Ghana Reinsurance Financial Performance
Wholly state-owned Ghana Reinsurance has paid GHC9m ($1.56m) in dividends to the government, after reporting after-tax profit of GHC30.16m for 2019 compared to GHC38.63m for 2018.
The reinsurer recorded GHC253.37m as gross premium income for 2019, representing an increase of 23.2% compared to the previous year. Non-life business generated premium income of GHC230.85m, while life premium income stood at GHC22.52m in 2019, reported Ghanaweb.
Management expenses recorded for 2019 stood at GHC41.43m compared to GHC43.20m in 2018.
Ghana Re’s board chairman, George Otoo, said that fire insurance contributed 62.42% of the general business premium income, while accident and motor insurance contributed 20.7% and 7.8% respectively to the portfolio.
Mr Otoo indicated that based on the company’s performance, a dividend of GHC0.18 per share was paid.
On the COVID-19 pandemic, he stated that Ghana Re – as part of measures to ensure business continuity and profitability – has activated its business continuity plan and accelerated the company’s information technology infrastructure upgrade.
He added that with good retrocession arrangements and prudent management practices, the company is well positioned to meet its claims and other financial obligations.
Source: Middle East Insurance Review