nic annual report 2010

Annual Report 2010 1

National Insurance Commission

Page

Foreword 2Chairman’s Report 5 THE NATIONAL INSURANCE COMMISSION

Corporate Information 8 NIC’s Operations 9 THE INSURANCE MARKET 2010 Economic Review 14 Ghana Insurance Market Report (2006 – 2010) 15 Financial & Ratio Analysis 26 APPENDICES

1. Corporate Information 61 2. 2010 Financial Reports 623. List of Registered Insurance Companies 77 4. List of Registered Reinsurance Companies 84 5. List of Registered Broking Companies 85

CONTENT

2 Annual Report 2010


PREPARINg fOR RISK- BASED SUPERvISION

2006 marked an important milestone in the Ghanaian insurance industry. The passage and the implementation of Insurance Act, 2006 (Act 724) resulted in very significant changes in the structure and operations of the industry. One major change is the significant increase in the number of insurance companies from 25 in 2006 to 42 in 2007. Although this has resulted in keener competition, the harmful effect of the competition so far cannot be underestimated. This has mainly been in the form of undercutting, unethical underwriting and marketing practices and over reliance on credit to manage the competition. These harmful effects are currently posing major challenges to the growth and efficiency of the industry. The National Insurance Commission (NIC) has therefore decided to find effective and sustainable solutions to these challenges in the form of a risk-based approach to supervision.

Insurance regulatory standards and methodologies are fast changing all over the world. The International Association of Insurance Supervisors (IAIS) has revised its Insurance Core Principles (ICPs). The approach to supervision is fast drifting from the compliance and historical toward the risk-based and the forward-looking methodologies. Traditionally, regulatory authorities have attempted to perform their roles by requiring insurance companies to comply with various requirements of laws or subordinate legislations. Experience has however shown that mere compliance with rules and legislations does not mean that a company is and will continue to be financially sound to honour its maturing obligations to policyholders.

Risk-based supervision on the other hand, requires supervisors to review the manner in which insurance companies identify and control risks that are associated with their business. This, in turn, allows supervisors to allocate resources and regulatory attention to insurance companies with high unmitigated risk exposures. Generally, risk-based supervisors assess the probability and severity of the material risks to which insurance companies are subject to and the effectiveness of the controls put in place by the insurance companies to reduce the probability of such risk events occurring or the severity of their impacts if they occur. Risk-based supervisors also assess the adequacy of the provisions insurance companies have in place to take care of the occurrence of a risk event even though controls are in place and are functioning properly.

From the foregoing, it can be deduced that Risk-based Supervision thrives on a robust legal and reporting framework, sound accounting standards and practices, accurate record keeping, adequate capitalization and effective governance and risk management structures. The NIC is therefore taking steps to address all these issues to lay a good foundation for an effective risk-based supervision model in the Ghanaian insurance industry.

FOREWORD



INTRODUCTION Of NEw PRUDENTIAL RETURNS

In order to obtain timely and adequate information for risk assessment and identification of early warning signals, the NIC has designed new prudential returns in line with International practice to be used by insurance companies to submit periodic returns to the Commission. These returns will be analysed to identify early warning signals as part of the Risk-Based Supervision processes. The returns will be submitted electronically to the NIC via a web-based portal.

INSURANCE INDUSTRy ACCOUNTINg MANUAL

The NIC in consultation with the Institute of Chartered Accountants Ghana (ICAG) has developed an Accounting Manual to guide the industry to comply with the International Financial Reporting Standards (IFRS). This is aimed at ensuring consistency and comparability in the measurement, presentation and disclosures in the financial reports of insurance companies. Under IFRS, insurance companies will have to fair value their assets and liabilities and make detailed disclosures in their annual reports which will be of immense benefit to policyholders, investors and regulators. Effective 31st December 2012, all insurance companies are required to prepare their annual financial statements to comply with the requirements of IFRS.

INTRODUCTION Of A NEw SOLvENCy fRAMEwORK

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

MINIMUM START–UP CAPITAL

The NIC has proposed an upward review of the minimum start-up capital for an insurance company from the current cedi equivalent of US$1million specified in the Insurance Act, 2006 (Act 724) to the cedi equivalent of US$5million. This decision is aimed (among other things) at improving the efficiency of insurance companies through adequate investments in Information Communication Technology to improve their operational and reporting capacities, build strong governance and risk management structures and acquire other needed infrastructure and resources in readiness for the adoption of Risk-Based Supervision by the Commission.

Under the proposal, foreign companies are required to meet this directive by December 2012 while Ghanaian owned companies are given up to December 2013 to comply.

LEgAL REvIEw

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



directors and management of insurance companies. It also requires insurance companies to set up four key in-house functions namely internal audit, actuarial, compliance and risk management functions. The new draft also gives the NIC appropriate powers to enable it take the necessary action if the board of directors and management of insurance companies fail to live up to their responsibilities.

CORPORATE gOvERNANCE AND RISK MANAgEMENT CODE

The NIC is also preparing to issue a Corporate Governance and Risk Management code to guide the companies in building sound and effective governance and risk management structures. The Governance code will have key principles on Board membership, non-executive and independent directors, board sub-committees, external auditors and conflict of interest. The Risk management code will have principles on internal controls, the roles of the four key in-house functions, the key inherent risks insurance companies face and the approach to be used to identify, quantify and manage them.

The completion of the above-mentioned projects, which is expected to culminate in the implementation of a suitable risk-based supervision model for the Ghanaian insurance industry, will bring significant improvements to the financial soundness, stability, and profitability of the industry. The industry, it is expected will then be in a better position to assume its rightful role in the economy and contribute its quota to the development of the nation.



20 yEARS Of NATIONAL INSURANCE COMMISSION

2010 marked the 20th anniversary of the establishment of the National Insurance Commission (NIC). The NIC has gone through significant changes in its 20 years of existence. The Commissioner’s office which was a one room office located at the Ministry of Finance, moved to the Marble House and then to its current location, Insurance Place. With the support of the Ministry of Finance under various Government of Ghana/World Bank funded projects, some development partners and the industry, Insurance Place has seen some significant improvements over the past few years to befit its status as “Ghana’s Insurance Place”.

The staff strength of the NIC has increased from a mere fifteen (15) mostly seconded staff, in the late nineties to about 60 as at the end of 2010. The NIC can today boast of competent professionals and technical staff including four Actuarial staff. In terms of resources and logistics, the NIC has moved from the era where there used to be just three stand alone computers for the whole organisation to the present era where every staff has a modern computer operating on a networked system to enable effective communication and sharing of information and documents.

The above-mentioned modest gains have been possible due to the hard work and contribution of the Ministry of Finance, past and current Board of Directors, management and staff of the NIC, the entire industry and our development partners over the years. I wish to use this medium to express my sincere appreciation to all individuals and organizations who have in diverse ways contributed to the success of the NIC.

In the near future, the NIC plans to change its regulatory methodology from the current compliance based system to a Risk-based model. This will require some considerable amount of resources and expertise but we strongly believe that the benefits will far outweigh the cost.

INDUSTRy PERfORMANCE

The growth in the strength and capacity of the NIC has been accompanied by significant growth of the industry as well. The non-life premium income grew by 23% from GH¢221 million in 2009 to GH¢ 272 million in 2010, the life sector premium income grew by 52% from GH¢122 million in 2009 to GH¢187 million in 2010 resulting in a 33% growth in total premiums from GH¢343 million in 2009 to GH¢459 million in 2010.

It is important to note the rate of growth of the life premiums. It is also pertinent to note that for the past two years, the life insurance business has contributed more to the industry’s total premium income than the motor business. If this trend is to continue, it is expected that the life premiums will outgrow the total non-life premiums in less than five years.

CHAIRMAN’S REPORT



INSURANCE PENETRATION

Despite the above mentioned strides in the growth of the industry, the insurance penetration continues to be very low. The insurance penetration which is defined as the contribution of total insurance premiums to GDP, in real terms is still around 1%. This can be compared to South Africa – 14.8%, Namibia – 7.3%, Kenya – 2.8% Nigeria – 0.5% and Malaysia – 4.8%. (Source: Swiss Re 2010 Sigma report)

The NIC is determined to deepen the insurance penetration in Ghana through the development of Agricultural and Micro insurance. This agenda is being pursued with technical assistance from some development partners. The development of Agricultural and Micro insurance has been selected for obvious reasons. Agriculture contributes about 30% of the nation’s GDP and micro insurance will cater for the vast majority of Ghanaians who operate in the informal sector and therefore fall outside the scope of conventional insurance.

AgRICULTURAL INSURANCE

In pursuit of the above objective, an agricultural insurance feasibility study has been done and the report published. A national Steering Committee made up of all relevant stakeholders has been set up to oversee the implementation of the recommendations in the feasibility report. The necessary technical and management committees have also been set up to prosecute the project. The project will initially start with weather indexed insurance products for cereals but will later be expanded to cover other crops and eventually livestock.

MICROINSURANCE

With respect to micro insurance, appropriate provisions have been made in the draft bill to give the needed legal backing to the unique features of micro insurance products and distribution channels. In collaboration with the German International Cooperation (GIZ), specific programs have been designed to develop the capacity and provide technical assistance to companies providing micro insurance services. Programs have also been designed to develop the demand side of micro insurance as well. These include a baseline survey to ascertain the current state of the microinsurance market in Ghana, the development of an insurance awareness index toolkit and a general consumer education program.

COMPULSORy fIRE INSURANCE

The implementation of the compulsory fire insurance for all private commercial buildings is underway. The recent fire outbreaks at the various regional markets, Government offices and the collapse of buildings under construction have made the creation of the fire fund a very urgent and important project.

It is our hope, that very soon the fund will generate enough monies to enable it provide financial support to the Fire Service and all other such organisations to procure the needed equipment for fire fighting.

The NIC expects all private commercial enterprises to patronise the Compulsory Fire Insurance Programme to ensure protection for their businesses in case of fire outbreak or any other risks covered under this policy.



This programme, the Compulsory Fire for Private Commercial Buildings, has the potential to, among other things, significantly boost fire insurance premium income of the Industry in the next few years.

REvIvINg MARINE BUSINESS

The NIC and the GIA have put another committee together to implement recommendations made by an earlier committee on ways of reversing the dwindling fortunes of marine insurance. The percentage of marine premiums to total premiums has fallen consistently from about 6% in 2006 to 3% in 2010. The decline has been attributed to the blatant disregard for section 37 of the Insurance Act by importers. It is expected that the Committee, with the help of the relevant stakeholders, will help to reverse this unfortunate trend.

OIL AND gAS

In the last quarter of 2010, Ghana commenced the production of crude oil in commercial quantities. The non-life insurance companies came together to pool their capacities in the form of a consortium to underwrite the oil and gas business. The consortium has subsequently been converted into a pool. It is early days yet, but the Commission will closely monitor developments on this front.

CONCLUSION

It is the expectation of the Commission that the successful completion of the above initiatives will contribute significantly to the improvement of the efficiency of insurance business and increase the insurance penetration in Ghana with its attendant benefits for the policyholder, the insurance industry and the economy.



BOARD Of DIRECTORS: Mr. Frederick Quayenortey Chairman Mrs. Nyamikeh Kyiamah Commissioner of Insurance OTHER DIRECTORS Mr. Samuel Amankwah Mr. Justin Amenuvor Ms. Sarah Fafa Kpodo Dr. Albert Gemegah Mr. Emmanuel Baba Mahama SECRETARy: Mrs Emma Araba Ocran MANAgEMENT TEAM Mrs. Nyamikeh Kyiamah Commissioner of Insurance Mr. Simon N. K. Davor Ag. Deputy Commissioner of Insurance Mrs. Emma Araba Ocran Legal Director Mr. Michael Kofi Andoh Head, Supervision Mr. Joseph Bentor Head, Finance & Administration Mr. Isaac Buabeng Head, Marketing, Research & External Relations Mr. Martin Dornor Abayateye Internal Auditor AUDITORS: AADS Consult (Chartered Accountants) Republic House 5th Floor Accra REgISTERED OffICE Insurance Place No. 67 Independence Avenue P. O. Box CT 3456 Cantonments, Accra

CORPORATE INFORMATION



LICENSINg

INSURANCE COMPANIES

The Commission did not license any new insurance company during the year under review.

INSURANCE BROKERS

The underlisted six (6) insurance broking companies were licensed in 2010;

1. Risk Solutions Limited2. Riscovery Limited3. Insurance Solutions Limited4. KAV Insurance Brokers Limited5. Trinity Insurance Brokers Limited6. Risk Management and Advisory Services Limited

BANCASSURANCE

The National Insurance Commission approved two more bancassurance collaborations between insurance companies and banks during the year under review to enable the banks sell insurance products. They were;

• Cal Bank Limited/Glico Life Insurance Company Limited• Stanbic Bank Limited/Metropolitan Life Insurance Ghana Limited

This brought to seven (7) the number of approved Bancassurance collaborations, as at the end of 2010.

CHANgES IN CONTROL

Ascoma Group and its subsidiary, Ascoma International, obtained 80% shares in Newland Risk Management Company Limited, a broking firm. The firm’s name has subsequently been changed to “Ascoma Ghana Limited” to reflect the change in control.

Similarly, the name of Beacon Insurance Company Limited has been changed to “Colina Ghana Limited” following the acquisition of majority shares in the company by Colina Participations of Cote d’Ivoire in 2009.

NIC OPERATIONS



COMPLIANCE

The inspections unit of the Commission inspected twenty (20) broking firms and twenty-three (23) direct insurers to ascertain the extent of compliance with the Insurance Act, 2006 and best practice. In Addition, nine other companies that underwrite motor insurance were inspected to assess the market’s compliance with the newly approved motor insurance tariffs.

REINSURANCE PREMIUM TRANSfER

In pursuance of section 53 of the Insurance Act, 2006, the Commission received reinsurance premium transfer applications from Insurers. Hence, a total of US$2.71million, £4,250, €136,450 and the dollar equivalent of GH¢985,750 was approved for offshore reinsurance placements.

PRODUCT APPROvALS

The under-listed products of four companies were approved by the Commission in the year 2010.

LEgAL MATTERS

Enforcement Actions against Insurance CompaniesDuring the year 2010, sanctions were leveled against Companies that had breached various Sections of the Insurance Act 2006, (Act 724).

Eight (8) Non-Life Insurance Companies, twelve (12) Insurance Broking Companies, four (4) Life Insurance Companies and one (1) Reinsurance Company which failed to submit their Quarterly Returns and Annual Returns on time to the Commission, were made to pay penalties as prescribed under the Insurance Act 2006, Act 724.

COMPLAINTS AND SETTLEMENTS BUREAU

In the year 2010, the Bureau continued to receive complaints from the public against some Insurance Companies.

As has been the trend in previous years, most of the complaints received, related to motor claims. The areas of common complaints from the motor insurance claimants were as follows:

• Repudiation of claim by Insurers• Delay in settlement of claims• Dispute over quantum• Delay in payment of settled claims

COMPANy

Activa International Insurance Gh.

Regency Alliance Ins. Co. Ltd.

Vanguard Life Assurance Co. Ltd.

SIC Life Insurance Co. Ltd.

PRODUCT

Travel Insurance Plan

Travel Insurance Plan

Tigo Family Care Assurance

Funeral Plan

CLASS Of BUSINESS

Non-life

Non-life

Life

Life



Complaints received from Life Insurance policyholders included the following:

• Benefits promised by Insurers differ from benefits on policy documents• Insurance company’s failure to cease deductions after Policy has been surrendered• Payment of low surrender values• Delay in processing matured policies for payment• Delay in returning refund of wrongful deductions• Unauthorized premium deductions• Unspecified period of surrender

In all, four hundred and forty-five (445) complaints were received from the public against some Insurance Companies during the year under review.

INSURANCE COMPANIES

Uninsured

SIC Insurance Company Limited

Enterprise Life Assurance Company Limited

Unique Insurance Company Limited

IGI (Ghana) Company Limited

Star Assurance Company Limited

Quality Insurance Company Limited

GLICO Life

Star Life Assurance Company Limited

Provident Insurance Company Limited

Ecowas Brown Card

Vanguard Assurance Company Limited

Ghana Life Insurance Company Limited

CDH Insurance Company Limited

Metropolitan Insurance Company Limited

Donewell Insurance Company Limited

Golden Life Insurance Company Limited

The Great African Insurance Company Limited*

Regency Alliance Insurance Company Limited

Reliance Insurance Company Limited*

Unique Life Insurance Company Limited

Quality Life Insurance Company Limited

TOTAL

NO. Of COMPLAINTS

129

74

32

28

25

18

18

15

14

13

12

10

10

10

9

7

5

5

4

3

3

1

445

*These are Companies whose licenses were cancelled in 1998.



MOTOR COMPENSATION fUND

The Motor Compensation Fund set up in 1996 to compensate persons who suffer injuries or die in a motor accident but who are unable to get compensation from an Insurance Company for various Insurance provision(s) continued to petition the Fund for compensation.

The Compensation Fund Committee is made up of Officers from the National Insurance Commission (NIC) and Insurance Companies that underwrite Motor Insurance business. The Commissioner of Insurance is the Chairperson of the Committee.

The Committee continued with its core functions of making Awards to persons. It also intensified the publicity and Public Educational Programme on Motor Insurance, Life Insurance and Compulsory Fire Insurance for Private Commercial Buildings.

AwARDS SUB-COMMITTEE

The Awards Sub-committee of the Motor Compensation Fund Committee held twenty-one (21) sittings during the year. A total amount of One Hundred and Seventy-Five Thousand Seven Hundred and Thirty-eight Ghana Cedis (GH¢175,738.00) was paid as compensation to one Hundred and forty-two (142) applicants from the Fund.

The reasons for compensation from the Fund were as follows:

• Uninsured vehicles• Hit and run• Breach of policy conditions such as;

• Change of ownership• Inappropriate driving licence • Driving without a licence

A breakdown of awards is as follows:

yEAR

2010

2009

2008

2007

NO. Of AwARDS

142

146

106

90

TOTAL AMOUNT (gH¢)

175,738

159,911

107,260

77,119

During the period under review, the Fund realized a total income of Six Hundred and Six Thousand One Hundred and Twenty-Seven Ghana Cedis (GH¢606,127) made up of Motor contributions from Insurance Companies, investment income and interest earned on bank deposits.

Expenditure included compensation to accident victims, contribution to the National Road Safety Commission (NRSC), public education and general expenses. This totaled Four Hundred and Eight Thousand Two Hundred and Ninety Ghana Cedis (GH¢408,290.00).



Investment income, made up of Shares and Treasury Bills stood at One Million Seven Hundred and Thirty Thousand One Hundred and Nineteen Ghana Cedis (GH¢1,730,119.00).

SPONSORSHIP Of INSURANCE INDUSTRy PUBLICITy ACTIvITIES During the year under review, the Commission with the support of the Motor Compensation Fund Committee continued to promote Public Education on Insurance, especially Motor Insurance.

The Commission carried out public education programmes in the Regional and District Capitals. The educational team visited Kumasi, Koforidua, Akim Oda, Assin Fosu, Cape Coast, Jirapa and Wa, to educate commercial drivers and the general public.

Topics for discussions included role and functions of the NIC, the Motor Compensation Fund, Motor Insurance policies, Life Insurance and the Compulsory Fire Insurance for Private Commercial Buildings.

The Public Education in the Regions were successful. The Public appreciated the exposure on Insurance matters.

Indeed the Public response to the Public Educational Programme has been very encouraging. The number of complaints received by the Commission during the year increased as a result of these Public Educational Programmes.

The Commission appreciates these complaints since it affords the NIC the opportunity to address grievances lodged by the Public. Also it enables the NIC determine which Insurance Company is unable to pay claims due to (probably) inadequate funds.

Armed with this information the Commission took the necessary regulatory action against a number of Companies.

At the various radio stations and the public fora, the public requested that NIC offices should be established in at least the Regional Capitals. This they noted will cut down on cost and time. The public observed that instead of travelling to Accra or Kumasi to lodge their complaints; the contact offices will receive the complaints and forward them to Accra for consideration.



ECONOMIC REvIEw 2010

The global economy in 2010 recovered slowly from the major recession brought about by the global financial, fuel and food crises of 2007- 2008.For most advanced economies, the financial crises left in its toll huge public debt and a fragile financial sector. They are therefore confronted with major adjustment problems, sluggish growth and high unemployment rates. On the other hand, emerging and developing economies recorded vibrant economic activity with some inflationary pressures. This was on the back of rising prices of commodities such as gold, cocoa and coffee.

In West and sub-Saharan Africa, economic recovery has been faster than expected with growth rate of 4.5 percent recorded in 2010 and projected to 5.7 percent in 2011. This compares favourably with the growth rate of 2.0 percent in 2009. In the WAMZ countries, macroeconomic performance for the first half of 2010 showed a significant improvement over the corresponding period in 2009. End of year real growth therefore averaged 7.2 percent, above the 6.3 percent achieved in 2009, and the highest rate achieved since 2003. (Bank of Ghana, 2011)

Inflationary pressures in the sub region similarly eased in almost all countries in the first half of the year, aided to a large extent by availability of food in the region and a relatively stable currency. In tandem with growth in the sub-region, Ghana’s economy recorded a growth of 5.9% in GDP, although shy of the target of 6.5%. The Agriculture sector grew by 4.8 percent, whiles the industry and services sectors grew by 7.0 percent and 6.1 percent respectively. (Ghana Statistical Service, 2010).

Inflation was projected to end the year at 9.2% but remarkably closed the year at 8.6% which was the lowest since June 1992 (2009: 14.78%). Interest rates declined with the benchmark 91-Day Treasury Bill rate ending the year at 12.28% compared to 22.5% in 2009. The Bank of Ghana key policy rate also declined to 13.5% from 18% by December 2010.The cedi also performed well against the major currencies and appreciated against the Pound and Euro by 2.68% and 6.61% respectively but depreciated against the US Dollar by 1.3%. Outlook for 2011

The production of crude oil in commercial quantities began in December 2010. This is expected to push the GDP growth to over 12% in 2011. With the economy set to record double digit growth, it is expected that companies involved in ancillary industries such as energy, insurance and financial services, transportation, and real estate would take advantage of the emerging opportunities as an oil and gas producing nation.

THE INSURANCE MARKET OVERVIEW



INDUSTRy PERfORMANCE

As has been the trend, the insurance market continued to post positive growth in gross written premium. Total gross premium for year 2010 was GH¢ 458.6million representing a growth rate of 33% from the previous year.

Although there was an increase in the absolute amounts over the five-year period 2006 – 2010, the rate of growth showed some fluctuations. For instance, the rate increased from 27.6% in 2007 to 32.7% in 2008, then fell to about 23%., before rising again to 33% in year 2010 (Refer to table 1 below).

GHANA INSURANCE MARKET REPORT 2006 -10

Table 1: Growth in Total Gross Premium Income (Non-Life and Life) 2006 – 2010

Year

2006

2007

2008

2009

2010

Premium Income (GH¢)

164,207,266

209,554,718

278,255,336

342,973,719

458,694,764

Growth Rate

-

27.6

32.7

23.2

33.0

0

50

100

150

200

250

300

2006 2007 2008 2009 2010

Non-Life

Life

Fig. 1. Growth in Total Gross Premium Income (Life & Non-life)2006 - 2010



gROSS NON-LIfE PREMIUM INCOME

A greater portion of total industry premiums has always come from the non-life business. Gross premiums from the non-life sector rose from GH¢114.5 million in year 2006 to GH¢271.6million in 2010. The rate of growth has been undulating showing a rise of 23% in 2010 from 18% in the previous year. The effective implementation of the newly approved motor tariffs and the compulsory insurance of buildings are expected to make a positive impact on the growth in premiums (Ref. Table 2 below).

gROSS LIfE PREMIUM INCOME

Life insurance premiums increased at a rate of 52% in 2010 as compared to 34% the previous year, confirming the huge potential for growth in this sector. Gross premium for 2010 increased to GH¢187million from GH¢122.2million in 2009.

This sector has recorded a much higher growth than the non-life for the past 5 years. With the long-term nature of premium and commission payments coupled with innovation with respect to products and channels of distribution, this trend is expected to continue (Ref. Table 3 below).

Table 2: Growth in Gross Premium Income (Non-Life) 2006 - 2010

Year

2006

2007

2008

2009

2010


114,597,969

142,020,077

187,010,274

220,704,263

271, 634,942

Growth Rate

-

23.9

31.6

18.0

23.0

0%

5%

10%

15%

20%

25%

30%

35%

2006 2007 2008 2009 2010

Perc

enta

ge in

crea

se

Figure 2. Growth in Gross Premium Income (Non-Life)2006-2010



Table 3: Growth in Gross Premium Income (Life) 2006 - 2010

Year

2006

2007

2008

2009

2010


49,609,297

67,534,641

91,245,062

122,269,456

187,059,822

Growth Rate

-

36.1

35.1

34.0

52.0

0.0

50.0

100.0

150.0

200.0

2006 2007 2008 2009 2010

Fig. 3 Growth in Gross Premium income ( Life)2006 -2010



Tabl

e 4

: Com

pany

Per

form

ance

- N

on-L

ife

Act

iva

Inte

rnat

iona

l

Allian

z In

sura

nce

Col

ina

Insu

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d

Don

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imite

d

Ente

rpris

e In

sura

nce

Com

pany

Lim

ited

Equi

ty In

sura

nce

Com

pany

Lim

ited

Gha

na U

nion

Insu

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imite

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Glic

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ener

al In

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Com

pany

Lim

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Indu

stria

l & G

ener

al In

sura

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Lim

ited

Inte

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l Ene

rgy

Insu

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Inte

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tal W

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Insu

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Met

ropo

litan

Insu

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NEM

Insu

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hana

Lim

ited.

NSI

A In

sura

nce

Gha

na L

imite

d

Phoe

nix

Insu

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Prim

e In

sura

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Com

pany

Lim

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Prov

iden

t In

sura

nce

Com

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Lim

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Qua

lity

Insu

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d.

Rege

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Allian

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sura

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Com

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Lim

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SIC

Insu

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Sta

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ssur

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Com

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lim

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Uni

que

Insu

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Vang

uard

Ass

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d

TOTA

L

2,21

8,2

89 -

133,

956

3,15

9,3

56

13,9

97,4

00 -

4,3

13,9

47

1,885,6

50

1,115

,684 - -

10,9

50

,99

9 -

2,571

,531

1,326

,125 -

2,6

50

,388

3,0

34,10

2

108,3

91

44

,581

,80

0

7,573

,00

0

3,15

9,3

56

10,0

52,

080

114

,597

,96

9

2,9

99

,352 -

97,3

09

7,21

3,87

9

16,5

35,0

00 -

5,6

06

,553

3,28

5,9

72

1,234

,76

9 - -

12,5

56

,397

-

3,91

8,0

00

2,4

12,8

57

44

7,4

00

3,4

18,4

42

4,2

10,8

20

-

52,

80

5,5

58

10,11

4,7

89

3,9

43,

889

11,2

19,0

91

142,

020

,077

6,16

3,0

21

-

64

,74

0

9,4

25,5

67

19,8

86

,00

0

552,

530

7,59

6,9

10

7,18

7,19

5

728,2

63

1,00

8,2

50 -

15,11

6,7

92

-

5,3

36,0

00

6,0

47,

784

1,36

8,5

47

3,6

97,9

96

5,8

88,5

46

341,6

61

58,0

32,0

81

15,8

88,6

16

4,3

83,

577

18,2

96

,198

187,

010

,274

10,0

57,

50

0 - -

9

,026

,829

26

,40

3,0

00

2

,670

,474

7

,651

,922

5,7

71,4

64

80

2,538

4

,936

,276

2,17

5,2

88

22

,683,

972

398,2

51

6

,233

,00

0

6,6

54

,036

1,79

4,4

34

4

,873

,671

5,2

80

,697

2,

057,

774

56

,877

,215

19

,132,

991

4

,092

,148

21,1

30,7

83

220

,70

4,2

63

10,7

59

,270

4,7

57,

145

382,

833

11,5

59

,429

28,16

3,0

00

4,2

68,5

95

8,9

42,

741

10,0

17,7

57

1,26

3,59

6

7,10

3,26

4

4,8

28,5

63

25,7

73,10

8

1,658,4

43

4,2

58,16

1

9,0

41,9

92

1,60

3,834

6,3

36,4

57

7,0

72,2

53

2,534

,50

4

64

,04

2,76

5

28,16

8,7

10

4,2

57,

89

8

24,8

40

,624

271,6

34,9

42

Com

pany

200

6 (

GH

¢)20

07

(GH

¢)20

08 (

GH

¢)20

09

(G

H¢)

2001

0 (

GH

¢)



Tabl

e 5:

Com

pany

Per

form

ance

- L

ife

Cap

ital E

xpre

ss A

ssur

ance

(G

h) L

imite

d

Don

ewel

l Life

Insu

ranc

e C

ompa

ny L

imite

d

Ente

rpris

e Li

fe A

ssur

ance

Com

pany

Lim

ited

Expr

ess

Life

Ass

uran

ce C

ompa

ny L

imite

d

Gha

na L

ife In

sura

nce

com

pany

Lim

ited

Gha

na U

nion

Ass

uran

ce C

ompa

ny L

imite

d

Gol

den

Life

Ass

uran

ce C

ompa

ny L

imite

d

Glic

o Li

fe In

sura

nce

com

pany

Lim

ited

IGI L

ife In

sura

nce

com

pany

Lim

ited.

Met

Life

Insu

ranc

e G

hana

Lim

ited

Phoe

nix

Life

Insu

ranc

e co

mpa

ny L

imite

d.

Prov

iden

t Li

fe A

ssur

ance

Com

pany

Lim

ited

Qua

lity

Life

Ass

uran

ce C

ompa

ny L

imite

d

SIC

Life

Insu

ranc

e co

mpa

ny L

imite

d

Star

life

Ass

uran

ce C

ompa

ny L

imite

d

Uni

que

Life

Ass

uran

ce C

ompa

ny L

imite

d

Vang

uard

Life

A

ssur

ance

Com

pany

Lim

ited

TOTA

L

653

2,37

7,18

6

6,5

15,9

48

2,13

6,9

70

220

,725

738,7

80

7,0

44

,878

73,4

94

3,4

68,9

83

616

,66

8

2,4

43,

293

1,021

,60

2

14,2

36,3

00

4,0

94

,492

275,3

18

4,2

36,6

97

49

,60

9,2

97

0

3,86

6,9

90

10,14

7,887

2,26

9,7

88

422

,113

790

,00

0

10,6

56

,011

70,6

36

4,8

20,0

00

1,038

,761

1,06

8,4

88

1,317

,270

21,2

18,7

73

5,6

03,

271

308,4

12

3,853,

238

67,5

34,6

41

0

3,59

6,6

68

15,4

29,8

97

2,74

2,0

89

597

,157

1,14

3,6

59

12,0

48,19

3

111,4

48

6,7

05,0

00

1,330

,109

3,6

00

,450

1,70

5,8

02

27,7

51,0

00

8,19

6,5

08

491

,149

5,7

95,9

33

91,2

45,0

62

90

,138

4,7

84

,553

23,3

10,7

41

130

,071

3,01

1,222

1,238

,60

3

96

4,9

90

16,6

43,

126

138,18

3

7,22

2,0

00

1,90

0,0

00

4,12

9,4

88

2,576

,071

33,8

69

,675

12,3

31,19

1

1,282,

342

8,6

47,

06

2

122,

269

,456

99

,152

6,3

51,9

50

40

,104

,733

54

1,20

8

3,892

,880

1,592

,411

1,450

,978

21,0

63,

014

236

,887

10,7

71,0

00

2,70

2,72

2

9,0

08,8

45

3,4

39,8

27

48,0

42,

703

18,0

36,5

62

2,6

92,10

1

17,0

32,8

49

187,

059

,822

Com

pany

200

6 (

GH

¢)20

07

(GH

¢)20

08 (

GH

¢)20

09

(G

H¢)

2001

0 (

GH

¢)



REINSURANCE PREMIUM INCOME

Contrary to the popular assertion that the performance of reinsurers mimic that of their reinsureds to a large extent, for some reason, this was not the case for year 2010. Whereas direct insurers recorded a positive growth in gross premiums, non-life premiums for the reinsurers decreased by 7%. Also, gross premiums for life increased slightly by 9% in 2010 compared to 32% in 2009 for direct insurers.

This turn of events could be attributed to a number of reasons including the possibility of an adverse effect of the withdrawal of the 20% compulsory cession to Ghana Reinsurance Company Limited. It is also likely that insurance companies have begun increasing their own capacities in preparation for the proposed recapitalization in 2012.

Table 6: Growth in Gross Premium Income - Reinsurance (Non-Life) 2006 – 2010

Year

2006

2007

2008

2009

2010


32,017,476

38,399,239

53,383,694

56,780,084

52,768,054

Growth Rate

-

19.9

39.0

6.3

-7.0

Table 7: Growth in Reinsurance Gross Premium Income (Life) 2006 – 2010

Year

2006

2007

2008

2009

2010


820,180

541,500

1,156,607

1,528,296

1,681,125

Growth Rate

-

-33.9

113.6

32.1

9.0

-10%

0%

10%

20%

30%

40%

2006 2007 2008 2009 2010

Fig. 4 Growth in Premium Income - Reinsurance (Non-life)2006 - 2010



Clearly, competition gets stiffer each year especially with the presence of foreign companies on the Ghanaian insurance market hence, local reinsurers must enhance their services to enable them compete favourably with their foreign counterparts who pride themselves in their international ratings.

PREMIUM INCOME By CLASS Of BUSINESS (2006 - 2010) Motor insurance continued to be the highest contributor of gross premiums for the non-life sector. Total premium for this line of business was GH¢123.9 million in 2010 from a previous year’s figure of GH¢105.6 million. It is obvious from the table 8 below that premiums have been increasing at a decreasing rate.

There has been a 30% upward review in motor tariffs and this is expected to make an impact in the growth of premiums if companies commit to its effective implementation.

Accident business contributed the second highest premiums in the non-life class. Total premium was GH¢71.8 million and a market share of 15.7%, representing an increase of nearly GH¢23 million over the 2009 figure. Market share has just started picking up after two falls. In Ghana, various policies are underwritten as part of accident business.

Total gross premium for fire insurance for 2010 was GH¢56.2 million from GH¢50.06 million in the preceding year. All is set for the implementation of sections 183 and 184 of Insurance Act, 2006 (Act 724) with effect from August 1, 2011. With this, all commercial buildings including those under construction will be required to insure against the risk of fire among others. This is expected to significantly improve this line of non-life business.

Marine insurance contributed GH¢13.6 million in terms of gross premiums in 2010 which represented 3% of total market share. In 2009 its share was almost GH¢10 million and has always been the least contributor with regards to total market premiums. Insurance companies should be proactive and explore ways of developing this line of business.

Total premium for life insurance has increased steadily over the period. This sector has gained 10.5% market share between 2006 and 2010, which is very remarkable. One thing worth noting is the introduction of new distribution channels including brokers and banks.

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

2006 2007 2008 2009 2010

Fig. 5 Growth in Premium Income - Reinsurance (Life) 2006 - 2010



0

20

40

60

80

100

120

140

160

180

200

2006 2007 2008 2009 2010

Prem

ium

inco

me

(GH

C'm

)

Fig. 6 Premium Income by Class of Business

Motor

Accident

Marine

Fire

Others

Life/Health

Table 8: Premium Income Distribution By Class of Business 2006 -2010

Company 2006 (GH¢) 2008 (GH¢)

Motor

Accident

Marine

Fire

Others*

Life/Health

TOTAL

59,033,790

22,337,533

9,770,860

23,455,786

-

49,609,297

164,207,266

91,446,150

49,344,756

13,108,818

31,061,200

2,049,350

91,245,062

278,255,336

% %

35.9

13.6

6.0

14.3

-

30.2

100

32.8

17.7

4.8

11.2

0.8

32.7

100

2007 (GH¢)

69,068,858

37,917,457

9,964,215

24,646,192

423,355

67,534,641

209,554,718

%

32.9

18.1

4.9

11.7

0.2

32.2

100

2009 (GH¢)

105,735,687

48,847,550

9,943,457

50,061,172

6,154,637

122,269,456

342,973,719

%

30.9

14.2

2.9

14.6

1.7

35.7

100

2010 (GH¢)

123,911,210

71,838,607

13,660,848

56,228,355

5,995,923

187,059,822

458,694,764

%

27.0

15.7

3.0

12.3

1.3

40.7

100

*Includes Travel and Bonds

Table 9: Premium Income by Class of Business (2010)

Class of Business

Motor

General Accident

Burglary

Workmen’s Compensation

Personal Accident

Public /Bankers Liability

Engineering/CAR

Marine Cargo

Marine Hull/Aviation

Fire

Others (incl. Travel, Bonds)

Total

Amount (GH¢)

123,911,210

54,399,841

412,428

651,571

1,717,364

5,093,721

7,091,320

12,671,390

989,458

56,228,355

8,468,285

271,634,942



THE BROKER MARKET

Six (6) new broking firms were licensed bringing the total number of insurance brokers in the industry to forty-eight (48) in the year 2010.

PERfORMANCE Of THE BROKINg COMPANIES

Total market brokerage earned for year 2010 was GH¢16.5milion representing a growth rate of 18% from the previous year. There was however a fall in growth of 19%.

As at the time of compiling this report, 36 broking firms had submitted their audited accounts for 2010. A 10% increase was projected for some six companies whose audited accounts are yet to be submitted to the Commission.

Table 10: Brokerage Earned (2006 – 2010)

Company 2006 (GH¢) 2007 (GH¢) 2008 (GH¢) 2009 (GH¢) 20110 (GH¢)

AG & Assoc.***

All Risks

Alliance

Allied

Alpha

Akoto Risk

Apex

Ark

Asterix

Ceris

Claim

Crown

Danniads

Double D & M***

Dynamic

Edward Mensah, Wood

First Anchor

Ghana Int’l Ins.

Global Impact

Gras Savoye

Horizon

Insurance Centre

Insurance Consultancies

Int’l Consortium

Inter-Africa***

Jerock***

202,245

172,577

3,287

-

133,347

14,205

27,506

-

-

242,467

234,780

252,623

61,213

18,006

941,097

14,258

-

75,337

-

125,015

-

229,891

31,838

5,164

36,342

251,295

-

11,198

-

165,316

32,421

45,132

-

66,116

252,469

290,613

332,527

76,104

19,543

1,080,230

21,777

5,438

55,666

3,640

226,286

39,519

180,551

36,970

6,524

43,637

275,864

-

19,354

263,384

190,263

40,643

101,520

7,344

70,596

266,957

428,168

453,737

73,183

60,656

1,610,991

52,766

152,866

57,229

382,505

273,906

49,695

185,279

40,717

15,747

58,616

142,060

433,917

-

44,747

338,017

347,613

94,381

73,564

61,061

152,850

309,648

867,720

498,336

88,550

183,432

2,154,277

264,633

74,112

57,116

976,702

605,721

105,399

300,975

22,512

25,545

68,164

129,145

524,748

-

11,727

267,071

242,446

50,330

55,178

34,364

100,598

323,408

682,447

454,828

80,501

105,718

2,052,984

140,462

150,900

57,948

584,334

540,603

59,967

224,952

41,418

23,222

61,967



Similar to the growth in gross premiums, gross brokerage has shown some fluctuations in the rate of growth. The rate increased sharply in year 2008 to 46.1% but has plummeted since. It is evident from the individual performance that whereas some companies increased their incomes significantly, others lost drastically. It is possible that some companies are not striving hard enough.

Note: ***A 10% increase in gross earnings has been projected for companies whose audited accounts for year 2010 had not been submitted as at the time of this report..

KEK

KEK Reinsurance

Lordship

Manyo-Plange***

Marine & Gen.

Maxpal Interm.

Midas***

Newland Risk

Premier Brokers

Progressive

Prudent

Safety

Saviour

Shield

Trans-National

Tri-Star

UD Ins. Serv.

Universal

TOTAL

2,642,328

-

27,032

13,183

125,216

46,010

-

122,617

-

23,784

65,233

157,216

17,275

-

102,364

171,266

3,458

117,878

6,283,451

2,191,152

63,367

39,715

19,278

193,456

58,911

-

112,707

-

56,399

77,132

324,055

19,155

-

150,977

264,602

4,125

127,024

6,945,054

2,756,246

302,231

135,991

28,502

217,186

65,901

38,962

124,884

-

67,833

104,058

534,470

68,152

-

116,070

297,975

-

154,258

10,144,705

4,600,233

596,383

172,384

44,216

278,837

145,942

196,720

94,073

10,240

255,338

212,321

624,461

51,952

84,215

176,510

582,382

-

142,723

16,558,982

3,868,654

540,846

120,038

40,196

213,486

86,916

178,835

108,773

-

167,664

122,274

545,373

65,287

23,135

208,129

521,096

-

171,593

13,983,561

Earnings of top 10 companies

Percentage of top 10 companies

5,207,260

82.8

5,406,685

77.8

7,316,093

72.1

11,505,215

69.0

10,315,913

73.8

Table 11: Growth in Commissions Earned 2006 - 2010

Year

2006

2007

2008

2009

2010

Commission Earned (¢)

6,283,481

6,945,054

10,144,705

13,983,561

16,558,982

Growth Rate (%)

24.0

10.5

46.1

37.0

18.0



The market could also do with changes in their operations. For instance, small companies may consider merging to create very strong ones, or performing other services for which fees could be charged.

The top ten broking companies contributed GH¢11.5million representing 72% of the total commissions earned in 2010 as against 73.7% the preceding year. The top 5 companies contributed 55%. KEK Insurance Brokers Limited continued to be the highest earner (contributing 27% of overall income), followed by Edward Mensah, Wood and Associates Limited with 13%.

It is worthy to note that Gras Savoye Ghana Limited, a French company that was incorporated in October, 2006 earned the 3rd highest income. Crown Brokers Limited became the 4th highest, whilst Safety Insurance Brokers Limited retained its 5th position (Refer to table 10 above).

INSURANCE AgENTS

There are about 4,000 tied active agents in Ghana. The National Association of Ghana Insurance Agents (NAGIA), an umbrella body for insurance agents, governs most of these.

Hitherto the Commission had licensed individual agents who sell for one specific insurance company. In a bid to increase market share, companies have discovered new ways of distributing their products, leading to the establishment of bancassurance partnerships. With this, banks are licensed as corporate agents to sell insurance products to their clients and earn some commission in return. So far, Seven banks have been licensed as such.

0

5

10

15

20

2006 2007 2008 2009 2010

Fig. 7 Brokearage Earned ( 2006 - 2010)

Year

Brok

erag

e (G

HC'

m)

Table 12: Contributions of Top 10 Companies 2006 - 2010

Year

2006

2007

2008

2009

2010

Commission Earned (GH¢)

6,283,481

6,945,054

10,144,705

13,963,713

16,558,982

Earnings by Top 10 Companies

5,207,260

5,406,685

7,316,093

10,315,792

11,939,132



INTRODUCTION

Whereas the Life sector grew by 52% from 2009 to 2010, the non-life sector grew by just 23% in terms of gross premium income. Generally, by all indicators, the life sector appears to be growing much faster than the non-life sector. The various growth and performance indicators are summarized in the tables below.

The industry average key performance indicators (ratios) are presented in the tables below for non-life and life respectively

INSURANCE MARKET FINANCIAL AND R ATIO ANALYSIS

Table 13: Key Growth Indicators (LIFE) 2009 - 2010

Indicator

Premium Income

Total Assets

Total Investments

Actuarial Liabilities

Total Capitalisation

2009 (GH¢’ m)

122.3

252.1

172.3

167.0

70.7

2010 (GH¢’ m)

187.0

366.8

235.1

243.0

89.5

Growth Rate

52%

45%

36%

44%

31%

Table 14: Key Growth Indicators (NON-LIFE) 2009 - 2010

Indicator

Premium Income

Premium Debtors

Total Assets

Total Investments

Technical Provisions

Total Capitalisation

2009 (GH¢’ m)

220.8

130

471

211.3

129

220.8

2010 (GH¢’ m)

271.6

125.6

582

231.6

139.7

312.6

Growth Rate

23%

-3%

24%

10%

9%

42%



Table 17: Gross Premium Growth and Penetration

Year

2005

2006

2007

2008

2009

2010

Gross Premium Income (GH¢)

122,325,795

164,207,266

209,457,409

276,494,733

343,072,874

458,694,769

Insurance Penetration

1.26%

1.40%

1.49%

1.58%

1.58%

1.89%

Growth Rate (%)

32.1

34.2

27.5

32.0

23.2

33.0

Table 15: Industry Average Ratios (Non-life) 2007 - 2010

RATIO

Claims (%)

Expense (%)

Combined (%)

Retention (%)

Investment Income as a % of Investments (%)

Investment Income as a % of Premiums (%)

Gross Premium to Equity

Outstanding premiums as % of Gross Premium (%)

Outstanding premiums as a % of Total Assets (%)

Investments to Total Assets (%)

Underwriting Profit as a % of Gross Premium (%)

Return on Assets (%)

Return on Equity (%)

2010

17

41

58

71

12

9

1.8x

43

27

40

-2

2

4

2009

18

43

61

72

14

7

1.9x

44

29

39

-6

6

10

2008

17

34

51

62

9

6

1.8x

43

29

45

2

9

21

2007

16

30

46

64

10

6

1.9x

34

25

52

4

6

18

Table 16: Industry Average Ratios (Life) 2007 - 2010

RATIO

Claims (%)

Expense (%)

Combined (%)

Retention (%)

Investment Income as a % of Investments (%)

Investment Income as a % of Premiums (%)

Gross Premium to Equity

Underwriting Profit as a % of Gross Premium (%)

Return on Equity (%)

Return on Assets (%)

Investments to Total Assets(%)

2010

34

43

77

98

12

16

2.4x

-21

10

2

67

2009

39

59

98

96

16

26

3.9x

-49

-12

-5

62

2008

36

40

76

96

11

18

2.0x

-16

16

4

72

2007

31

32

63

98

6

16

1.2x

-16

7

7

72



CLAIMS RATIO:

The Claims ratio, which is the percentage of claims incurred to gross premiums, measures underwriting efficiency. The lower the ratio, the better the underwriting efficiency. In Life business, claims are made up of surrenders, withdrawals and maturities. The claim ratios of the life companies for the four-year period under review are significantly higher than those for the non-life companies. This is because of the high surrender and withdrawal rates.

PERFORMANCE INDICATORS

LIFE COMPANIES

Table 18: CLAIMS RATIO

Company

Industry Average

Capital Express Assurance (Ghana) Limited

Donewell Life Insurance Company Limited

Enterpirse Life Assurance Company Limited

Express Life Insurance Company Limited


Ghana Union Assurance Life Company Limited

GLICO Life Insurance company Limited

Golden Life Assurance Company Limited

IGI Life Assurance (Ghana) Limited

Metropolitan Life Insurance Company Limited

Phoenix Life Assurance Company Limited

Provident Life Assurance Company Limited

Quality Life Assurance Company Limited

SIC Life Company Limited

StarLife Assurance Company Limited

Unique Life Assurance Company Limited

Vanguard Life Assurance Company Limited

Percentage (%)

2007

31

-

-

13

-

77

0

32

68

54

33

10

19

16

52

31

55

41

2008

36

-

29

18

-

55

14

40

51

71

40

20

50

21

56

31

20

53

2009

39

1

43

20

1

76

15

41

31

57

36

22

72

21

59

31

17

45

2010

34

-

44

17

2

57

42

52

34

43

30

31

19

20

49

33

21

56



The industry average ratio fell from 39% in 2009 to 34% in 2010. The ratios of Glico Life, Ghana Life, Vanguard Life and SIC Life are significantly above the industry average. However, the ratios of Enterprise Life, Unique Life and Quality Life are below the industry average. Express Life recorded a very low ratio because it is still relatively new. Provident Life recorded the most dramatic change from 72% in 2009 to 19% in 2010.

ExPENSE RATIO

The Expense ratio is the percentage of total management expenses to gross premiums. The lower the ratio, the better in terms of management efficiency.

The industry average dropped from 59% in 2009 to 43% in 2010. The ratios of SIC Life, GLICO Life and Enterprise Life have consistently been below the industry average for the four-year period under review. However, the ratio for Metropolitan Life, Golden life, Unique life and Phoenix Life have consistently been above the industry average. The significantly higher ratios for IGI Life for the four-year period is because of low business volumes, which are not able to support current overhead expenses.

Table 19: EXPENSE RATIO

Company

Industry Average


















Percentage (%)

2007

32

-

-

27

-

35

-

23

44

66

61

49

19

12

19

44

82

32

2008

40

-

39

28

-

35

43

31

52

236

53

62

37

50

22

40

96

25

2009

59

546

51

26

581

57

39

28

87

201

60

67

43

48

24

36

87

28

2010

43

-

54

23

174

53

36

27

85

200

57

64

23

45

22

32

67

21



COMBINED RATIO

This is calculated as Total Claims + Total Management Expenses divided by Gross Premium. It is combination of the claims and management ratios.

The industry average fell from 98% in 2009 to 96% in 2010. The ratios of Ghana Life, Golden Life and Unique Life are significantly above the industry average. However, the ratios of IGI Life for the four-year period is dangerously high.

Table 20: COMBINED RATIO

Company

Industry Average


















Percentage (%)

2007

63

-

-

40

-

112

-

56

112

120

93

59

38

28

70

75

137

73

2008

76

-

68

46

-

90

57

71

103

307

93

82

86

70

77

71

116

79

2009

98

547

94

45

583

133

53

69

118

258

96

89

115

69

83

67

104

72

2010

96

-

98

40

176

110

78

79

119

243

87

95

42

65

71

65

88

77



RETURN ON EqUITy RATIO

Return on Equity is the Net Profit after tax as a percentage of Shareholders’ funds (Equity). It measures the profitability of the companies; the higher the percentage, the more profitable the company.

The industry average ratio moved from negative 12% in 2009 to positive 10% in 2010. The ratios of Enterprise Life for the four-year period under review indicates a good performance. However, the ratios of Golden Life, Express Life, IGI Life and Donewell Life for 2010 are because of operational losses worsened by inadequate capitalisation.

Table 21: RETURN ON EQUITY RATIO

Company

Industry Average


















Percentage (%)

2007

7

-

-

39

-

173

1

43

1

12

-246

24

1

17

12

3

1

28

2008

16

39

160

43

-

15

5

12

59

26

-102

3

5

1

10

26

16

33

2009

- 12

-71

-108

29

-96

5

12

26

41

-30

-351

17

-226

9

-8

18

-26

-1

2010

- 10

-

-65

55

-108

23

22

-5

-111

-507

-0.5

8

38

26

-5

15

-32

2



RETENTION RATIO

Retention ratio is a risk management ratio. This ratio measures the percentage of Net Premiums to Gross Premiums. It indicates the portion of the underwritten risks that has not been passed on to reinsurers.

With the exception of Ghana Union Assurance life, all the companies reinsured less than 10% of their business in both 2009 and 2010. The rather high retention in the Life sector is due to the fact that the average sum insured per policy is quite low and can therefore be retained by the companies. However, there is the need to check for concentration and aggregation of risks.

Table 22: RETENTION RATIO

Company

Industry Average


















Percentage (%)

2007

98

-

-

98

-

100

-

100

100

100

98

92

98

100

99

100

99

98

2008

96

-

100

99

-

100

77

99

80

100

99

91

100

99

100

100

99

96

2009

96

100

100

98

100

100

60

99

91

100

99

94

100

99

100

100

99

97

2010

98

-

99

98

100

100

81

99

94

100

99

96

100

100

100

100

99

99



INvESTMENT INCOME AS A PERCENTAgE Of TOTAL INvESTMENT RATIO

Investment Income as a percentage of Total Investments measures the rate of return on investments. It gives an indication of the quality of the investments made and held by the various companies.

The industry average fell from 16% in 2009 to 12% in 2010 mainly due to the decline in interest rates. Provident Life, Quality Life, Unique Life and Ghana Union Assurance Life consistently showed good ratios from 2008 to 2010. However, Golden Life and IGI Life showed low ratios and falling trends for the four-year period.

Table 23: INVESTMENT INCOME AS A PERCENTAGE OF TOTAL INVESTMENT

Company

Industry Average


















Percentage (%)

2007

6

-

-

7

-

16

1

6

2

2

15

6

5

12

7

9

7

9

2008

11

-

11

8

-

11

17

6

2

6

28

10

17

13

9

9

16

14

2009

16

26

17

16

26

17

17

9

10

10

21

12

20

22

18

11

21

14

2010

12

-

9

12

21

10

17

6

7

10

12

5

14

17

7

9

16

11



The industry average dipped from 26% in 2009 to 16% in 2010. The ratios of Metropolitan Life, Quality Life and Unique Life for the four-year period are all above the industry average. However, the ratios of Vanguard Life, Golden Life and Phoenix Life are all below the industry average for the four-year period under review.

Table 24: INVESTMENT INCOME AS A PERCENTAGE OF PREMIUM RATIO

Company

Industry Average


















Percentage (%)

2007

16

-

-

9

-

27

-

7

10

22

32

10

23

26

10

16

49

12

2008

18

-

16

11

-

24

41

11

3

59

27

16

29

26

15

16

51

16

2009

26

41

16

20

126

32

37

15

13

34

40

17

25

41

22

21

41

13

2010

16

-

9

17

22

15

21

12

6

7

27

8

16

34

11

15

21

9

INvESTMENT INCOME AS A PERCENTAgE Of PREMIUM RATIO

Investment Income as a Percentage of Premium compares a company’s income from investment to its premium income. This ratio measures the extent of support from investment income. It indicates both the quality and adequacy of the investments. This is very relevant considering the fact, that life companies usually make underwriting losses and have to depend on income from investments to make profits.



gROSS PREMIUM TO EqUITy RATIO

The Premium Equity ratios try to assess the capital adequacy of insurance companies. This ratio measures how much capital is available to support the premiums underwritten by a company. The industry average ratio of 2.4 for 2010 means that GH¢1 of capital supports as much as GH¢2.4 of gross premium.

The benchmark or industry best practice is however pegged at 2.0. This means that a ratio significantly above 2.0 indicates that the company may be overtrading whiles a ratio which is well below 2.0 may mean that the company is not writing enough business to optimise its capital. The ratios of Ghana Life, Ghana Union Assurance Life and Express Life are far below the industry average and the benchmark. The ratio of Vanguard Life for the four-year trend under review is out of range, whereas the ratio of Donewell Life is due to operational losses.

Table 25: GROSS PREMIUM TO EQUITY RATIORATIO

Company

Industry Average


















Percentage (%)

2007

1.2

-

-

1.9

-

-1.3

-

2.5

0.2

0.1

7.7

1.1

1.1

1.1

0.9

0.9

0.3

3

2008

2.0

-

8.4

1.8

-

1.2

0.6

0.9

1.9

0.1

26.6

1.3

3.4

1.4

0.9

2.9

0.6

2.9

2009

2.9

0.2

2.7

2.3

0.2

1.0

1.1

1.0

0.8

0.2

9.2

1.5

12.6

2.0

1.5

2.6

0.7

4.5

2010

2.4

-

-1.7

2.3

0.7

1.5

1.1

0.8

2.1

2.2

1.9

1.7

2.6

2.1

2.6

2.1

1.8

4.3



The industry average ratio dropped from 2.8 in 2009 to 2.0 in 2010. There does not appear to be much difference between the Gross and Net ratios because of the rather very high reinsurance retentions by the Life companies.

Table 26: NET PREMIUM TO EQUITY RATIO

Company

Industry Average


















Percentage (%)

2007

1.2

-

-

1.9

-

-1.3

-

2.5

0.2

0.1

7.6

1

1

1.1

0.9

0.9

0.3

2.9

2008

1.9

-

8.4

1.8

-

1.2

0.5

0.9

1.5

0.1

26.3

1.1

3

1.4

0.9

2.9

0.6

2.8

2009

2.8

0.2

2.7

2.2

0.2

1.0

0.6

1.0

0.7

0.2

9.1

1.4

12.6

2.0

1.5

2.6

0.6

4.3

2010

2

-

-1.6

2.3

0.7

1.5

0.9

0.8

2.0

2.2

1.9

1.6

2.6

2.1

2.6

2.1

1.8

4.3

NET PREMIUM TO EqUITy RATIO

The Net Premium to Equity ratio does the same function as the gross premium to equity ratio. The only difference is that the net Premium to equity ratio measures the relation of the Net Premium and not the Gross Premium of a company to its capital.



UNDERwRITINg PROfIT AS A PERCENTAgE Of gROSS PREMIUMS RATIO

This ratio measure underwriting profits as a percentage of gross premiums. It generally tries to ascertain the portion of the gross premiums that is available to contribute towards profits. It is calculated by expressing underwriting profit as a percentage of gross premiums. Underwriting profits for this purpose is defined as net earned premiums minus commissions, claims and management expenses.

All the Life companies made underwriting losses in 2010. This can be attributed mainly to the very high expense and combined ratios.

Table 27: UNDERWRITING PROFIT AS A PERCENTAGE OF GROSS PREMIUMS RATIO

Company

Industry Average


















Percentage (%)

2007

-16

-

0

-3

-

-159

-

5

-20

-201

-39

-2

-22

-10

-3

-12

-46

-21

2008

-16

-

-62

0.4

-

-11

3

2

-35

-357

-6

-18

-28

-27

-5

-10

-24

-5

2009

-49

-409

-58

1

-574

-58

-3

10

-56

-264

-70

-22

-43

-36

-28

-15

-81

-13

2010

-21

-

-2

-6

-170

-35

-16

-21

-55

-237

-38

-30

-1

-22

-13

-10

-39

-9



The industry average rose from 62% in 2009 to 67% in 2010. The ratios of Ghana Life, Donewell Life and Golden Life from 2008 to 2010 gives a clear indication of inadequate investments. However, the ratios of IGI Life, Express Life and Golden Life are too low for comfort.

Table 28: NET PREMIUM TO EQUITY RATIO

Company

Industry Average


















Percentage (%)

2007

72

-

-

84

-

76

-

68

73

79

83

76

75

74

73

72

96

72

2008

72

34

50

91

-

67

84

76

68

75

52

75

76

69

76

83

76

72

2009

62

23

31

90

63

55

18

73

41

42

73

72

73

75

59

89

62

71

2010

67

-

51

91

39

53

86

79

34

20

73

79

80

79

75

83

72

73

INvESTMENT TO TOTAL ASSETS RATIO

Investment to total asset ratio measures the portion of a company’s asset that are in real investments and is therefore readily available to be converted into cash to settle liabilities. In a way, it gives an indication of the quality of the company’s assets.

Generally, the life companies have better ratios than the non-life mainly because the life companies do not have the problem of outstanding debtors that deprive them of investible funds.



RETURN ON ASSETS RATIO

This ratio measures the return that a company makes on the assets it employs in its operations. It is calculated as the net profit before tax divided by total assets.

All the Life companies made underwriting losses in 2010. This can be attributed mainly to the very high expense and combined ratios.

Table 29: RETURN ON ASSETS RATIO

Company

Industry Average


















Percentage (%)

2007

7

-

-

14

-

60

1

10

-1

-10

-12

16

-

5

6

2

9

-5

2008

4

-

-6

16

-

4

3

5

15

19

-2

2

1

0

5

4

-16

7

2009

3

-59

-12

9

-58

1

6

12

16

-16

-15

5

-11

2

-2

3

-13

0

2010

2

-

-21

17

-55

5

15

-2

-21

-66

0

2

10

5

1

4

-10

0



LIfE INSURANCE INDUSTRy AggREgATED BALANCE SHEET

Table 30: LIFE INSURANCE INDUSTRY AGGREGATED BALANCE SHEET AS AT 31 DEC., 2009

Stated Capital

Capital Surplus

Income Surplus

Contingency Reserve

Shareholders’ Funds

REPRESENTED BY:

Fixed Assets

Investment Properties

Long Term Investments

Current Assets

Policy loans

Other Debtors/Loans

Amount due from reinsurers

Taxation

Short term investments

Cash funds/resources

Current Liabilities

Provision for unearned Premiums

Provision for claims

Amount due to reinsurers

Bank Overdraft

Creditors

Taxation

Proposed Dividend

Net Current Asset/Liabilities

Actuarial Liabilities

Other Long Term Liabilities

Net Assets/Liabilities

2010

GH¢

78,255,465

11,794,977

(4,819,982)

4,332,913

89,563,373

21,961,695

45,883,752

69,042,222

136,887,669

19,732,717

27,394,720

106,275

344,893

158,582,098

23,784,992

229,945,695

205,214

45,288

1,418,499

22,593,041

221,612

916,291

25,799,945

204,145,750.00

243,010,046

8,460,000

251,470,046

89,563,373

2009

GH¢

56,916,168

13,871,044

(3,281,561)

3,190,4160

70,696,067

19,463,644

19,440,054

45,216,391

84,120,089

15,157,726

23,569,485

304,904

382,882

108,196,591

20,376,799

167,988,387

-

1,057,0270

703,737

725,236

11,301,060

187,414

387,268

14,361,742

153,626,645

166,980,073

70,594

167,050,667

70,696,067

Notes

1

2

3



Table 31: NOTES TO THE LIFE INDUSTRY AGGREGATE BALANCE SHEET

Note 1 - Fixed Assets

Land & Buildings

Furniture, Fittings & Equipment

Motor Vehicles

Work in Progress

Intangibles

Computer Equipment

NOTE 2 - LONG TERM INVESTMENTS

Quoted Shares

Unquoted shares

Government Bonds

Others

Corporate Bonds

NOTE 3 - SHORT TERM INVETSMENTS

Treasury bills

Fixed Deposits

Call accounts

Unit trusts

Bonds

2009

GH¢

9,895,018

2,455,105

3,075,843

2,709,490

122,525

1,205,663

19,463,644

25,985,916

6,890,335

315,707

11,874,465

149,968

45,216,391

29,081,505

74,709,663

2,804,377

1,032,039

569,007

108,196,591

2010

GH¢

10,894,874

3,032,186

3,599,111

1,912,419

506,687

2,016,418

21,961,695

42,136,798.

19,626,760

3,203,751

3,869,973

204,940

69,042,222

29,460,443

125,656,862

2,711,000

753,793

158,582,098

Table 29: MAKE UP OF ASSETS

Fixed Assets



Investments in Subsidiaries

Policy Loans

Other Debtors

Amount Due from reinsurers

Taxation



2009

GH¢

19,463,644

19,440,054

45,216,391

-

15,157,726

23,569,485

304,904

382,882

108,196,591

20,376,799

252,108,476

2010

GH¢

21,961,695

45,883,752

69,042,222

-

19,732,717

27,394,720

106,275

344,893

158,582,098

23,784,992

366,833,364

%

7.7

7.7

17.9

0.0

6.0

9.3

0.1

0.2

42.9

8.1

100

%

6.0

12.5

18.8

0.0

5.4

7.5

0.0

0.1

43.2

6.5

100



CLAIMS RATIO

The Claims ratio which is the percentage of claims incurred to Gross Premiums, measures under-writing efficiency. The lower the ratio, the better the underwriting efficiency. However, very low claims ratios may mean that policyholders are not benefiting enough from the premiums they pay.

Table 32: CLAIMS RATIO

Percentage (%)

2009

18

5

-

42

32

25

7

35

29

27

33

1

12

21

15

6

22

10

14

23

28

12

2010

17

7

9

5

14

27

8

26

21

21

37

8

18

11

14

8

19

17

29

21

24

12

2008

17

50

-

-

12

22

18

29

19

5

11

-

1

23

13

-

12

14

12

23

23

11

2007

16

6

-

-

12

17

-

27

21

6

18

-

-

29

15

-

21

8

1

24

19

-

Company

Industry Average

Activa International Insurance Company Limited

Allianz Insurance Company Of Ghana Limited

Colina Ghana Insurance Company Limited


Enterprise Insurance Company Limited

Equity Assurance Limited

Ghana Reinsurance Company Limited

Ghana Union Assurance Company Limited

Glico General Insurance Company Limited

IGI Insurance Company (Ghana) Limited

Intercontinental Wapic Insurance Ghana Limited

International Energy Insurance Company Limited

Mainstream Reinsurance Company Limited


NEM Insurance (Ghana) Limited

NSIA Ghana Insurance Company Limited

Phoenix Insurance Company Limited

Prime Insurance Company Limited



Regency Alliance Insurance Limited

PERFORMACE INDICATORS

NON-LIFE COMPANIES



The industry average ratio fell slightly from 18% in 2009 to 17% in 2010. The ratios of Enterprise, Ghana Union, Provident, Quality and Ghana Re were above the industry average for the four-year period under review. However, the claims ratio of Equity, NEM and Intercontinental Wapic from 2009 to 2010 are marginally below the industry average. This is mainly due to the fact that they are all fairly new companies.

22

15

14

13

20

10

17

16

17

13

15

10

18

22

16

12







Table 33: EXPENSE RATIO

Percentage (%)

2009

43

19

964

1096

66

24

48

19

17

41

74

41

58

15

21

103

56

33

59

53

50

44

47

36

57

32

2010

41

17

32

152

49

32

43

28

18

31

35

48

40

30

25

52

77

34

60

53

62

45

45

31

74

31

2008

34

12

-

-

51

21

13

18

15

22

128

-

169

18

22

-

30

28

42

57

23

125

40

25

45

28

2007

30

17

-

-

45

22

-

19

18

26

57

-

-

19

21

-

32

39

95

50

19

-

38

28

42

33

Company

Industry Average


























ExPENSE RATIO

The Expense ratio measures management expenses as a percentage of Gross Premiums. The lower the ratio, the better in terms of management efficiency.

The industry average dropped from 43% in 2009 to 41% in 2010. The ratios of SIC, Provident, Donewell and Prime for the four-year period under review are significantly above the industry average. However, the ratios of Enterprise, Ghana Union, Star, Metropolitan, Activa and Ghana Reinsurance were below the industry average. The ratio of Colina is significantly high because it is a new company. Again, Enterprise, NSIA, Unique and Quality consistently recorded significant increases in their expense ratios over the last three years.



Table 34: COMBINED RATIO

Percentage (%)

2009

61

24

964

0

98

49

54

55

46

68

107

42

71

37

36

109

79

44

73

76

77

56

69

51

71

45

2010

62

24

41

157

63

58

51

54

39

52

72

56

58

41

39

60

96

51

89

74

86

57

65

41

91

47

2008

51

62

-

-

63

43

31

47

34

27

139

-

170

41

35

-

42

42

54

80

46

135

58

39

60

38

2007

46

22

-

-

57

39

-

46

39

32

75

-

-

48

35

-

53

47

96

73

38

-

55

50

58

45

Company

Industry Average


























COMBINED RATIO

The ratio is calculated as Total Claims + Total Management Expenses divided by Gross Premium. It is combination of the claims and management ratios.

The industry average moved from 46% in 2007 to 62% in 2010 in line with the movement in the expense ratio. The ratios of SIC, Provident, Unique, Donewell, Prime and IGI for the four-year period under review are all above the industry average. However, the ratios of Enterprise and Ghana Union are well below the industry average for the four-year period under review.



Table 35: RETURN ON EQUITY RATIO

Percentage (%)

2009

10

20

4

1

-30

5

25

18

36

24

-56

-0.4

-21

12

29

-11

-25

38

-22

3

18

7

10

20

15

17

2010

4

11

-1

-17

-2

-2

20

13

9

5

-119

1

9

9

14

-7

-1

22

-13

12

-33

7

7

36

-32

22

2008

21

36

-

-

4

13

-58

38

41

31

-7

-

-24

14

34

-

26

25

2

3

39

-34

13

31

21

15

2007

18

-3

-

-

19

16

-

28

33

30

0

-

-

9

10

-

40

13

-19

6

29

-

13

16

21

26

Company

Industry Average


























RETURN ON EqUITy RATIO

Return on Equity is the Net Profit after tax as a percentage of Shareholders’ funds (Equity). It measures the profitability of the companies; the higher the percentage, the more profitable the company.

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




Percentage (%)

2009

72

19

100

100

92

54

83

92

46

93

85

88

90

71

39

99

66

65

67

78

69

93

72

74

73

56

2010

71

23

52

87

77

58

85

85

41

66

81

96

78

70

40

90

87

80

69

73

69

82

74

69

74

66

2008

62

9

-

-

76

44

77

91

38

70

73

-

22

71

49

-

64

56

78

77

79

85

74

55

75

44

2007

64

10

-

-

76

46

-

93

41

84

73

-

-

78

42

-

64

59

77

79

76

-

68

69

78

48

Company

Industry Average


























RETENTION RATIO

Retention ratio is a risk management ratio. This ratio measures the percentage of Net Premiums to Gross Premiums. It indicates the portion of the underwritten risks that have not been passed on to reinsurers.

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



Table 37. INVESTMENT AS A PERCENTAGE OF TOTAL INVESTMENTS RATIO

Percentage (%)

2009

14

3

21

18

0

7

20

14

10

21

-

10

25

10

21

23

14

15

27

7

19

16

5

12

13

12

2010

12

5

16

18

23

3

14

13

7

6

1

10

33

15

14

13

12

11

13

5

24

15

3

9

9

10

2008

9

0

-

-

5

6

13

10

8

12

7

-

8

11

13

-

10

10

22

6

14

11

5

9

7

12

2007

10

-

-

-

6

10

-

9

9

10

2

-

-

14

6

-

9

7

31

5

14

-

4

5

7

27

Company

Industry Average


























INvESTMENT INCOME AS A PERCENTAgE Of TOTAL INvESTMENTS RATIO

Investment Income as a percentage of Total Investments measures the rate of return on investments. It gives an indication of the quality of the investments made and held by the various companies. The industry average fell from 14% in 2009 to 12% in 2010 due mainly to falling interest rates.




Percentage (%)

2009

9

0.2

1495

3166

0.2

5

6

21

13

13

7

6

2

9

9

40

12

7

4

4

10

4

3

9

7

4

2010

9

1

8

70

7

4

4

22

13

8

1

6

1

6

6

7

14

5

2

3

6

3

3

7

4

4

2008

6

0

-

-

1

6

16

10

9

5

10

-

4

9

7

-

8

4

5

5

7

8

4

8

4

4

2007

6

-

-

-

4

3

-

9

19

5

1

-

-

11

3

-

8

4

19

5

7

-

3

5

4

11

Company

Industry Average


























INvESTMENT INCOME AS A PERCENTAgE Of gROSS PREMIUMS

Investment income as a percentage of Premiums tries to compare a company’s income from investment to its premium income. This ratio measures the extent of support from investment income. It indicates both the quality and adequacy of the investments. This is very relevant con-sidering the fact that, most companies make underwriting losses and have to depend on income from investments to make profit.

The industry average ratio remained the same during 2009 and 2010. However, the ratios of SIC, Enterprise, Provident, Unique, Donewell and Phoenix were lower than the industry average for the four-year period under review. The ratios of Colina are out of range.



Table 39. GROSS PREMIUM TO EQUITY RATIO

Percentage (%)

2009

1.9

6.5

0

0

2.0

1.2

2.1

0.8

1.6

2.6

0.8

1.1

1.6

1.1

2.7

0.3

2.4

2.0

2.1

0.9

2

1.4

0.9

2.5

1.7

3

2010

1.8

5.4

1.8

0.4

2.3

0.8

2.1

0.5

0.7

0.9

2.7

2.5

2.1

0.9

3

1.1

0.7

2.1

0.8

1.1

3.5

1.5

0.8

2.5

2.3

3.2

2008

1.8

4.3

-

-

2.5

1

0.9

0.8

2.2

4.3

0.5

-

0.3

1.3

2.2

-

1.9

2.9

1.3

0.7

2.4

0.4

0.9

2.2

2

3

2007

1.9

3.3

-

-

5

1.6

-

0.9

2.3

2.8

1

-

-

1.1

2.7

-

1.8

2.1

0.5

0.6

2.7

-

1

2

2.2

2.3

Company

Industry Average


























gROSS PREMIUM TO EqUITy RATIO

The Premium Equity ratios try to assess the capital adequacy of insurance companies. The ratios measure how much capital is available to support the premiums underwritten by a company.

The industry average dropped slightly from 1.9 in 2009 to 1.8 in 2010. The benchmark or industry best practice is however pegged at 2. This means that a ratio significantly above 2 indicates that the company may be overtrading whiles a ratio which is well below 2 means that the company is not utilising its capital. The ratios of five companies including the reinsurance companies for the four-year period under review were less than the pegged benchmark. However, the ratios of Activa, Metropolitan, Vanguard, Star and Quality for the four-year period under review are significantly higher than both the industry average and the benchmark.



Table 40. NET PREMIUM TO EQUITY RATIO

Percentage (%)

2009

1.2

1.2

0

0

1.8

0.7

1.8

0.7

0.8

3

0.7

1

1.5

0.8

1.1

0.3

1.6

1.3

1.4

0.7

1.4

1.3

0.7

1.9

1.2

1.7

2010

1.2

1.2

0.9

0.4

1.8

0.4

1.7

0.4

0.3

0.6

2.2

2.3

1.7

0.8

1.2

1

0.6

1.7

0.5

0.8

2.4

1.2

0.6

1.7

1.7

2.1

2008

1.0

0.4

-

-

1.9

0.4

0.7

0.8

0.8

2.4

0.4

-

0.2

0.9

1.1

-

1.2

1.6

1

0.5

1.9

0.3

0.7

1.2

1.5

1.3

2007

1.0

0.3

-

-

3.8

0.8

-

0.9

1.0

2.4

0.7

-

-

0.9

1.1

-

1.2

1.2

0.4

0.5

2.0

-

0.7

1.4

1.7

1.1

Company

Industry Average


























NET PREMIUM TO EqUITy RATIO

The Net Premium to Equity ratio does the same function as the gross premium to equity ratio. The only difference is that the Net Premium to Equity ratio measures the relation of the net premium and not the gross premium of a company to its capital. The industry average did not change during both 2009 and 2010.



Table 41. CAPITAL TO LIABILITIES RATIO

Percentage (%)

2009

1.1

0.2

38.9

1.7

0.4

1.3

0.8

1.1

0.5

0.4

0.6

1.2

0.9

0.9

0.9

6.8

0.5

0.7

0.8

1.6

0.6

1.6

1.1

0.4

0.8

0.6

2010

1.0

0.2

1.4

0.8

0.5

2.6

0.7

1.5

1.3

1.4

0.2

0.5

0.7

1.2

0.7

1.8

1.1

0.6

2

1.6

0.3

1.4

1.6

0.5

0.5

0.6

2008

1.0

0.4

-

-

1.9

0.4

0.7

0.8

0.8

3

0.4

-

0.2

0.9

0.9

-

1.2

1.6

1

0.5

1.9

0.3

0.7

1.2

1.5

1.3

2007

1.5

1.8

-

-

8.3

1.1

-

0.9

3.2

1.7

0.9

-

-

1

1.3

-

1.1

1.6

0.3

0.5

1.9

-

0.7

2.4

2.1

1.2

Company

Industry Average


























CAPITAL TO LIABILITIES RATIO

The Capital to Total Liabilities ratio compares the total liabilities of the company to its capital. A capital to liabilities ratio of 1.0 for an example means for every cedi of equity, the company has GH¢1.0 of liabilities.



Table 42. OUTSTANDING PREMIUMS AS A PERCENTAGE OF GROSS PREMIUMS RATIO

Percentage (%)

2009

43

23

59

-

59

17

31

77

31

50

80

58

45

75

19

33

29

66

47

23

41

36

59

33

61

30

2010

43

13

9

69

49

5

41

60

22

45

67

23

64

74

17

27

26

65

60

27

49

45

59

38

60

33

2008

43

27

-

-

54

23

53

74

23

54

64

-

43

70

23

-

32

47

57

14

30

48

57

32

58

24

2007

34

12

-

-

55

18

-

72

23

23

32

-

-

75

20

-

19

48

44

11

24

-

37

32

50

25

Company

Industry Average


























OUTSTANDINg PREMIUMS AS A PERCENTAgE Of gROSS PREMIUMS

Outstanding Premiums as a percentage of Gross Premiums compares outstanding premiums as at the end of the year to the total premiums written during the year. This efficiency ratio tries to assess how well management makes use of the company’s assets. Specifically, the objective is to find out how long it takes management to collect premium debts and put such funds into use.

The issue of Outstanding Premiums is adversely affecting the profitability and solvency of insurance companies. This makes the management of credit risk one of the major issues for Ghanaian insurance companies.

The industry average has peaked at 43% for the past three years. The ratios of eight companies improved during the four-year period under review. However, the ratios of Unique, Donewell, Phoenix, Prime, and the two reinsurance companies are all above the already too high industry average for the four-year period under review. It should be noted that the premium debtors used to calculate these ratios are already net of significant provisions for bad and doubtful debt.



Table 43. OUTSTANDING PREMIUMS AS A PERCENTAGE OF TOTAL ASSETS RATIO

Percentage (%)

2009

29

28

1

-

32

12

30

30

17

36

25

35

34

40

24

10

22

51

45

12

29

30

28

22

44

35

2010

27

13

9

12

35

3

35

19

8

23

34

20

54

37

21

20

9

51

30

17

40

38

28

28

47

37

2008

29

34

-

-

43

13

20

34

18

50

42

-

10

41

21

-

24

46

42

6

25

14

28

22

43

31

2007

25

14

-

-

30

14

-

34

19

24

51

-

-

42

24

-

16

38

14

4

22

-

21

19

35

26

Company

Industry Average


























OUTSTANDINg PREMIUMS AS A PERCENTAgE Of TOTAL ASSETS

This ratio measures the outstanding premiums as a percentage of the company’s total assets. It is an indication of asset quality. Since trade debtors are not regarded as good quality assets especially where they are quite old, the lower the ratio, the better.

The industry average dropped from 29% in 2009 to 27% in 2010. The ratios of Unique, Donewell, Phoenix and Mainstream Re for the four-year period under review were exceptionally higher than the industry average.



Table 44. RETURN ON ASSETS RATIO

Percentage (%)

2009

6

4

6

1

-8

4

12

11

14

11

-22

-0.2

-10

8

17

-10

-4

21

-10

3

9

4

6

7

10

9

2010

2

4

-3

-7

5

0

10

12

5

5

-22

0

4

7

9

-5

0

12

-8

14

-8

6

6

16

-10

11

2008

9

11

-

-

13

8

-25

-

11

7

-

-

-21

6

15

-

10

8

1

2

14

-26

7

9

8

6

2007

6

1

-

-

-1

7

-

-

7

11

0

-

-

5

4

-

23

13

-15

4

10

-

7

5

7

12

Company

Industry Average


























RETURN ON ASSETS

Return on asset is defined as the net profit before tax as a percentage of total assets. It is an efficiency ratio that measures how efficiently the company makes use of the assets under its control to generate return for the policyholders and shareholders.

Even though the industry average dipped from 6% in 2009 to 2% in 2010, the ratios of Ghana Union and Glico General were significantly on the high side for the four-year period under review. The ratios of IGI is out of range.



Table 45. INVESTMENT TO TOTAL ASSETS RATIO

Percentage (%)

2009

39

11

69

86

28

53

30

57

70

46

39

36

11

52

54

52

66

36

13

34

35

19

34

51

39

42

2010

40

14

51

66

22

69

25

52

70

69

39

54

3

19

57

38

41

39

9

45

20

17

39

57

32

44

2008

45

45

-

-

21

60

49

41

77

43

-

-

15

53

66

-

68

66

19

39

40

46

42

58

45

51

2007

52

47

-

-

17

72

-

59

74

57

53

-

-

48

57

-

74

52

25

42

48

-

54

58

45

56

Company

Industry Average


























INvESTMENT TO TOTAL ASSETS RATIO

This is an asset adequacy/quality ratio. It is intended to ascertain the percentage of the company’s total assets that are in the form of real investments that can be easily converted into cash to take care of policyholders and other liabilities.

The industry average rose slightly from 39% in 2009 to 40% in 2010. The ratios of Enterprise, Ghana Union, Star, NSIA and Metropolitan look quite good. However, the ratios of Prime, Donewell, International Energy, Activa, Mainstream, Quality and Regency Alliance for the year under review, on the other hand are too low. This worrying situation is due to the very high premium debtors, which rob the companies of investible funds..



Table 46. UNDERWITING PROFITS AS A PERCENTAGE OF GROSS PREMUIMS RATIO

Percentage (%)

2009

(6)

-1

-914

-1038

-16

-7

6

-9

2

0.3

-27

-8.2

-31

3

3

-72

-17

19

-14

-3

2

-1

4

2

1

3

2010

(2)

2

-12

-110

-0.3

-7

7

7

2

-1

-4

-7

0.2

6

0.4

-13

-14

10

-19

2

-15

4

8

12

-19

4.4

2008

2

3

-

-

-1

0

-4

-82

3

6

-41

-

-4

-97

7

-

10

6

4

-5

13

-133

14

9

11

1

2007

4

1

-

-

2

5

-58

-

6

12

-5

-

-10

-

2

-

5

8

9

-2

8

-

11

5

10

2

Company

Industry Average


























UNDERwRITINg PROfITS AS A PERCENTAgE Of gROSS PREMIUMS

This ratio measures underwriting profits as a percentage of Gross Premiums. It generally tries to ascertain the portion of the gross premiums that is available to contribute towards profits. It is calculated by dividing the underwriting profit by the gross premiums. Underwriting profits for this purpose is defined as net earned premium minus commissions, claims and management expenses.

The industry average dropped gradually from positive 4 in 2007 to negative 2 in 2010. The ratio of Colina is out of range and therefore was excluded to avoid distortions. The falling trends of the ratios are the result of high management expenses and undercutting.



NON-LIfE INSURANCE INDUSTRy AggREgATED BALANCE SHEET

Table 47: NON-LIFE INSURANCE INDUSTRY AGGREGATED BALANCE SHEET AS AT 31 DEC., 2010

Stated Capital

Capital Surplus

Income Surplus

Contingency Reserve

Deposit for Shares

Shareholders’ Funds

REPRESENTED BY:

Fixed Assets




Current Assets

Outstanding Premiums

Other Debtors/Loans

Amount due from reinsurers

Taxation



Current Liabilities

Provision for unearned Premiums

Provision for claims

Amount due to reinsurers

Bank Overdraft

Creditors

Taxation

Proposed Dividend

Net Current Asset/Liabilities

Other Long Term Liabilities

Net Assets/Liabilities

2010

GH¢

113,124,715.00

92,898,998.00

28,343,825.00

74,667,445.00

3,534,118.00

312,569,101.00

62,058,203.00

28,939,641.00

121,510,247.00

13,528,308.00

226,036,399.00

125,599,555.00

33,069,558.00

28,486,043.00

1,808,326.00

136,603,303.00

30,395,437.00

355,962,222.00

98,367,477.00

41,323,372.00

57,834,073.00

614,617.00

38,190,955.00

19,028,987.00

1,050,812.00

256,410,293.00

99,551,929.00

13,019,227.00

13,019,227.00

312,569,101.00

2009

GH¢

71,277,303.00

59,367,382.00

22,398,161.56

67,847,181.00

-

220,890,027.56

54,976,363.32

17,125,138.00

54,161,677.00

14,022,203.00

140,285,381.32

129,879,487.34

22,377,559.87

20,294,922.00

1,075,511.00

126,020,633.62

31,014,416.19

330,662,530.02

91,260,478.92

37,696,329.94

61,755,362.00

939,641.00

34,878,942.92

13,064,660.00

4,498,613.00

244,094,027.78

86,568,502.24

5,963,856.00

5,963,856.00

220,890,027.56

Notes

1

2

3



Table 48: NOTES TO THE NON-LIFE INDUSTRY AGGREGATE BALANCE SHEET

Note 1 - Fixed Assets

Land & Buildings

Furniture, Fittings & Equipment

Motor Vehicles

Work in Progress

Intangibles

Computer Equipment

NOTE 2 - LONG TERM INVESTMENTS

Quoted Shares

Unquoted shares

Government Bonds

Others

Corporate Bonds

NOTE 3 - SHORT TERM INVETSMENTS

Treasury bills

Fixed Deposits

Call accounts

Unit trusts

Bonds

2009

GH¢

40,033,773.00

3,847,739.50

3,860,251.93

5,173,528.00

383,613.00

1,677,457.89

54,976,363.32

40,035,818.00

9,049,093.00

-

3,651,440.00

1,425,326.00

54,161,677.00

48,728,482.00

74,188,139.62

1,840,318.00

-

1,263,694.00

126,020,633.62

2010

GH¢

43,888,737.00

5,333,666.00

4,236,183.00

5,608,590.00

1,294,473.00

1,696,554.00

62,058,203.00

98,471,558.00

17,576,404.00

1,766,760.00

2,270,199.00

1,425,326.00

121,510,247.00

56,429,910.00

77,156,492.00

780,103.00

2,236,798.00

136,603,303.00

Table 49: MAKE UP OF ASSETS

Fixed Assets




Outstanding Premiums

Other Debtors

Amount Due from reinsurers

Taxation



2009

GH¢

54,976,363.32

17,125,138.00

54,161,677.00

14,022,203.00

129,879,487.34

22,377,559.87

20,294,922.00

1,075,511.00

126,020,633.62

31,014,416.19

470,947,911.34

2010

GH¢

62,058,203.00

28,939,641.00

121,510,247.00

13,528,308.00

125,599,555.00

33,069,558.00

28,486,043.00

1,808,326.00

136,603,303.00

30,395,437.00

581,998,621.00

%

11.7

3.6

11.5

3.0

27.6

4.8

4.3

0.2

26.8

6.6

100

%

10.7

5.0

20.9

2.3

21.6

5.7

4.9

0.3

23.5

5.2

100.0



1. Corporate Information

2. 2010 Financial Reports

3. List of Registered Insurance Companies

4. List of Registered Reinsurance Companies

5. List of Registered Broking Companies

APPENDICES



BOARD Of DIRECTORS: Mr. Frederick Quayenortey Chairman Mrs. Nyamikeh Kyiamah Commissioner of Insurance OTHER DIRECTORS Mr. Samuel Amankwah Mr. Justin Amenuvor Ms. Sarah Fafa Kpodo Dr. Albert Gemegah Mr. Emmanuel Baba Mahama SECRETARy: Mrs Emma Araba Ocran MANAgEMENT TEAM Mrs. Nyamikeh Kyiamah Commissioner of Insurance Mr. Simon N. K. Davor Ag. Deputy Commissioner of Insurance Mrs. Emma Araba Ocran Legal Director Mr. Michael Kofi Andoh Head, Supervision Mr. Joseph Bentor Head, Finance & Administration Mr. Isaac Buabeng Head, Marketing, Research & External Relations Mr. Martin Dornor Abayateye Internal Auditor AUDITORS: AADS Consult (Chartered Accountants) Republic House 5th Floor Accra BANKERS: SG-SSB Bank Limited Merchant Bank (Ghana) Limited Cal Bank Limited Ghana Commercial Bank HFC Bank (Ghana) Limited REgISTERED OffICE & PRINCIPAL PLACE Of BUSINESS Insurance Place No. 67 Independence Avenue P. O. Box CT 3456 Cantonments, Accra

CORPORATE INFORMATION



The Directors submit their report together with the audited financial statements of National Insurance Commission for the year ended 31st December, 2010.

STATEMENT Of DIRECTORS RESPONSIBILITIES

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 and of the Profit or Loss and Cash flow for that period. In preparing those 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 Ghana 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.

PRINCIPAL ACTIvITIES

The principal activity of the Commission is to regulate and supervise the activities of the Insurance Companies in Ghana.

fINANCIAL RESULTS (HIgHLIgHTS)

The Financial results of the Commission are as summarized below:

REPORT OF THE DIRECTORS

Excess of Income over Expenditure

Total Assets

Accumulated Fund

2010

(GH¢)

512,439

3,836,470

3,160,312

2009

(GH¢)

455,801

3,514,555

2,647,873

BY ORDER OF THE BOARD

………………………………………. DIRECTORS……………………………………….

Dated: April, 2011



INDEPENDENT AUDITORS REPORT TO MEMBERS OF NATIONAL INSURANCE COMMISSION

We have examined the Financial Statements of the National Insurance Commission for the year ended 31st December, 2010 as set out on pages 65 to 76 which have been prepared under the historical cost convention and on the basis of the accounting policies set out on pages 68 and 69

RESPECTIvE RESPONSIBILITIES Of DIRECTORS AND AUDITORS

The responsibility for the preparation of the Financial Statements of the Commission rest with the Directors. Our responsibility as auditors is to form an independent opinion based on the audit, on these Financial Statements and to report our opinion to you.

BASIS Of OPINION

We conducted our audit in accordance with International Standards on Auditing and Ghana Standards on Auditing. An audit includes examination, on test bases, of evidence relevant to the amounts and disclosures in Financial Statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the Financial Statements, and of whether the accounting policies are appropriate to the Commission’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Financial Statements are free from material misstatement, whether caused by fraud or other irregularity or error.

In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the Financial Statements.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2010



OPINION

In our opinion, proper books of account have been kept by the Commission and the Financial Statements audited by us, which are in agreement therewith present in all material respect, a true and fair view of the financial position of the Commission as at 31st December, 2010 and of its result of operations and cash flows for the year then ended on the date, and comply with the Insurance Act, 2006 (Act 724) and Ghana National Auditing Standards.

Signature:………………………………………………………………………………………

Partner Signing: STEPHEN ARMAH

Membership number: (101073)

Name of Firm: AADS Consult (Chartered Accountants)

Date: 22nd July, 2011



The accounting policies and notes on pages 68 to 76 form an integral part of these financial statements.

INCOME

EXPENDITURE


ACCUMULATED FUND

Balance as at 1 January

Excess of Income over Expenditure for year

Balance as at 31 December

2009

GH¢

3,973,151

(3,517,350)

455,801

2,192,072

455,801

2,647,873

2010

GH¢

4,596,585

(4,084,146)

512,439

2,647,873

512,439

3,160,312

Notes

1

2

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2010



BALANCE SHEET AS AT 31ST DECEMBER, 2010

Non-Current Assets

Property, Plant & Equipment

Equity Shares in GIC

Current Assets

Short Term Investments

Accounts Receivable

Bank and Cash Balances

Total Assets

Current Liabilities

Accounts Payable and Accruals

Accumulated Fund and Deferred Grant

Accumulated Fund

Deferred Grant

Deferred Rent (GIC)

Total Liabilities, Accumulated Fund & Grant

2009

GH¢

858,126

40,000

898,126

975,386

1,014,356

626,687

2,616,429

3,514,555

415,188

415,188

2,647,873

427,494

24,000

3,099,367

3,514,555

2010

GH¢

903,086

40,000

943,086

1,182,195

1,172,317

538,872

2,893,384

3,836,470

262,099

262,099

3,160,312

402,059

12,000

3,574,371

3,836,470

Notes

3

4

5

6

12

7

8b

9

The Financial Statements on pages 65 to 76 were approved by the Board of Directors on April, 2011 and were signed on its behalf by:

………………………………………. DIRECTORS……………………………………….

The accounting policies and notes on pages 68 to 76 form an integral part of these financial statements.



CASHFLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2010

Operating Activities

Cash Generated from Operations

Interest Received

Net Cash Generated from Operating Activities

Cash flow from Investing Activities

Purchase of Property, Plant and Equipment

Proceed from the Sale of Assets

Purchase of Investment

Investment Income Received

Net Cash used Investing Activities

Net increase/(decrease) in Cash and Cash

Equivalents

Movement in Cash and Cash Equivalents

At Start of the Year

Increase/(Decrease) in Cash and Cash

Equivalents

At end of the Year

2009

GH¢

267,296

6,968

274,264

(38,326)

34,675

(263,877)

236,252

(31,276)

242,988

383,699

242,988

626,687

2010

GH¢

147,611

12,024

159,635

(228,223)

6,000

(206,809)

181,581

(247,451)

(87,815)

626,687

(87,815)

538,872

Notes

10

1

3

11

5

1

The accounting policies and notes on pages 68 to 96 form an integral part of these Financial Statements.



BASIS Of ACCOUNTINg

The financial statements have been prepared under the historical cost convention and accrual basis and comply with Ghana Accounting Standards.

PROPERTy AND EqUIPMENT AND DEPRECIATION

All properties and equipments 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.

Furniture and Fittings 10%Motor Vehicles 20%Office Equipment 20% Office Building 3%Residential Accommodation 20%Computers 33.33%

Disposals of properties and equipments 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. Equipment less than GH¢ 500 are written off in the year of purchase.

CASH AND CASH EqUIvALENTS

For the purposes of the Cash flow Statement, cash and cash equivalents comprise cash on hand and short-term highly liquid investments.

INvESTMENTS

Investment securities are in the form of treasury bills, fixed deposits and non-negotiable certificates of deposits. Investments are quoted at cost.

ACCOUNTS RECEIvABLE

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

ACCOUNTING POLICIES



TRANSACTIONS IN fOREIgN CURRENCIES

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

STOCKS

Stocks are ordered just for the year and are charged to the Income and Expenditure Account in the year of purchase.



NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2010

1. INCOME: gH¢ 4,596,585

This is made up as follows:

Other Income include of the following:

Levies on Insurers

Levies on Brokers

Licensing/Renewal Income

Investment Income

Interest on Current Account

Motor Contribution

Grant Income

Deferred Grant Income

Rent Income/Fees - IITC

Mega Risk Income

Other Income

2009

GH¢

2,354,249

119,694

49,090

236,252

6,969

600,804

87,645

25,435

153,824

204,691

134,498

3,973,151

2010

GH¢

2,757,873

148,011

56,777

181,581

12,024

759,880

87,546

25,435

139,188

308,581

119,689

4,596,585

Notes

8a

8b

Year Book Sales

Interest on Loans

Insurance Claims

Others

2009

GH¢

4,430

5,790

85

15,402

25,707

2010

GH¢

9,612

8,121

1,703

18,107

37,543



2. ExPENDITURE: gH¢ 4,084,146 Expenditure includes:

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

Staff Cost

Auditors’ Remuneration

Directors’ Emoluments

Depreciation

Sticker Cost

Loss on sale of Assets

2009

GH¢

1,462,252

6,700

914,690

139,008

80,040

9,482

2010

GH¢

2,317,049

7,705

465,921

174,709

124,200

2,552

Notes

3



3.

PRO

PER

Ty, P

LAN

T A

ND

Eq

UIP

MEN

T

Cos

t

At

1st

Janu

ary

2010

(A

)

Add

ition

s

Dis

posa

ls

At

31st

Dec

embe

r 20

10

Dep

reci

atio

n

At

1st

Janu

ary

2010

Cha

rge

for

the

Year

Dis

posa

ls

Net

Boo

k Va

lue

At

31st

Dec

embe

r 20

10

At

31st

Dec

embe

r 20

09

Cos

t –F

ully

Dep

reci

ated

Ass

ets

(B)

DEP

REC

IAB

LE V

ALU

E (A

-B)

Dis

posa

l of

Prop

erty

& E

quip

men

t

Cos

t

Acc

umul

ated

Dep

reci

atio

n

Net

Boo

k Va

lue

Proc

eeds

on

Sale

s

Profi

t/(L

oss)

on

Dis

posa

l

GH

¢

823

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6

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-

830

,237

18

0,3

36

30

,437

-

2

10,7

73

619

,46

4

64

3,11

3 -

830

,237

- - - - -

GH

¢

180

,06

6

11,2

70

(15,4

10)

175,9

26

102,

266

17,0

80

(15,4

10)

103,

936

71,9

90

77,8

01

3,4

26

172,

50

0

15,4

10

(15,4

10) - - -

GH

¢

2

96

,817

14

7,18

9

(4

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9)

4

01,2

47

23

8,4

22

72

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5

(3

4,2

07)

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6,8

20

12

4,4

27

58,3

95 -

401

,24

7

4

2,75

9

(3

4,2

07)

8,5

52

6

,00

0)

(2

,552)

GH

¢

14

0,7

74

2

,830

(1

4,6

27)

1

28,9

77

1

03,

766

1

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9

(1

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1

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338

2

5,6

39

3

7,0

07

38

8

128,5

89

1

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27

(1

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27) - - -

GH

¢

74

,210

29

,537

-

1

03,

747

58,4

15

22

,261

-

80

,676

23

,071

15

,797

13,3

29

90

,418

- - - - -

GH

¢

7

5,4

46

3

0,6

10

(1

5,4

25)

9

0,6

31

4

9,4

34

1

8,12

7

(1

5,4

25)

5

2,13

6

3

8,4

95

2

6,0

13

-

90

,631

1

5,4

25

(1

5,4

25) - - -

GH

¢

1,5

90

,76

3

22

8,2

23

(

88,2

21)

1,7

30,7

65

73

2,6

39

17

4,7

09

(

79,6

69

)

827

,679

9

03,

086

858,12

6

17

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1,713

,622

88,2

21

(

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69

)

8,5

52

(

6,0

00

)

(

2,552)

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Bui

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gFu

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re

and

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Mot

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Offi

ce

Equi

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tC

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ters

&

Acc

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ries

Resi

dent

ial

Furn

ishi

ngTo

tal



4. EqUITy SHARES IN gHANA INSURANCE COLLEgE

5. SHORT TERM INvESTMENTS: gH¢ 1,182,195


Treasury Bills are debt securities issued by the Bank of Ghana for a term of three months, six months or a year and are classified as available for sale investments. Bills are carried at cost.

6. ACCOUNT RECEIvABLE AND PREPAyMENT: gH¢ 1,172,317 This is made up as follows:

Treasury Bills

Fixed Deposits

Non-negotiable Certificate of Deposit

Purchase of Investments (Additions during the year)

2009

GH¢

343,152

555,886

76,348

975,386

263,877

2010

GH¢

414,375

679,169

88,651

1,182,195

206,809

Equity Shares in GIC

2009

GH¢

40,000

2010

GH¢

40,000

Levies Due from Insurers and Brokers

Mega Risk Receivable

IITC Debtor

Staff Advances

Sundry Debtors

Accrued Investments Income

Withholding Tax Credit

Receivable from Provident Fund

Prepaid Insurance Expense

VAT

Penalties Recievables

Others

2009

GH¢

414,772

-

1,930

348,163

52,551

59,772

6,471

1,898

14,493

38,286

61,500

14,520

1,014,356

2010

GH¢

517,414

71,193

5,238

332,566

27,641

34,543

6,657

-

26,796

34,929

105,500

9,840

1,172,317



7. ACCOUNTS PAyABLE AND ACCRUALS: gH¢262,099


9. DEfERRED RENT INCOME (gIC): gH¢ 12,000

8. a. gRANT INCOME : gH¢ 87,546

This is made up of EMCB/FINSSP Grant and Deferred Grant Income

Deferred Income represents grants from the Non-Banking Financial Institutions for the construction and furnishing of the Insurance Industry Training Centre (IITC) building, which is being written-off over its depreciable life.

b. DEfERRED gRANT INCOME: gH¢402,059

Accrued Expenses

Accrued Directors Remuneration

West African Insurance Institute

Provident Fund & Other Payable

Compensation Fund

Current portion of Long-term Loan

2009

GH¢

78,976

297,557

2,308

20,049

13,723

2,575

415,188

2010

GH¢

199,544

11,900

18,864

29,216

-

2,575

262,099

Notes

13

EMCB/FINSSP Grants represent grant received from Government of Ghana through the Ministry of Finance & Economic Planning

2009

GH¢

80,145

2010

GH¢

87,546

Balance at 1st January

Transfer to Income and Expenditure Account

Balance at 31st December

2009

GH¢

452,929

(25,435)

427,494

2010

GH¢

427,494

(25,435)

402,059

Balance at 1st January

Transfer to Income and Expenditure Account

Balance at 31 December

2009

GH¢

36,000

(12,000)

24,000

2010

GH¢

24,000

(12,000)

12,000



10. RECONCILIATION Of ExCESS Of INCOME OvER ExPENDITURE TO CASH fLOw fROM OPERATINg ACTIvITIES

11. gAIN / (LOSS) ON DISPOSAL Of fIxED ASSETS


12. CASH AND CASH EqUIvALENT


Amortisation of Capital Grant

Amortisation of Rent Income

Depreciation

(Gain)/Loss on Disposal of Property and

Equipment

Interest Income

Investment Income

Increase/Decrease in Accounts Receivable

and Prepayment

Increase / (decrease) in Accounts Payable

and Accruals

Cash Generated from Operating Activities

2009

GH¢

455,801

(25,435)

(12,000)

139,008

9,483

(6,969)

(236,252)

(394,079)

337,739

267,296

2010

GH¢

512,439

(25,435)

(12,000)

174,709

2,552

(12,024)

(181,581)

(157,960)

(153,089)

147,611

Notes

8b

9

3

3

Cost

Accumulated Depreciation

Net Book Value

Proceeds

Gain/(Loss) on Disposal

2009

GH¢

149,260

(105,102)

44,158

34,675

(9,483)

2010

GH¢

88,221

(79,669)

8,552

6,000

(2,552)

Cash

Bank

2009

GH¢

1,949

624,738

626,687

2010

GH¢

1,165

537,707

538,872

(784)

(87,031)

(87,815)

Changes during the year



13. ACCRUED ExPENSES: gH¢ 199,544 This is made up as follows:

14. UNUSED STICKERS

At the end of the year, the stock of unused stickers printed during the year was 6,297 booklets. Cost - GH¢40,931 (2009: 5,541 booklets - Cost - GH¢ 36,017).

15. CAPITAL COMMITMENTS

There were no Capital Commitments as at 31st December 2010 (2009 : Nil)

16. CONTINgENT LIABILITIES

There were no contingent liabilities at 31st December, 2010 (2009: Nil)

Audit Fees

Medical Expenses

Telephone

Water and Electricity

Withholding Tax Payable

T & T, Repairs and Others

PAYE and SSF

2009

GH¢

6,700

2,499

2,543

12,735

8,198

27,653

18,648

78,976

2010

GH¢

7,705

2,407

5,637

26,481

4,259

60,311

92,744

199,544



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e C

om

pany

Lim

ited

Pro

vide

nt In

sura

nce

Com

pany

Lim

ited

Prim

e In

sura

nce

Com

pany

Lim

ited

Qua

lity

Insu

ranc

e C

om

pany

Lim

ited

Reg

ency

Allianc

e In

sura

nce

Gha

na L

imited

SIC

Insu

ranc

e C

om

pany

Lim

ited

Sta

r A

ssur

anc

e C

om

pany

Lim

ited

224

/3, 6

th R

ingw

ay L

ink

Est

ates

, Acc

ra. P

hoen

ix

Hous

e, K

and

a H

ighw

ay

Pro

vide

nt T

ower

s, R

ing

Road

Cen

tral

Gam

el A

bdul

Nas

ser

St.,

Rin

g Road

Est

ates

, Osu

,

Acc

ra.

Qua

lity

Hous

e, R

ing

Road

Cen

tral K

oko

mle

mle

65 P

atrice

Lum

umba

Road,

Airpo

rt R

esid

ential

Are

a, A

ccra

Nye

met

ei H

ous

e, R

ing

Road

Eas

t (H

ead

Offi

ce)

No.

C551/

4, C

ola

Str

eet

Koko

mle

mle

, (Adj

. ATT

C)

P. O

. Box

17753, A

ccra

-Nort

h

Tel:

911

023-4

, 24

6319

, 24

5921

Fax:

2220

08

e-m

ail: in

fo@

phoen

ixgh

ana

.com

P. O

. Box

782, A

ccra

Tel:

2210

96

/229

80

7/2

339

64

Fax:

2339

64

P. O

. Box

AN

76

44

Acc

ra-N

ort

h

Tel:

2350

39

, 224

558, 0

24

43713

27

P. O

. Box

MP 1

252, M

am

probi

, Acc

ra

Tel:

25812

5, 2

5812

7, 2

5812

9, 2

5813

0-4

,

25813

7, 2

5813

9

Fax

22016

5, 2

5813

5-6

e-m

ail: h

eado

ffice

@qi

cgha

na.c

om

Tel:

77810

6, 7

82871

Fax:

e-m

ail: r

egen

cyallianc

egha

na.c

om

P. O

. Box

236

3, A

ccra

Tel:

780

601-

15

Fax:

780

615

e-m

ail: s

icin

fo@

ighm

ail.co

m

P. O

. Box

7532, A

ccra

-Nort

h

Tel:2

42233/2

40

632

Fax:

23715

6

e-m

ail: s

ac@

africa

onl

ine.

com

.gh



Uni

que

Insu

ranc

e C

om

pany

Lim

ited

Vang

uard

Ass

uranc

e C

om

pany

Lim

ited

Colin

a In

sura

nce

Com

pany

Lim

ited

Allianz

Insu

ranc

e C

om

pany

Lim

ited

Qua

lity

Hous

e, R

ing

Road

Cen

tral K

oko

mle

mle

Inde

pend

ence

Ave

nue

near

CA

L B

ank

Nea

r G

CB. L

A B

each

Road,

Osu

Adw

oa A

giew

aa B

uild

ing,

Osu

P. O

. Box

AN

5721, A

ccra

-Nort

h

24

817

4-7

Fax:

2214

30

e-m

ail: u

niq.

ins@

africa

onl

ine.

com

.gh

P. O

. Box

186

8, A

ccra

Tel:

66

64

85-7

/66

90

96

/7010

680

-2

7

8014

6 /

7010

677/9

Fax:

66

8610

e-m

ail: v

ang

uard

@gh

ana

.com

P. O

. Box

1292, A

ccra

Tel:

76

026

0, 7

74771, 7

60

639

, 76

056

8

Fax:

76

056

8

e-m

ail: v

ang

uard

@gh

ana

.com

P. O

. Box

Tel:

024

45774

69



LIF

E I

NSU

RA

NC

E C

OM

PAN

IES

Com

pany

Loca

tion

Cont

act

Det

ails

Hous

e N

o. 8

65A

/3, T

ack

ie T

awia

h Ave

., Kand

a

Hig

hway

, Nort

h Rid

ge

91

Sax

el A

venu

e, O

pposi

te T

esano

Polic

e Sta

tion,

Tesa

no.

2nd

Flo

or,

Carl Q

uist

Str

eet,

kuku

Hill,

Osu

-RE

Ent

erpr

ise

Hous

e, 1

1 H

igh

Str

eet,

Acc

ra

Nkr

umah

Tow

ers

Nea

r Sadi

sco T

raffi

c Li

ght

Koko

mle

mle

,

F828/1

Rin

g Road

Eas

t, O

su

Capi

tal E

xpre

ss A

ssur

anc

e (G

h) L

imited

Gold

en L

ife In

sura

nce

Com

pany

Lim

ited

Done

wel

l Life

Insu

ranc

e C

om

pany

Lim

ited

Ent

erpr

ise

Life

Ass

uranc

e C

om

pany

Lim

ited

Exp

ress

Life

Insu

ranc

e C

om

pany

Lim

ited

Gha

na U

nion

Ass

uranc

e C

om

pany

Lim

ited

P. O

. Box

50

80

, Acc

ra

Tel:

24

04

09

, 24

79

42

Fax:

P. O

. Box

311

4, A

ccra

Tel:

24

90

61, 2

45737, 2

284

20

Fax:

250

34

3

P. O

. Box

GP 2

136

, Acc

ra

Tel:

76

3321, 7

6326

6

Fax:

76

314

7

e-m

ail: d

one

wel

linsu

ranc

e.co

m

Priva

te M

ail

Bag,

Gen

eral P

ost

Offi

ce

Acc

ra, G

hana

Tel:

6770

74,6

770

78

Fax:

6770

73

e-m

ail: e

lac@

eicg

hana

.com

P. O

. Box

AN

10

476

Acc

ra-N

ort

h

Tel.

030

2-2

524

87, 0

28-9

55558

Fax:

250

317

e-m

ail: in

fo@

expr

essl

ifegh

.com

P. O

. Box

1322, A

ccra

Tel:

780

625/6

, 780

628/9

Fax:

780

64

7

e-m

ail: g

ua@

ghana

unio

nass

uranc

ecom

pany

.com



Glic

o L

ife In

sura

nce

com

pany

Lim

ited

Gha

na L

ife In

sura

nce

Com

pany

IGI L

ife A

ssur

anc

e G

hana

Lim

ited

Met

Life

Insu

ranc

e G

hana

Lim

ited

Pho

enix

Life

In

sura

nce

Com

pany

Lim

ited

Pro

vide

nt L

ife A

ssur

anc

e C

om

pany

Lim

ited

Qua

lity

Life

nsu

ranc

e C

om

pany

Lim

ited

Glic

o H

ous

e, N

o. 4

7 K

wam

e N

krum

ah

Ave

nue.

17 A

viat

ion

Road

Airpo

rt

Blo

ck

2, D

esig

n Res

our

ce E

stat

e, 4

th C

ircu

lar,

Cant

onm

ents

, Acc

ra

4th

Flo

or

Rid

ge T

ower

s, S

udan

Road

224

/3, 6

th R

ingw

ay L

ink

Est

ates

, Acc

ra

Pro

vide

nt T

ower

s, R

ing

Road

Cen

tral

Pet

ers

Hous

e, O

ff K

wam

e N

krum

ah

Ave

. Ada

braka

P. O

. Box

4251, A

ccra

Tel:

670

335, 6

89

516

-7

Fax:

7011

575

P. O

. Box

816

8, A

ccra

Tel:

7811

18, 7

80

54

3,7

712

98

Fax:

76

90

96

e-m

ail: g

hana

lifei

nsur

anc

e.co

m

P. O

. Box

GP 1

38, A

ccra

Tel:

254

487/9

239

49

4

Fax:

e-m

ail: in

fo@

igig

hana

.com

P. O

. Box

CT 4

56

, Cant

onm

ents

, Acc

ra

Tel 6

854

60

, 6854

76

,

Fax:

6854

66

, 6854

40

P. O

. Box

17753, A

ccra

-Nort

h

Tel:

911

023/4

, 24

6319

, 24

5921

Fax:

24

6311

e-m

ail: p

hoen

ixgh

ana

.com

P. O

. Box

782, A

ccra

Tel:

2210

96

/229

80

7/2

339

64

Fax:

2339

64

P. O

. Box

MP 1

252, M

am

probi

, Acc

ra

Tel:

234

017

Fax:

22016

5

Em

ail: q

ic@

africa

nus.ne

t



SIC

Life

Insu

ranc

e C

om

pany

Lim

ited

Sta

rlife

Insu

ranc

e C

om

pany

Lim

ited

Uni

que

Life

Ass

uranc

e C

om

pany

Lim

ited

Vang

uard

Life

Ass

uranc

e C

om

pany

Lim

ited

Isla

nd P

rope

rty

No.

33-3

4,

Kw

am

e N

krum

ah

Ave

nue.

Cre

scen

t A

sylu

m D

own

Kin

gsm

an

Bui

ldin

g 1s

t floor

Plo

t N

o 7

8A

Gra

phic

Road

No.

21

Inde

pend

ence

Ave

nue

Inde

pend

ence

Ave

nue

near

CA

L B

ank

P. O

. Box

CT 3

24

2, C

ant

onm

ents

, Acc

ra

Tel:

66

2286

, 66

4756

, 66

66

82, 6

634

31

Fax:

6710

72, 6

7812

5

e-m

ail: in

fo@

sicl

ife-g

h.co

m

P. O

. Box

AN

7532, A

ccra

-Nort

h

Tel:

2589

43-6

Fax:

2589

47

PM

B 1

14 C

entr

al P

ost

Offi

ce

Tel.

030

2-6

850

79

-82, 0

289

520

737

Fax:

24

817

3

e-m

ail: u

niq.

ins@

africa

onl

ine.

com

.gh

PM

B C

T 3

455 C

ant

onm

ents

Tel.

25324

2, 2

354

34

-5 2

354

37

Fax:

2354

37

e-m

ai :

info

@va

ngua

rdlif

e.co

m



LIS

T O

F R

EG

IST

ER

ED

RE

INSU

RA

NC

E C

OM

PAN

IES

Com

pany

Loca

tion

Cont

act

Det

ails

Gha

na R

eins

uranc

e C

om

pany

Main

stre

am

Rei

nsur

anc

e

No.

4 A

wud

om

e In

dust

rial E

stat

e

3rd

Kuk

u C

resc

ent,

Osu

P. O

. Box

750

9, A

ccra

-Nort

h.

Tel:

220

66

0/2

20

697/2

330

43/4

Fax:

2219

58

P. O

. Box

CT.39

59

, Acc

ra

Tel.

030

2-7

88326

,7011

886

,024

4-3

35711

Fax

788325

Em

ail: in

fo@

main

stre

am

.gh.

com



LIS

T O

F R

EG

IST

ER

ED

IN

SUR

AN

CE

BR

OK

ING

CO

MPA

NIE

SC

om

pany

Loca

tion

Cont

act

Det

ails

AG

Ass

oci

ates

Ako

to R

isk

Mana

gem

ent

Lim

ited

All

Ris

ks C

ons

ulta

ncy

Lim

ited

Allied

Insu

ranc

e B

roke

rs L

imited

Alp

ha In

sura

nce

Bro

kers

Lim

ited

Ape

x In

sura

nce

Bro

kers

Lim

ited

Ark

Insu

ranc

e B

roke

rs C

om

pany

Hous

e N

o. F

386

/1 K

uku

Hill C

rese

nt, O

su

90

Kw

am

e N

krum

ah

Ave

nue

F39

3/4

Ots

we

Str

eet,

Ako

Adj

ei P

ark

, Osu

Acc

ra-N

ewto

wn

Ann

ex ‘B

’, Room

10

9, F

irst

Flo

or,

Rep

ublic

Hous

e Acc

ra

Hous

e N

o. 6

8, O

wus

u Kofi

Str

eet,

Dark

uman,

Acc

ra.

WPZ B

uild

ing,

15 K

wam

e N

krum

ah

Ave

nue

P. O

. Box

SK

26

Saku

mono

, Com

m. 1

3

Tel:

024

47312

09

P. O

. Box

953, A

ccra

Tel:

237573, 0

27-5

456

54

Fax:

24

654

3

e-m

ail: a

korisk

@gh

ana

.com

P. O

. Box

115

85, A

ccra

-Nort

h

Tel:

030

2 7

89

90

9,

Fax:

030

2 7

89

912

e-m

ail: in

fo@

allr

isks

cons

ulta

ncy.co

m

ww

w.a

llris

ksco

nsul

tanc

y.co

m

P. O

. Box

K. 6

49

, Acc

ra N

ewto

wn

– Acc

ra

Tel:

2334

59

, 23724

8

P. O

. Box

CT 6

04

6, C

ant

onm

ents

, Acc

ra

Tel:

6615

72, 6

811

56

P. O

. Box

KN

30

68, K

ane

shie

-Acc

ra

Tel:

020

8226

823

Fax:

66

06

50

P. O

. Box

16

09

, Mam

probi

-Acc

ra

Tel./

Fax:

66

26

57



Ast

erix

B

roke

rs L

imited

Cer

is In

tern

atio

nal L

imited

Cla

im L

imited

Cro

wn

Insu

ranc

e B

roke

rs

Dann

iads

Lim

ited

Doub

le D

& M

Lim

ited

Dyn

am

ic In

sura

nce

Bro

kers

Edw

ard

Men

sah,

Wood

& A

ssoci

ates

Firs

t A

ncho

r Ris

k M

ana

gem

ent

No.

117

, Lago

s Ave

nue,

Eas

t Le

gon

Hse

. No.

657/4

2nd

Flo

or

(opp

osi

te C

ity

Pain

ts)

Kojo

Tho

mps

on

Road,

Acc

ra

Trade

Fair C

entr

e (P

avili

on

‘V’) L

a, A

ccra

2nd

Flo

or

(R. 2

E)

Trus

t To

wer

s, O

ff F

arr

ar

Ave

nue,

Ada

rbra

ka

Hous

e N

o. D

325/4

, Bre

wer

y Road

Offi

cial T

own,

Ada

braka

No.

1 K

was

hiem

an

Road,

Mat

ahe

ko, A

ccra

Hse

. No.

4 A

wik

ona

a S

t. N

ungu

a, A

ccra

Beh

ind

the

popu

lar

Agg

ie C

old

Sto

re

Mary

dee

Hous

e C

124

/3 F

arr

ar

Ave

nue

No.

8 O

lym

pic

Str

eet

Koko

mle

mle

, Acc

ra

P. O

. Box

AD

50

, Ada

braka

-Acc

ra

Tel :

028 9

5236

83

E-m

ail

: ast

erix

@as

terixg

hana

.com

P. O

. Box

CT 3

54

7 C

ant

onm

ents

-Acc

ra

Tel:

(021)

680

925, 6

713

30

, 024

4319

86

2,

020

84

04

26

4

Fax:

680

926

P. O

. Box

CT. 1

731, C

ant

onm

ents

,

Tel:

778829

Fax:

76

0830

P. O

. Box

15282 A

ccra

-Nort

h

Tel:

24

9288/2

49289

Fax:

250

915

P. O

. Box

71, T

rade

Fair C

entr

e,

Acc

ra

Tel:

2279

08

Fax:

233380

P. O

. Box

117

, Mam

probi

-Acc

ra

Tel:

226

936

, 024

-2511

67

P. O

. Box

2577, T

ema, G

hana

Tel:

713

90

0, 7

1389

9

Fax:

713

882

P. O

. Box

16

882, A

ccra

-Nort

h

Tel:

229

34

9/2

24

670

/2330

78

Fax:

224

80

9

P. O

. Box

AN

50

42 A

ccra

-Nort

h

Tel:

413

892/0

24

4-9

420

6



Gha

na In

tern

atio

nal I

nsur

anc

e B

roke

rs

Glo

bal I

mpa

ct In

sura

nce

Bro

kers

(G

h) L

td.

Gra

s Sav

oye

Gha

na L

imited

Horizo

n In

sura

nce

Bro

kers

Lim

ited

Insu

ranc

e C

entr

e of

Exc

elle

nce

Insu

ranc

e C

ons

ulta

ncie

s In

tern

atio

nal L

imited

Inte

r-Afr

ica B

roke

rs L

imited

Inte

rnat

iona

l Cons

ort

ium

Bro

kers

Lim

ited

JeRock

Insu

ranc

e B

roke

rs

Last

Flo

or,

Mart

o H

ous

e, O

ff

Kojo

Tho

mps

on

Road,

Ada

braka

, Acc

ra

Opp

osi

te B

urki

na F

aso E

mba

ssy, A

sylu

m D

own

15th

Flo

or,

Her

itage

Tow

er, A

mba

ssado

rial E

ncla

ve,

Rid

ge, A

ccra

.

Krist

al P

laza

Com

m. 4

Te

ma, N

ear

Ever

gree

n

Sup

erm

ark

et

Loca

tion:

H/N

o 1

4 R

idge

Road,

NT R

idge

(O

pposi

te A

ccra

Hig

h Sch

ool)

Ben

efits

Pla

za, R

ing

Road

Cen

tral

Firs

t floor,

Palm

a H

ous

e, T

udu,

beh

ind

Cat

holic

Book

Cen

tre

3rd

Flo

or

Sw

anm

ill, A

ccra

20

9 G

eors

Hous

e, N

saw

am

Road,

Ach

imot

a.

P. O

. Box

CT 2

86

8, C

ant

onm

ents

, Acc

ra

Tel:

250

384

Fax:

670

518

P. O

. Box

713

0, A

ccra

-Nort

h

Tel.

2210

21

Fax:

2218

69

P. O

. Box

GP 2

42, A

ccra

Te: 0

24

4316

00

8

P. O

. Box

CS 8

40

9 C

om

m. 7

Tem

a

Tel:

024

4-3

724

63, 0

20

-820

70

62

P. O

. Box

30

688, K

IA-A

ccra

Gha

na

Tel:

239

855

Fax:

234

128

E-m

ail

ice@

4U.c

om

.gh

P. O

. Box

46

48

Tel:

2311

82-3

, 667339

/22979

6/6

6217

4

Fax:

2311

84

/66

819

9

P. O

. Box

T.89

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027-7

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Tel:

020

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138, 0

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3



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770

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23279

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20

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23724

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11785, 0

24

36

90

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3

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: 30

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land

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com

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P. O

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46

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224

559

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230

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120

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P. O

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42011

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027836

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LIS

T O

F R

EG

IST

ER

ED

LO

SS A

DJU

STIN

G C

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PAN

IES

LIS

T O

F R

EG

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o-P

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Ass

oci

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40

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ko, A

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.

Nea

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915

5, K

IA, A

ccra

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024

43279

60

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29

62, 3

23878

Fax:

30

4977

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any

opl

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e@ya

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com

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Rei

nsur

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Afr

ica)

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KEK

Insu

ranc

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roki

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ous

eNo.

40

/41

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chi

Str

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@ A

viat

ion

Rd.

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rt R

esid

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Are

a,

Acc

ra

P. O

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An

66

81

Acc

ra-N

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Tel:

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06

5, 2

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5, 2

34

56

8

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2256

54

, 2217

16, 2

410

06

e-m

ail:

kek@

keki

nsur

anc

e.co

m.g

h



NOTES

nic annual report 2010

Documents