GHANA REINSURANCE COMPANY LIMITED 2017 ANNUAL REPORT & FINANCIAL STATEMENTS CORPORATE MISSION CORPORATE MISSION To be the reinsurer of choice in Ghana and chosen markets in Africa through innovative and capacity building applications combined with commitment to customer satisfaction and Corporate profitability 7 Financial Statements for the year ended 31 December 2014 Contents Page 2 Corporate Information 3 - 6 Profile of Directors 7 Financial Highlights 8 - 10 Chairman’s Statement 11 - 12 Report of the Directors 13 - 15 Independent Auditor’s Report 16 Statement of Financial Position 17 Statement of Comprehensive Income 18 - 19 Statement of Changes in Equity 20 Statement of Cash Flows 22 - 55 Notes to the Financial Statements Annual Report 2017 1 Financial Statements for the year ended 31 December 2017 CORPORATE INFORMATION BOARD OF DIRECTORS George Otoo - Chairman (Appointed: 24/08/2017) Nana Ansaah Sasraku II - Chairman (Resigned: 07/01/2017) George Y. Mensah - Managing Director (Appointed: 24/08/2017) Abiba Zakariah - Managing Director (Resigned: 31/08/2017) Marian Mensah - Member Franklin Hayford - Member (Appointed: 24/08/2017) Francis Sapara-Grant - Member (Appointed: 24/08/2017) Jennifer Owusu - Member (Appointed: 24/08/2017) Wilson Tei - Member (Resigned: 07/01/2017) Mohammed Yakubu - Member (Resigned: 07/01/2017) SECRETARY/SOLICITOR BANKERS Jessica Allotey (Mrs) Agricultural Development Bank Limited Barclays Bank Ghana Limited Ecobank Ghana Limited Fidelity Bank Ghana Limited GCB Bank Limited COMPANY’S REGISTERED NUMBER Ghana International Bank Plc London CS00662013 Standard Chartered Bank Ghana Limited Universal Merchant Bank Ghana Limited REGISTERED OFFICE Plot 24, Sudan Road, Ridge, Accra P. O. Box AN7509, Accra-North Ghana AUDITOR KPMG Chartered Accountants 13 Yiyiwa Drive, Abelenkpe P. O. Box 242, Accra, Ghana 2 Annual Report 2017 Financial Statements for the year ended 31 December 2017 PROFILE OF DIRECTORS Upon assumption, George Otoo 4. Enterprise Trustees (Pension re-engineered the Company by Administration) computerising and networking 5. Transitions (Funeral Services) all operations across the country. He introduced a highly successful He became the Group’s first CEO novel workflow process known in 2010. as Workgroup Concept, whereby George Otoo retired from workflow processes were based Enterprise in 2014 after 33 years on the type of client rather than service to the company with the type of product sold to the market capitalisation of US $130 client. million from US $1.5 million when he took over at Enterprise He spearheaded the founding Insurance. of Enterprise Life Assurance Company (ELAC) in 2001 in He Chartered in 1989 as an partnership with African Life Associate of the Chartered Assurance of South Africa (later Insurance Institute of U.K. Prior bought by Sanlam) and the IFC of to that he obtained a Diploma the World Bank. ELAC today is the in Insurance with Distinction George Otoo biggest life assurance company from the West African Insurance Chairman in Ghana by both premium and Institute (WAII) then based in assets. Liberia. In 2010 he created a holding George Otoo also holds an MBA company structure at Enterprise in Insurance Management from George Otoo is a Chartered with the aim of identifying and the University of Nottingham Insurance Practitioner with creating subsidiaries to provide Business School, U.K. over 30 years experience in the services across the spectrum i.e. insurance industry. He entered from cradle to grave. Enterprise Directorships he has held to date the insurance industry in 1981 Group was listed in 2010 to are as follows: when he was appointed as replace Enterprise Insurance 1. Mainstream Re – 1999 to 2017 Technical Trainee at Enterprise on the Ghana Stock Exchange. (Resigned) Insurance Co. Ltd. He held Enterprise Group to date has the 2. TIGO Ghana Advisory Board – various positions in the company following subsidiaries: 2013 to 2015 until he was appointed General 1. Enterprise Insurance (General 3. Databank EPACK Investment Manager in charge of Operations Insurance) – 1999 to date in 1998. A year later, the board 2. Enterprise Life (Life 4. Enterprise Group – 2010 to appointed him Managing Director Insurance) date whereupon he assumed full 3. Enterprise Properties (Real 5. Enterprise Properties – 2011 control of the management of the Estate) to date Company. Annual Report 2016 3 Financial Statements for the year ended 31 December 2017 PROFILE OF DIRECTORS Mr. George Yaw Mensah started his as the Head of Investments and professional career in 1993 with became the Executive Director of Merrill Lynch Asset Management SIC Financial Services, a wholly (MLAM) as a Financial Accountant owned subsidiary of the insurance in Princeton, NJ USA. He later company in 2006. joined Prudential Financial in Newark, NJ as Senior Mr. George Yaw Mensah joined Analyst within the Investment African Reinsurance Corporation Management Research team on April 1, 2010 as Assistant where he was responsible for Director in charge of Treasury and ensuring that the firm’s portfolio Investment, a position he held managers have the ability to until his appointment as Managing achieve superior returns in both Director of Ghana Reinsurance up or down markets. Company Ltd. on September 1, 2017. Mr. Mensah is a product of New York University (Stern Business Mr. Mensah has served on several School) where he earned an MBA Boards including Ghana Stock in Finance. He also holds a BSc in Exchange as a Council Member. Accounting and a minor in French Other Board representations from Montclair State University in include:- NTHC Financial Services, George Y. Mensah New Jersey. Afram Publications Limited Managing Director and Starwin Products Limited, In 2002, he relocated to Ghana a pharmaceutical company in to join SIC Insurance Company Ghana. Ms. Marian Mensah is a successful joint course on Applied Inflation financial economist with over Targeting and other IMF organised a decade’s cognate experience. courses. She had her bachelor’s degree in Economics and Psychology from Ms. Marian Mensah is currently University of Ghana, Legon (2000). the head of Capital Market Unit, Additionally, she holds an MA Financial Sector Division of in Economics and Finance from the Ministry of Finance. She is University of Leeds, UK (2003). the principal economics officer Also, Marian earned Advanced responsible for: providing advice, Securities Certification from formulating and coordinating Ghana Stock Exchange in 2001. policies and strategies for the Over the past ten (10) years, Marian development of the capital market has attended several career industry. Marian has also worked enhancing courses both locally with Ministry of Manpower Youth and abroad. In 2012, she attended and Employment, as an Economics a course on Financial Sector Issues Planning and Evaluation and Analysis in Washington D.C Officer with the Policy Planning and also a course on Macro-Fiscal Monitoring and Evaluation Modeling and Analysis in Vienna, Marian Mensah Division. Prior to that, she worked Austria. Prior to that, she was in as a Senior Economics Officer with Member IMF institute in Washington D.C. the Policy Analysis and Research USA for a course on Finance for Division of the Ministry of Finance Macroeconomists. Locally, in 2010 and Economic Planning. she attended IMF/Bank of Ghana 4 Annual Report 2017 Financial Statements for the year ended 31 December 2017 PROFILE OF DIRECTORS Mr. Franklin Hayford was boardroom relationships which is appointed as a Director in August indispensable in influencing key 2017. His areas of expertise decision-makers at the highest include Financial Strategy levels within the organisations Development, and he has where he is a member of the extensive professional experience Board. and significant executive leadership accomplishments in He is currently the Executive business. Director of Databank Financial Services Ltd. in charge of Franklin is a member of the coordinating day to day Board of Directors of a number operations of the Databank of high profile organizations Group, with responsibilities for its including Trust Bank Ltd., strategic business units. The Gambia, Bayba Financial He holds a BSc degree in Services Ltd., The Gambia, Management Sciences from the Insurance Company of Africa University of Manchester, UK and (Liberia), and the International has over 25years rich experience Bank of Liberia Ltd. He has in the field of Manufacturing and Franklin Hayford over the years displayed clearly Financial Services. Member his unique brand of executive DR. FRANCIS SAPARA-GRANT is Trust (SSNIT) and was responsible an economist with over twenty- for establishing the first national two years’ experience in pension pension scheme for workers in the scheme administration. He is informal sector of Ghana. currently the Chief Executive Officer of GLICO Pensions Trustee Dr. Sapara-Grant holds a Masters’ Company – one of the leading degree in Economics/Statistics corporate trustees that has been from the Odessa Institute of licensed to administer pension National Economy, Odessa, schemes in Ghana. He is also a Ukraine and a PhD in Economics trustee and Technical Consultant from the St. Petersburg State for the Cocoa Abrabopa Pension Engineering Economic University Scheme, which is a pension in Russia. He is also a product of scheme designed purposely for an Accra Academy where he obtained association of over 20,000 cocoa his secondary education. farmers in Ghana. Among his other experiences, Dr. Prior to his appointment as