Business News of 2014-07-20

Non-life earnings look good in 1st quarter

Twenty-three out of Ghana’s 25 non-life underwriting companies closed the first quarter with an income of GH¢226.3 million.
The income was earned as the April 1 2014 deadline for the implementation of the “No Premium, No Cover” policy drew near.
The income of two non-life companies -- WAPIC insurance Ghana and Provident Insurance -- could not be obtained before going to press.
Top earners at the close of the first quarter still remained the top-five, which include SIC Insurance, Metropolitan Insurance Company. Vanguard Assurance, Star Assurance and Enterprise Insurance.
The top five non-life insurers earned about 64.4% of the total earnings in the first quarter, while the table turned amongst lower income earners.
Equity Assurance and Saham Insurance improved on their earnings in the first quarter.
Most insurers B&FT spoke to said they expect a dip in income in the second quarter. “We will only see the true picture of our earnings from the second quarter which ended in June,” said one insurance practitioner.

Non-Life Companies

Q1, 2014

Activa International Insurance Company Limited

12,012,406

Allianz Insurance Company Limited

2,778,350

Donewell Insurance Company Limited

5,494,366

Enterprise Insurance Company Limited

25,771,000

Equity Assurance Company Limited

7,122,806

Ghana Union Assurance Company Limited

8,444,377

Glico General Insurance Company Limited

9,880,096

Imperial General Assurance Co.Ltd

1,129,021

International Energy Insurance Company Limited

2,389,536

Metropolitan Insurance Company Limited

27,587,994

Millennium Insurance Company Limited

3,653,217

NEM Insurance Ghana Limited

1,994,515

NSIA Ghana Insurance Company Limited

2,035,249

Phoenix Insurance Company Limited

7,939,495

Prime Insurance Company Limited

1,132,024

Priority Insurance Company

1,001,518

Provident Insurance Company Limited

N/A

Quality Insurance Company Limited

4,525,598

Regency Alliance Insurance Ghana Limited

2,248,290

Saham Insurance Ghana Limited

4,901,166

SIC Insurance Company Limited

46,967,088

Star Assurance Company Limited

22,240,244

Unique Insurance Company Limited

1,960,453

Vanguard Assurance Company Limited

23,076,399

Wapic Insurance Ghana Limited

N/A

Total

226,285,208


Source: B&FT
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