Dr. Adom Frimpong Tel. 0302-788326,7011886,0244-335711 Company Limited Managing Director Fax 788325 3rd Kuku Crescent, Osu - Accra [email protected]

P. O. Box AC 17187, Accra Tel: 050-1278160 3. GN Reinsurance Company Joseph Kusi-Tieku Email: [email protected] Limited Managing Director Location: House No 350, Ward E Block 2, Nima Court Avenue, Bridge Examination Loop Road, Accra

121 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Reinsurance Contact Offices Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity P.O. Box GP19389, Accra, Ghana

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns 4.Munich Reinsurance Company Tel. 0302 507210 of Africa Limited Fax: 0302 507211 e-mail:www.munichre.com [email protected] Loc. 2nd Floor Emporium Commercial Movenpick Ambassador Hotel

For More Information And Reservation, Please Call The Following Numbers P.O. Box AN 5042, Accra-North0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 5. WAICA Re Corporation Plc. Clement Owusu, Tel. 0302 631,164,Tel: 233 302 238 0244 300/1 | 734534Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Country Head [email protected] info@ waicarecapital.com Loc. Suite No. 10, The Emporium Movenpic Ambassador Hotel, 2nd Floor

Registered Insurance Broking Companies

ADDRESS/TEL. & FAX NOS./HEAD NAME OF COMPANY CONTACT OFFICE LOCATION CODE: (233-0302)

P. O. Box SK 26 Sakumono Community 13 Dr. Albert Gemegah Tel: 024-4731209 1. AG Associates Chief Executive Officer e-mail: [email protected] 1st Floor Pavilion E

P. O. Box 953, Accra 237573, 225330, 227813, 228905 2. Akoto Risk Mr. Nathan Adu Tel./Fax:246543 Management Managing Director e-mail: [email protected] 90 Kwame Nkrumah Avenue

P. O. Box K. 649, Accra Newtown – Accra 3. Allied Insurance Mr. J. I. Mensah Gadu Tel. 233459, 237248 Brokers Managing Director e-mail: [email protected] www.alliedinsurancebrokersltd.com

P. O. Box CT 6104, Cantonments Accra Mr. Peter Osei Duah Tel : 0302 243690, 0244362432 4.. AllStar Insurance Brokers Executive Director Location : Marbel Plaza, Behind Hotel President, Asylum Down, Accra

122 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water ADDRESS/TEL. & FAX NOS./HEADNote Pad, Folder And Pen NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity

P. O. Box 11585, Accra-North 0302 259853/259854/0244-354165 E-mail: [email protected]/ abrock@ 5. All Risks Mr. Albert Gladstone Brock arclghana.com/ agbrock1949@hotmail. Consultancy Ltd. Managing Director com/ [email protected] Website: www.arclghana.com For More Information And Reservation, Please Call The Following Numbers nd Loc. 2 Floor,0302 Caledonian 238300 | 0302 House, 238301 Kojo Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233Thompson 302 238 300/1 |Road, Fax: 233 302Adabraka, 237 248 | Email: Accra [email protected] | Website: www.nicgh.Org P. O. Box CT 6046, Cantonments-Accra Tel : 661572, 681156 6. Alpha Insurance Mr. Kofi Ampaw Fax : 661572 Brokers Ag. Managing Director e-mail : [email protected] / Location: First Floor Republic House, Annex ‘B’ Room 109 Accra Central

P. O. Box OS 853, Osu-Accra

7. Anchor Premier Brokerage Alhaji Huudu Yayaha Tel: 0243029337/0244356397/02443 26326 Limited Managing Director Loc: Ghana Procurement Agency Building, Kokomlemle Main Road

P. O. Box KN 3068, Kaneshie-Accra 8. Apex Insurance Mr. Emman Amartey Mensah Tel: 0208226823, 0277610368 Brokers Limited Managing Director Loc: No. 58 Owusu Kofi Street, Darkuman- Accra

P. O. Box KN 4769, Accra

9. Arrowclass Insurance Tel. 0302248265/0263238868 Mr. Matthias Dapilah Brokers Company Email. [email protected] / Chief Executive Officer [email protected] Ltd. Loc : 2nd Floor of L’aine Office, Kojo Thompson Road Complex, Adabraka

P. O. Box CT 138 Cantonments –Accra Tel. 0244822342 Fax : 0302 – 308598 Abdul Rahman Bawa 10. ARB Insurance Brokers Ltd. Email : [email protected] or raman@ Managing Director arbinsurancebrokers.com www.arbinsurancebrokers.com Loc. B235/25, 13 Akorlu Close Darkuman

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water ADDRESS/TEL. & FAX NOS./HEAD Note Pad, Folder And Pen NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity

P. O. Box 1609, Mamprobi-Accra Tel./Fax: 0302-767812 e-mail: [email protected] 11. Ark Insurance Mr. Michael Adorboe www.arkinsurancegroup.com Brokers Company Managing Executive Loc.: Ghana/Nigeria Business Council nd th For2 More Floor Information , Plot No. And C728/4, Reservation, 4 Please Crescent Call The Following Numbers (Nyanyo Link), Asylum0302 238300 Down, | 0302 Accra 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org P. O. Box 206, Trade Fair Centre, Accra Tel. 0243690363 Fax: 0302 761215 12. Ascoma Ghana Mr. Samuel Asamoah E-mail:[email protected] Ltd. Chief Executive Officer www.ascoma.com 33 Labone Crescent-North Labone

P. O. Box AD 50 Adarbraka-Accra Tel: 544060, 020434310 13. Asterix Brokers Mr. Henry Kom Loc.: No. 177 Lagos Avenue, Opp. Zenith Limited Chief Executive Officer Bank, East Legon, Accra, e-mail: [email protected]

P. O. Box CT 525 Cantonments-Accra Tel. : 0312-292977, 0509387602, 0302- 901911 Mr. Stephen E. Hagan Fax. 0302-662320 14. Baobab Brokers Limited Chief Executive Officer Location : No.18 Otinshie, American House, East Legon, Accra Email : [email protected] www.baobabbrokers.com

P. O. Box TI 469, Taifa, Accra Tel. 020-2018138, 0302-416853, 0265155560 15. Boaitey & Associates Mrs. Mercy Eunice Kyei Location : Darfuor House # 47, Aflyee Insurance Brokers Limited Chief Executive Officer West Achimota, Nsawam Road Email: [email protected] www.boaiteyandassociates.com

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P. O. Box AD 200, Adabraka-Accra Tel. 0200114114, 0269366666

16. Byllwych Insurance Samuel Sackey Fax: st Brokers Ltd. Chief Executive Officer Loc: 1 Floor Ike Quartey House, B 795/2 Oblogo Road, Kaneshie Zongo – Junction Accra For More Information And Reservation, Please Call The Following Numbers Email: [email protected] 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: P. O. Box MP 2225www.nicgh.Org Mamprobi-Accra Tel. 0302-673778, 680925, 0244319868, 0208424064 17. Cardinal Insurance Brokers Fax : 0302-680926, Chief Executive Officer Ltd. [email protected] [email protected] Loc : Hs. No. 49 Nii Mampong Okai Street Dansoman

P. O. Box CT 3547 Cantonments-Accra Tel.: (0302) 680925, 671330, 0244319862, 0208404264 18. Ceris International Mr. Dennis Guddah Fax: 680926 Limited Chief Executive Officer e-mail: [email protected] 657/4 2nd Floor (opposite City Paints) Kojo Thompson Road, Accra

P. O. Box CT. 1731, Cantonments, Mr. Daniel K. Afriyie 778829 Fax:760830 19. CLAIM Limited Managing Director e-mail: [email protected] Trade Fair Centre (Pavilion ‘V’) La, Accra

P. O. AC 663 Accra Tel.0302 263447 20. Corporate Trust Insurance Victor Day Amoah Fax 0302 234321 Brokers Managing Director [email protected] Loc. Martco House, Adabraka-Accra

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water ADDRESS/TEL. & FAX NOS./HEAD Note Pad, Folder And Pen NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity

P. O. Box 15282 Accra-North Tel. 0302 - 237568-9 21. Crown Insurance Mr. Kofi Kyereh-Darkwah Fax: 0302 - 235739 Brokers Executive Director e-mail: [email protected] www.corwninsurancegh.com

ForHs. More No. Information C418/2 And Watson Reservation, Avenue, Please Adabraka Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 P. O.Tel: Box 233 302 71, 238 Trade 300/1 | Fax: Fair 233 Centre,302 237 248 |Accra Email: [email protected] | Website: www.nicgh.Org 0302-27908, 251623, 251625, 0544342329 Fax: 0302-233380 Mr. Danny O. Adjei 22. Danniads Limited e-mail: [email protected] or Managing Director [email protected] Hs. No. D325/4 Brewery Road Official Town, Adabraka

P. O. Box MP, 812, Mamprobi, Accra Tel : 0244984615/0200798288/02410 76400 Mr. Mike Gadze 23. Dezag Insurance Brokers [email protected] Managing Director Location : House No. A 1015/14, Delonix Street, Dansoman, Last Stop (Ebenezer SHS)

P. O. Box KN 4034, Kaneshie-Accra Mr. W.F. Duncan Tel: 682414, 0244-251167 24. Double D & M Managing Director Loc: Okoama Storey Building, 71 Ring Road South-Industrial Area

PMB CT 98, Cantonments, Accra Tel: 0302-713900, 713899

25. Dynamic Insurance Ms. Bernice Martey Fax:0302-713882 Brokers Ag. Managing Director e-mail: [email protected], info@dibghana. com Loc. Brigade Bus Stop, Off the Nungua- Teshie Road

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P. O. Box 16882, Accra-North 0302-229349/224670/233078 Fax: 224809 26. Edward Mensah, Mr. J. S. Wood e-mail: [email protected] Wood & Associates Managing Director www.edwardmensahwoodassociates.com For More Information And Reservation, Please Call The Following Numbers Marydee House0302 238300 C124/3 | 0302 Farrar 238301 Avenue Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233Adabraka, 302 238 300/1 Accra | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org

P. O. Box AH 1361, Achimota- Accra Tel. 0302-901519, Mr. Frankline Gbena 024462257,0248260963 27. Felin Insurance Brokers Ltd. Chief Executive Officer [email protected] Loc. : Hs. No. 10 Afram Lane, Asylum Down, Accra near Delta Security Services

P. O. Box AN 5042 Accra-North Tel. 770510, 0244-94206 Fax: 770511 28. First Anchor Risk Mr. Franklin Asamoah Benefo Loc. Christman (formally Aviation House) Management Managing Director 3rd floor, suit 105, Airport-Accra e-mail: [email protected] www.firstanchor.com

P. O. Box WJ 952, New Wieja, Accra Tel : 0244272066, 0302 -201488 Email : info@functionsriskmanagement. Mr. Fred Frimpong com 29. Functions Risk Management Chief Executive Officer www.functionsriskmanagement.com Location : Ringway Estates House No. 11, First Ringway Close, Ringway Estates, Accra

P. O. Box AF 1347, Adenta-Accra Tel. 233-261509238/0244438704 30. GBL Insurance Mr. Lord Kpodo Loc: 4th Floor Ghana House (Behind Brokers Ag. Chief Executive Officer Barclays High street) Email: [email protected]

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water ADDRESS/TEL. & FAX NOS./HEAD Note Pad, Folder And Pen NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity

P. O. Box KN 57 Kaneshie-Accra Tel. 0244-418495,020-4330449 31. Goodwill Insurance Brokers Mr. Samuel Assan Acquaisie Email : [email protected] Limited Chief Executive Officer Location : Virtues Trust Building, Off Burma Camp Road P. O. Box GP 3470, Accra For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location:Tel: 0302-250384, Appiah-Ampofo House, Independence 0289551390 Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: 32. Ghana International Mr. Michael Teetey-Milligan Fax : 0302-247633 www.nicgh.Org Insurance Brokers Ag. Managing Director e-mail: [email protected] Loc.: 2nd Floor Coplan House, Off Kojo Thompson Road, Adabraka-Accra

P. O. Box 7130, Accra-North Tel. 0302-221021, 0208127172 33. Global Impact Nana Kofi Karikari Fax: 0302-221869 Insurance Executive Director e-mail: [email protected] Brokers (Gh) Ltd. Loc. : Opp Burkina Faso Embassy Asylum Down, Accra,

P. O. Box CT 9545 Cantonments- Accra Tel. 0302-244714, 244715, 244478 Fax : 0302-244713 Mr. Kusi-Yeboah 34. Goldlink Insurance Brokers Email. goldlinkinsurancebrokers@yahoo. Managing Director com Loc : No. 32 Farrar Avenue Adarbraka Sikkins Paint Building

P. O. Box KIA, 30708 Accra Tel:(0302) 674465, 686400 35. Willis Tower Watson Mr. Mamadou Ndao Fax : 0302-675489 Ghana Limited Managing Director e-mai ; [email protected] www. .grassavoye.com Location: 6th Avenue, Heritage Tower

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P. O. Box CS 8409 Comm. 7 Tema 0303-208856, 208864, 208928, 200999, 0201515500 36. Horizon Insurance Mr. Godwin K. Amoo Fax: 208856 Brokers Limited Managing Director For More InformationEmail: [email protected] And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofowww.horizoninsurancebrokers.com House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Loc. : 1st Floor, Suite # 9, Kristal Plaza, Community 4, Tema

P. O. Box CT. 6387, Cantonments-Accra 37. Ideal Insurance Brokers Mr. Paul Laryea Tel. 0501525704/026074277 Limited Managing Director Email : [email protected] Loc : No. 137/5, Ring Road

P. O. Box CT 6274 Cantoments, Accra Tel. 0302-239855, 222427 CEO: 0208162185 38. Insurance Centre of Mr. Malcolm Dennis Fax: 234 128 Excellence Managing Director E-mail [email protected] Location: H/No 14 Ridge Road, NT Ridge (Opposite Accra High School)

P. O. Box T.89 Stadium Post Office, Accra 39. Inter-Africa Ms. Akua Ahimba Hayford Tel. 255357 Brokers Managing Director e-mail: [email protected] Limited First floor, Palma House, Tudu, in the same building as Tudu Clinic behind the Catholic Book Centre

P. O. Box 4648 231182-3, 667339/229796/662174 40 Insurance Dr. S. Ashong-Katai Fax: 231184/668199 Consultancies Managing Consultant e-mail: [email protected], addedpat@ Int. Limited yahoo.com Benefits Plaza, Ring Road Central

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water ADDRESS/TEL. & FAX NOS./HEAD Note Pad, Folder And Pen NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity

PMB CT 382 41. Insurance Solutions Ms. Josephine J. Amoah Cantonments-Accra Limited Chief Executive Officer Tel. 0302 938112, 0243574690 e-mail: [email protected]

For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 P. O.Tel: Box 233 302 GP 238 724, 300/1 |Accra Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Tel. 0243837432, 0267420746 42. Insurance Management Ms. Bianca Nadia Noshie Loc : No. 3 Afram Road, GOA House – Services Limited Chief Executive Officer Asylum Down, Accra e-mail: [email protected] www.ims-gh.com P. O. Box AF 574, Adenta, Accra Tel. 0302500168, 0501584161 43. IRisk Management Mr. Christopher Boadi Mensah e-mail: [email protected] Limited Chief Executive Officer Loc. : Assembles Junction, Adenta Road Adjacent Appliance Master www.igroupghana.com P. O. Box CT 8006 Cantonments, Accra Tel. 0302-984470, 0274734302, 0208132899 44. KAV Insurance Mr. Victor Kyei Agyen Loc. No. 14 Cairo Street, East Legon, Brokers Limited Chief Executive Officer Behind GT Bank e-mail : [email protected] www.kavinsurancebrokers.com

P. O. Box 17366, Accra 45. K & A Insurance Brokers Angela Appiah Tel. 030938515 Limited Managing Director Loc. : Hse. No. 7, 5th Abossey Okai Link, Mataheko, Accra

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P. O. Box 6681, Accra-North 764023, 764573, 764573, 764390, 764210 46. KEK Insurance Mr. Charles Oduro Fax:764210 Brokers Managing Director e-mail: [email protected]

For More Informationwebsite:http/www.ghanaclassifieds.com/ And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-AmpofoKEK Broking House, IndependenceHouse No Ave, 40/41Senchi National Insurance Commissio Streetn ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: @Aviation Road, www.nicgh.OrgAirport Residential Area

P. O. Box Tel. 0266812600, 0266335735 47. Kols & Hols Insurance Dr. Andrew Akolaa www.kholsinsurancebrokers.com Brokers & Management Executive Director [email protected] Consultants Loc. NanaSwiss House Plot No. 14 Community 16 Lashibi Tema

P. O. Box CT 8092, Cantonments, Accra Tel. 0302-710148 710149, 050 512519 Mrs. Francisca Karikari Email : [email protected] 48. Liberty Insurance Brokers Chief Executive Officer www.libertybrokersgh.com Loc. 4th Floor of Dufie Towers, 1st Junction, Teshie-Nungua

P. O. Box 1144 Achimota, Market Tel. 781435/781774 Fax: 770432 49. Lordship Insurance Mrs. Edwina Nana Esi Ampofo e-mail: [email protected] Brokers Ag. Chief Executive Officer www.lordshipins.com F & D COURT, H/NO. C140 Motorway Extension Abelemkpe

P. O. Box GP2913, Accra 2254647 50. M & G Insurance Brokers Mr. S A. Appiagyei Fax: 254649 Limited Managing Director 5th Floor, Sethi Plaza, 123 Kwame Nkrumah Avenue Adabraka

P. O. Box SD.79, Stadium Accra 51. Maxpal Mr. Paul Quarshie 232795 241216 Fax: 232795 Intermediaries Managing Director e-mail: [email protected] B219/10 Bio Street Awudome Kaneshie

131 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water ADDRESS/TEL. & FAX NOS./HEAD Note Pad, Folder And Pen NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity

P. O. Box CT 3865 Cantonments Tel. 0303 932305 / 932308 Loc. Behind Ms. Afua T. Boateng the Trade-Fair at the back of Goil filling Station 52. Metrix Brokerage Limited Managing Director e-mail : [email protected] www.meterixbrokerage.com For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location:P. O. ANAppiah-Ampofo 10554 House, Accra-North, Independence Ave, Ghana National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Tel: 021-255168, www.nicgh.Org 53. Midas Insurance Mr. James Anti Fax: 021-258667 Brokers Ltd. Chief Executive Officer Location :Plot No: A10 Awuodome Roundabout, Kaneshie , E-mail: [email protected]

P. O. Box KA 30223 Airport Tel. 0289013928 54. Multinational Insurance Mr. Perry Adamba Loc. No. 13 Star Avenue, Kokomlemle Brokers Chief Executive Officer E-mail [email protected] www.multinationalinsurance.com.gh

P. O. Box GP 1388 Accra, Ghana Tel. 0202019973, 0302 967330 Elizabeth Larmie (Mrs.) 55. NDL Insurance Consult Fax : 0302 760404 Managing Director Loc : Near VRA Clinic Osu e-mail [email protected]

P. O. Box AF 1383 Adenta 56. Novelty Insurance Brokers Mr. Richard Y. Fenuku Doamekpor Tel : 268002 Ltd. Managing Director Loc: Superior Oil Office Complex Ampomah Junction

P. O. Box KN, 5111, Kaneshie, Accra Mr. Bernard Ohemeng-Baah Tel : 0302-230060 57. Oak Insurance Brokers Managing Director Location : House No. 6, Obutu Road Accra New Town.

P. O. Box CT. 521, Cantonments, Accra Tel. 0303 932400, 0244788797 58. Pacific Insurance Mr. Kwasi Asante e-mail: Brokers Limited Managing Director Loc: H/No. EA 44/11 East Adentan, Sanit Mary Close, Accra

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P. O. Box GP 14438 Accra Central 59. Progressive Insurance Mr. Francis Nsiah-Afriyie Tel. 0302-946345, 020-2018102 Services Limited Managing Director e-mail: [email protected] Loc: Anum Yemoh Plaza-East Legon

P. O. Box DS 1632 Dansoman For More Information And Reservation, Please Call The Following Numbers Tel : 0302-915111,0302 238300 0302-918011, | 0302 238301 028 60. Premier Brokers & Moses A. Darkoh Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233954 302 2380270 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Consultants Managing Director www.nicgh.Org Fax : 0302-224804 E-mail [email protected]

P. O. Box AN 8118 Accra-North Tel. 020-8157160,0244-767037, Ms. Adelaide Aboagye 0244-883991 Fax:240882 61. Prudent Insurance Brokers Managing Director e-mail: [email protected] Hse. No. 520/4, Jones Nelson Street, Adabraka, Accra

P. O. Box CT 3817, Cantonments-Accra Tel : 028891638, 0268131414 Mr. Anthony Apaloo Loc : #309/17, Abavana Junction, Kotobabi, 62. Riscovery Limited Managing Director Accra Email : [email protected] www.riscoveryltd.com

P. O. Box M606 Accra 63. Risk Solutions Mr. Kwasi S. Fynn Tel. 0302-778820 Limited Managing Director Fax : 0302- 515479

P. O. BOX AN 123331 Accra- North

64. Risk Management and Mr. Larry Jiagge Tel.0244315384/ 0277595009/ 0243227147 Advisory Services Limited Chief Executive Officer Loc. : No. 120B Spintex Rd Industrial Area Emails : [email protected], larry.jiagge@ rmas.com, [email protected]

133 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

2017 Annual Report National Insurance Commission

Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water ADDRESS/TEL. & FAX NOS./HEAD Note Pad, Folder And Pen NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity

P. O. Box 561, Accra Tel :. 0244848784, 0202011488 Mr. Ebo Morrison 65. Risk Partners Limited Email : [email protected] Chief Executive Officer Loc. : #. 24, 5th Crescent, Asylum Down, Accra

For More Information And Reservation, Please Call The Following Numbers P. O. Box AN 11115,0302 Accra-North 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 66. Safeguard Insurance Leila Kamara Tel.T 0302el: 233 302 – 238 784596, 300/1 | Fax: 2330302 302 237 784594 248 | Email: [email protected] | Website: www.nicgh.Org Brokers Ltd. Chief Executive Officer Fax: 786602 Loc: No. 6 Osu Doku Street, Osu, Accra

P. O. Box OS 2912Osu, Accra Tel. 761944, 786603, 024376965 67. Safety Insurance Mrs. Lena Adu-Kofi Fax: 786602 Brokers Ltd. Chief Executive Officer e-mail: [email protected], info@ safetyinsurancebrokers.com 2nd Floor, Blue Chip Building P. O. Box 468, Accra 68. Saviour Insurance Tel/Fax:224559, Mr. Charles Antonio Brokers & 0277426580,0289538285 Managing Director Consultants e-mail: [email protected] Kanda, Accra East Ayawaso

P. O. Box GP 13197, Accra Tel.: 519651/2 0544 356 888 69. Shield Insurance Mr. Pius Boateng e-mal: [email protected] Brokers Managing Director Location: Kangaroo Hs. Adjacent Flyover, Manet Court off Spintex Road.

P. O. Box WJ 526, Weija- Accra Tel.: 02444664540, 0235664540 70. Strategic Insurance Consult Nii Adjri Sackey e-mal: [email protected] Limited Managing Director Loc.: Gicel Estates, New Weija DVLA , Block A, Room 8/9 P. O. Box WY 1641, Kwabenya, Accra Tel.: 0245212770, 0303 938822, 71. Supreme Trust Insurance Mr. Patrick Doe Gadikor 0244438702 Brokers Limited Managing Director e-mal: Loc.: Plot 2, London Street, Opp Baatsona Total Filing StationS

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P. O. Box 17841, Accra Tel./Fax: 235603, 949803, 0244272060, 0209420518 72. Trans-National Brokers Mr. E. B. Nsiah e-mail: [email protected] Limited Managing Director www.transnationalinsurancebrokers.com

For More InformationC154/19 And Tesano Reservation, Business Please Centre Call The Following Numbers Opposite Santana0302 238300 Market, | 0302 Tesano 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org P. O. Box GP 1800 Accra Tel. . 0302 764117, /764018 0509244277, 0244786258 73. Trinity Insurance Brokers Mr. Harry Obuobi-Akyem Staudt Loc. HNO. 509C/1 Oxford St. Osu opposite Ltd. Managing Director Osu Presby Cluster of Schools Email : [email protected]/ [email protected]

P. O. Box 12566, Accra-North Tel.: (233-21)244661, 256183, 220302 Fax: (233)220319 74. Tri-Star Insurance Rev. Asante Marfo-Ahenkora e-mail: [email protected] ahenkora@ Services Limited Managing Director hotmail.com No. 14 Naa Ata Street Tesano Accra E-mail [email protected]

P. O. BOX AN 18864 Accra-North Tel. 0208242534 Mr. David Osei-Manu 75. UGroup Limited e-mail : [email protected] Executive Director www.ugrouplimited.com Location : HSE NO. CFC 352 Dome-Accra

P. O. Box C117, Cant. 222076/229362 Mr . Osei Kufuor (Daasebre Oguakuro 76. Universal Insurance Osei Bediako II) Fax: 233944 Consultants Ltd. Managing Director e-mail: [email protected] 1st Floor, Standard Chartered Bank building, Adabraka

135 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water ADDRESS/TEL. & FAX NOS./HEAD Note Pad, Folder And Pen NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity

P. O. Box CT 4219 Cantonments-Accra Tel 0244644155 Vincent Sali-Dokpor 77. Visal Insurance Brokers Loc : Plot No. 46, 48 boundary Rd. near Managing Director UBA Bank American House East Legon e-mail:[email protected]

For More Information And Reservation, Please Call The Following Numbers P. O. Box 217 Trade0302 Fair, 238300 Accra | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel T0245501301el: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org 78. Worldwide Insurance Isaac Yao Tedeku Email : [email protected] Brokers Limited Managing Director www .worldwidepartnersgh.org Loc : QFS Building Comm. 11, Hospital Road, Tema

P.O Box CO 4970 Community 1, Tema Alfred Yaw Ofori-Kuragu House No.43/44 Community 25, Tema 79. A P& L Consult Limited Managing Consultant Tel : 020 8233960/026 2233962 Web site : www.asasebrokers.com

LOSS ADJUSTING COMPANIES

ADDRESS/TEL. & FAX NOS./HEAD OFFICE NAME OF COMPANY CONTACT LOCATION CODE: (233-0302)

P. O. Box GP 22926, Accra-Central Tel: 0249949311/0207963058/0261384828 1. I AM Loss Adjusters (Gh.) Engr David Oluniyi Odusanya Loc: 3rd Floor White House Plaza, Opp Ebenezer Funeral Limited Managing Director House, Aigbe Town Bus Stop, Close to West Hills

P. O. Box 9155, KIA, Accra Tel: 313954, 0244327960, 0208132962, 2. Manyo-Plange Mr. E. A. Manyo-Plange Fax: 021-304977 Associates Managing Director 40 Akwadu St. Near KEMBS HOTEL METAHEKO, ACCRA GHANA

136 NANationalTIONAL Insurance INSURAN CECommission COMMISSION Appiah-Ampofo House

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Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch P.O Box MP 315 Mamprobi, Accra Mineral Water Note Pad, Folder And Pen Location: 1st Floor, plt No. 48 Palace Street NearInternet PNT Connectivity Frederick Amui Oblitey Pharmacy , Swan Lake, Accra 3. RCH Loss Adjusters Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns Managing Director Tel: +233-20-786-3369/020 816 3569 Email: [email protected]

REINSURANCE BROKERS

For More Information And Reservation, Please Call The Following Numbers P. O. Box An 66810302 Accra-North 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: Tel. 770617,764210, 764273www.nicgh.Org Fax: 764138 1. KEK Reinsurance Brokers Shaibu Ali [email protected] (Africa) Limited Chief Executive Officer Location: KEK Insurance Broking House No. 40/41 Senchi Street @ Aviation Rd. Airport Res. Areas, Accra

Mainstream House, 3rd Kuku Cresent Osu, Accra P.O. Box OS 2912, Osu, Accra 2. Afro-Asian Reinsurance Brokers Samuel Adoteye-Asare Tel: 0302 783 292/ 024 468 3100/024 Ghana Limited Managing Director 4222686 Email: [email protected]

137 Notes