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National Insurance Commission I 2008 Annual Report

1

CONTENTS PageForeword 2 Chairman’s Report 3

THE NATIONAL INSURANCE COMMISSIONBoard of Directors 4 Management Team 4 NIC’s Operations 5 THE INSURANCE MARKET2008 Economic Environment 10 Ghana Insurance Market Report (2004 – 2008) 11 Insurance Market Financial & Ratio Analysis 22Conclusion 57

APPENDICES1. Corporate Information 59 2. 2008 Financial Reports 603. Solvency Guidelines 73 4. List of Registered Insurance Companies 76 5. List of Registered Reinsurance Companies 80 6. List of Registered Insurance Broking Companies 807. List of Registered Loss Adjusting Companies 848. List of Registered Reinsurance Broking Companies 84


2

FOREWORD

MICROINSURANCE PRODUCTS IN GHANA

IntroductionMicroinsurance is defined by Michael J. Mccord, a microinsurance expert as “risk-pooling products that are designed to be appropriate for the low income market in relation to cost, terms, coverage and delivery mechanisms”. Microinsurance can help people improve their financial standing and help them protect their gains.

The Informal Sector of the Economy in Ghana

The National Insurance Commission (NIC) has always conducted a systematic public education programme nationwide in an effort to explain the need and value of insurance to the public. In order to achieve a high insurance penetration in Ghana, the industry has to develop microinsurance products for people in the informal sector who are mostly traders, artisans, drivers and farmers. The Anidaso policy developed by Glico Life Insurance Company Limited is an example of these insurance products. Other companies should be encouraged to develop more microinsurance products.

Pilot Testing and Product Development

The introduction of microinsurance products must be preceded by market research in order to identify the risks which are generally faced by the target group for microinsurance. Some of the risks may be health-related in which case the product demanded may be a health insurance policy or a health care plan. Some products may be tied to loans which a microfinance institution may give to the people involved.

Having identified the needs of the people, it may then be necessary to consider the delivery channels which will be most effective. Pilot testing will be done to find out whether the product developed will really satisfy the needs of the people. After pilot testing, the company can then go to product design and consider the channels of distribution.

Legislation and Supervision

The NIC will have to be able to regulate the business of microinsurance as the other classes of insurance under the Insurance Act, 2006 (Act 724). The International Association of Insurance Supervisors (IAIS) has recognised the importance of microinsurance.

Microinsurance will be one of the topics to be discussed at the Regional Seminar for African Insurance Supervisors to be organised in Ghana in October, 2009.

Insurance regulations may impose special licensing requirements for Microfinance Institutions acting as insurance agents. Microinsurance products for low-income markets frequently require the insurance Commission’s approval.

Conclusion

Microinsurance will be a means of developing products to insure the large informal sector in Ghana and allow the Insurance industry to increase the level of insurance penetration. The NIC organised a seminar on Microinsurance with the German Technical Cooperation (GTZ) in September 2008. As we move forward, it is hoped this collaboration will continue.


3

CHAIRMAN’S REPORT

The year 2008 witnessed Global Financial Crisis which affected the economies of major industrial countries. Fortunately, this did not have any direct adverse effect on the Insurance Industry in Ghana.

Industry Performance

It is worthy to note that bancassurance had a boost with the collaboration of Glico Life Insurance Company Limited and National Investment Bank Limited (NIB). This was approved in 2008. This is a trend which is likely to continue in the future. It is our hope that the banks will act as distribution channels for some of our insurance products in order to increase insurance penetration for the industry.

The growth in premium income of non-life business continued to be phenomenal registering 31.9% for 2008. Total non-life premiums increased from GH¢70.20million in 2004 to GH¢187.25million in the year 2008.

Life business did not grow as much as it did in 2007. Life business recorded a growth rate of 32% in 2008 as compared to 36% in 2007. There is the need to do more marketing of the new products which the companies have introduced to the market especially funeral insurance products.

Insurance Penetration

Insurance penetration for 2008 was 1.57%, a very low rate as compared to jurisdictions like South Africa with a rate of 12.7%. Some of our companies have started developing micro insurance products for the informal sector. It is our firm belief that such new products which will meet the needs of people in the informal sector will be developed and there should be continuous public education on the part of the NIC and also the insurance companies.


4

Board of Directors: Lt. Gen. Joseph Henry Smith (Chairman)

Ms. Josephine Jennifer Amoah (Commissioner)

Mr. Stephen Korbla Okudzeto

Mr. William F. Duncan

Col. John Armah Okai

Mrs. Evelyn Pra-Gohoho

Mr. Wilfred Sam-Awortwi

Dr. Daniel N. Tapang

Mr. Wilson Q. Tei

Mr. Enoch Hemmans Cobbinah

Secretary: Mr. Ernest Frimpong

Senior Management: Ms. Josephine Jennifer Amoah Commissioner

Mrs. Nyamikeh Kyiamah Deputy Commissioner

Mrs. Emma Araba Ocran Legal Director

Mr. Michael Kofi Andoh Head, Supervision

Mr. Joseph Bentor Head, Finance & Administration

Mr. Isaac Yaw Buabeng Head, Marketing, Research & External Relations

Mr. Martin Dornor Abayateye Internal Auditor

Auditors: Osei Kwabena & Associates

(Chartered Accountants)

71 Palace Street, B603/18

eihsenaK htroN

67201 xoB .O .P

htroN-arccA

Registered Office: National Insurance Commission

Independence Avenue

egdiR htroN

P. O. Box CT 3456, Accra

THE NATIONAL INSURANCE COMMISSION CORPORATE INFORMATION


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NIC OPERATIONS

LICENSING

As at December 31, 2008, the number of licensed insurance entities were as follows;Non-life Companies: 21

Life Companies: 17

Reinsurance Companies: 2

Insurance Brokers: 36

Reinsurance Broker: 1

Loss Adjuster: 1

New Insurance Companies

Four (4) new non-life companies and one life company were licensed in 2008. These were Equity Assurance Ghana Limited, International Energy Insurance Ghana Limited, Intercontinental Wapic Insurance Ghana Limited, Nem Insurance Ghana Limited and Express Life Insurance Company Limited. All the non-life companies are subsidiaries of Nigerian insurance companies.

Beacon Insurance Company remained unlicensed as at the end of 2008. It is therefore the only existing company which is yet to successfully go through the separation and re-licensing required under Act 724.

New and Re-licensed Brokering Companies

Four broking firms were added to the list in 2008. Two new brokers, namely: Asterix Brokers Limited and Shield Insurance Brokers Limited were licensed. Two existing broking companies, Saviour Insurance Brokers Limited and Newland Risk Management Limited finally met the re-licensing requirements and were duly re-licensed in December, 2008.

Bancassurance

A bancassurance collaboration between Glico Life Insurance Company Limited and National Investment Bank Limited was approved in 2008. Under this agreement, the bank as a corporate agent will use its branch network to sell the insurance products of Glico Life Insurance Company Limited to its clients. This is the second bancassurance collaboration. The first was between Enterprise Life and Standard Chartered Bank which was approved in 2007.

Agents

Seven hundred (700) new agents were licenced in 2008, while the licences of 1,100 existing agents were renewed. This brought the total number of agents officially registered with the NIC to about 1,800 although it estimated that there are about 4,000 agents selling insurance products.

COMPLIANCE

To assess compliance with Act 724, all branches of insurance companies in all the regions were inspected


6

in 2008. To help improve compliance and protect the insuring public, the Commission is developing guidelines to regulate the operation of branch offices of insurance companies.

In addition, the Commission effectively conducted on-site inspections of Ten (10) insurance companies and ten (9) broking companies within the year.

Reinsurance Premium Transfer

The Commission approved the following amounts as reinsurance premium to be transferred to overseas companies. These were US$2.26 million, £7,400, €76,000 and the dollar equivalent of GH¢752,000. The local companies involved were Ghana Reinsurance, Ghana Union, Enterprise Insurance, SIC Insurance, Global Alliance, Phoenix Insurance, CDH Insurance and Metropolitan Insurance Company Limited.

PRODUCT APPROVALS

The Commission approved the following products for sale in accordance with section 45 (1) of Insurance Act 2006, Act 724.

Product Class of Business Company

1 Family Income Protection Plan Life Enterprise Life Ass. Co. Ltd.

2 Education Endowment Policy Life Enterprise Life Ass. Co. Ltd.

3 Funeral Insurance Plan Life Phoenix Life Ins. Co. Ltd.

4 Funeral Insurance Plan Life Ghana Union Ass. Co. Ltd.

LEGAL MATTERS

There was a phenomenal increase in the activities of the legal department following the passage of the new Insurance Act, 2006 (Act 724). The department in performing its core function of offering Legal opinion to the Commission also supported the Supervision department in the enforcement of the relevant sections of the Law to ensure compliance.

The Commission continued to follow up on criminal and civil cases pending at the Law courts.

Complaints and Settlements Bureau

With the necessary cooperation from insurance companies and petitioners, the Commission successfully handled petitions and complaints from the public against various insurance companies. Most complaints were from persons with motor insurance claims against insurance companies. Apart from the main motor and life insurance complaints, the Commission also handled inter-industry complaints referred to it and special complaints from staff against management, insurance companies against insurance brokers and vice versa.


7

At the year ending 2008, Two hundred and forty-five (245) complaints were received from the public against insurance companies:

Insurance Companies No. of Complaints

1. SIC Insurance Company Limited 66

2. Network Assurance Company Limited 48

3. Star Assurance Company Limited 35

4. Unique Insurance Company Limited 20

5. Uninsured 20

6. Enterprise Life Assurance Company Limited 8

7. Donewell Insurance Company Limited 7

8. Vanguard Assurance Company Limited 6

9. Quality Insurance Company Limited 6

10. Metropolitan Insurance Company Limited 6

11. Ghana Life Insurance Company Limited 6

12. Metropolitan Life Insurance Company Limited 5

13. Provident Insurance Company Limited 3

14. Ecowas Brown Card 3

15. C.D.H Insurance Company Limited 3

16. The Great African Insurance Company Limited (delisted) 2

17. Reliance Insurance Company Limited (delisted) 1

Total 245

Motor Compensation Fund

The Compensation Fund Committee intensified its operations in 2008. The Committee met four times during the year. The meetings discussed among others; the prudent management and investment of funds, various technical issues relating to motor insurance and the payment of reasonable levels of compensation to petitioners.

Members also reviewed special petitions referred to it by the Awards Sub-committee, which met fortnightly during the year. The Awards Sub-committee of the Compensation Fund Committee had 21 sittings during which it interviewed 129 applicants during the year. The petitions received by the Committee still followed the trend of hit-and-run cases, uninsured vehicles and other petitions stemming from breach of policy conditions such as change of ownership and driving without a licence, which resulted in the repudiation of claims, by insurers.

All 129 applications received the approval of the Committee and were awarded a total of GH¢ 99,785.

The funding of the motor compensation fund remained the same as in previous years:


8

Finances of the Compensation Fund (2008)

GH¢

Income:

Contributions from insurance companies 287,011.00

Investment Income 194,508.00

Interest on bank account 81.00

Expenditure:

Compensation for accident victims 107,260.00

Contribution to Road Safety Commission 114,804.00

Public education 110,304.00

General expenses 53,447.00

Investments:

Shares 51,760.00

T-bills 1,202,924.00

Accumulated Fund 864,974.00

Total Amount in Rescue Fund 500,000.00

SPONSORSHIP OF INSURANCE INDUSTRY PUBLICITY ACTIVITIES

During the year under review, the Commission with the support of the Compensation Fund continued to maintain as one of its objectives, the promotion of public education on insurance in general, and motor insurance in particular.

The primary focus of these educational programmes was on the role of the NIC, Complaints & Settlement Bureau, Compensation Fund, Motor insurance in particular and Life insurance in general.

The Commission carried out public education functions in three regions and five district capitals. In all, Twelve (12) radio talk shows and Six (6) public fora with commercial drivers and the public was organized in the areas visited.

PUBLICITY

The Commission carried out a number of publicity and public education on the insurance industry. These include publications of the NIC’s newsletter “The Insurance Supervisor” and brochures on some insurance products including fire, motor, accident and life products.

INSURANCE INDUSTRY TRAINING CENTRE (IITC)

To enhance its income generating capacity, the Commission continued to rent out its conference facilities to the public.


9

HUMAN RESOURCE DEVELOPMENT

The Commission continued to strengthen its human resource capacity. Staff undertook a number of local training in the areas of on-site inspection, off-site analysis and technical insurance, among others.

Opportunities were offered to some staff to go on attachment with some overseas regulatory authorities in order upgrade their knowledge and professional skills.

Management also undertook some training on insurance supervision, notably in the areas of; effective monitoring and supervision, solvency, market conduct rules, risk-based supervision and consolidated supervision and management.


10

THE INSURANCE MARKET OVERVIEW

ECONOMIC REVIEW 2008

Ghana’s economy experienced considerable stress during 2008. For most part of the year, spiraling increase in oil prices and its knock-on effect on food prices, the world financial crises (global crunch) that turned progressively into a global recession and various global events impacted strongly on the Ghanaian economy.

Despite the resilient nature of the economy, increased government spending as a result of hosting the African Cup of Nations, the African Union and UNCTAD as well as the high oil import bill exerted some pressure on the economy. The value of the Cedi came under significant pressure against the major currencies. This, among others, led to a high fiscal and current account deficit of 14.5% and 20% of Gross Domestic Product (GDP) respectively. The culmination of all these at the time of the global crisis led to the deterioration of the macro-economic environment. Year-on-year inflation increased from 12.7% in 2007 to 18.13% at the end of 2008 with the Bank of Ghana prime rate ending the year at 17%.

With the benchmark 91-Day Treasury Bill rate at 24.7% and the 182-Day Bill at 26.2%, most banks raised their base rate above 25%. The year however, recorded a GDP growth of 7.3% as against 6.2% in 2007, the highest in Ghana for over two decades. Outlook for 2009

With the continued impact of the global economic crises, foreign direct investment, portfolio investment and private transfers including transfers from Ghanaians living abroad are expected to decline. It is unlikely that Official Development Assistance (ODA) from traditional development partners would rise even if they are able to meet outstanding pledges.

While the price of crude oil has come down significantly, the prices of Ghana’s major export commodities have declined. It is expected that the global recession would also impact negatively on non-traditional exports.

These are likely to narrow government’s fiscal maneuverability to propel a growth agenda. GDP growth is projected to fall to 5.9% in 2009 (2008: 7.3%).


11

GHANA INSURANCE MARKET REPORT 2004 - 2008

INDUSTRY PERFORMANCE

The insurance industry continued to make progress over the period under review. There was a general increase in premium income for both classes of business from GH¢92.5 million in 2004 to nearly GH¢276.5million in 2008. Both the Life and the Non-Life recorded a growth rate of 32% between 2007 and 2008. (Ref. Table 1). The contribution of Total Gross Premium to the Gross Domestic Product (GDP) has been rising steadily over the period but is still under the 2% mark.

Table 1: Growth in Total Gross Premium Income Non-Life and Life 2004 – 2008

Year Premium Income (¢) Growth Rate Insurance Penetration

2004 92,583,146 - 1.16%

2005 122,325,795 32.1% 1.26%

2006 164,207,266 34.2% 1.40%

2007 209,457,409 27.5% 1.49%

2008 276,494,733 32.0% 1.57%

Figure 1: Growth in Total Gross Premium Income (Life & Non-life)

Gross Non-Life Premium Income

There was a continuous growth in gross premium income for non-life business over the five-year period, although at a decreasing rate until 2008. Premium income increased from GH¢70.2 million in 2004 to GH¢187.25 million in 2008. (Ref. Table 2).

INDUST

The insu

a gener

2004 to

rate of

Gross P

period b

TRY PERFO

urance indu

ral increase

o nearly GH

32% betw

Premium to

but is still u

Fi

0

50

100

150

200

250

300

Yea

200

200

200

200

200

GHANA IN

RMANCE

ustry contin

in premium

H¢276.5mill

een 2007 a

o the Gros

nder the 2%

igure 1: Grow

Table

ar

Pre

04

05 1

06 1

07 2

08 2

NSURANCE

nued to mak

m income fo

lion in 2008

and 2008.

s Domestic

% mark.

wth in Total G

2004 200

e 1: Growth in

Non-Life

mium Incom

(¢)

92,583,146

122,325,795

164,207,266

209,457,409

276,494,733

15

E MARKET R

ke progress

or both clas

8. Both the

(Refer to t

c Product (

Gross Premiu

05 2006

n Total Gross

e and Life 200

me Grow

3

3

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3

REPORT 20

over the pe

sses of busi

e Life and th

table 1 belo

(GDP) has

um Income (L

2007

s Premium In

04 – 2008

wth Rate

-

32.1%

34.2%

27.5%

32.0%

Natio

004 - 2008

eriod under

iness from

he Non-Life

ow). The co

been rising

Life & Non-lif

2008

ncome

Insura

Penetra

1.16

1.26

1.40

1.49

1.57

onal Insurance CommAnnual Repo

8

r review. Th

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ontribution

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here was

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12

Table 2: Growth in Gross Premium Income (Non-Life) 2004 - 2008

Year Premium Income (GH¢) Growth Rate

2004 70,277,997 -

2005 91,074,632 29.6 %

2006 114,597,969 25.8 %

2007 141,922,768 23.8 %

2008 187,250,912 31.9 %

Gross Life Premium Income

Gross premium for the life sector just like the non-life increased steadily but at a decreasing rate. However, the growth in this sector was higher than the non-life sector. Whereas life business recorded an average growth of 41.7% over the period, non-life had 27.7%. Life premiums increased from GH¢22.3 million in 2004 to GH¢89.2 million in 2008 (Ref. Table 3).

The future of the industry is bright especially with the introduction of new products as well as microinsurance projects. Funeral insurance continues to enjoy high patronage especially because of our cultural demands. For as long as travel insurance remains a requirement for visa application, growth in gross premiums is ensured.

Table 3: Growth in Gross Premium Income (Life) 2004 - 2008


2004 22,305,149 -

2005 31,251,163 40.1 %

2006 49,609,297 58.7 %

2007 67,534,641 36.1 %

2008 89,243,821 32.1 %


13

Figure 2: Gross Premium Income (Life & Non-life)

200

2004 2005 2006 2007 2008

180

160140

120

100

80

60

40

20

0

Life

Non-Life


14

Tabl

e 3:

Com

pany

Pe r

form

ance

- N

o n-L

ife

NO

. C

OM

PAN

Y 2 0

04

(GH

¢ )

2 005

(G

H¢)

2 0

06

(GH

¢)

2007

(G

H¢)

20

08

( GH

¢)

- -

659,331 288,931

760,351 deti

miL ynapmo

C ecnarusnI nocaeB 1 2

CD

H In

sura

nce

Com

pany

Li

,1 937,662,1

detim

185,

672

2,57

1,53

1 3,

918,

000

5,64

2,00

0

,2 deti

miL ynapmo

C ecnarusnI efiL lleweno

D 3

854,

904

3,40

9,98

6 4,

925,

270

7,21

3,87

9 9,

425,

567

1,101,01 deti

miL ynapmo

C ecnarusnI esirpretnE 4

53

13,8

46,9

93

13,9

97,4

00

16,5

35,0

00

19,8

86,0

00 035,255

- -

- -

detimiL ynap

moC ecnarusnI ytiuqE

5

,567,3 deti

miL ynapmo

C ecnarussA noin

U anahG

639

2 4,

723,

493

4,31

3,94

7 5,

606,

553

7,59

6,91

0

7 G

lico

Gen

eral

Insu

ranc

e C

ompa

ny L

imi

591,781,7 279,582,3

056,588,1 -

- det

8 G

loba

l Alli

ance

Insu

ranc

e C

ompa

ny L

imi

82,812,2 991,29

- det

9 2,

999,

352

6,16

3,02

1

9 In

dust

rial &

Gen

eral

Insu

ranc

e G

hana

Lim

ited

1,02

4,78

7 1,

076,

628

1,11

5,68

4 1,

234,

769

728,

263

10

Inte

rnat

iona

l Ene

rgy

Insu

ranc

e C

ompa

ny L

imite

d -

- -

- 1,

008,

250

11

Met

ropo

litan

Insu

ranc

e C

ompa

ny

9,01 935,581,9

241,113,7 deti

miL50

,999

12

,556

,397

15

,116

,792

56,049 deti

miL ynapmo

C ecnarusnI xineohP 21

9 1,

088,

988

1,32

6,12

5 2,

412,

857

6,04

7,78

4 745,863,1 004,744

- -

- deti

miL ynapmo

C ecnarusnI emirP

31

,652,2 deti

miL ynapmo

C ecnarusnI tnedivorP 41

978

2,54

1,17

0 2,

650,

388

3,41

8,44

2 3,

697,

996 645,888,5

028,012,4 201,430,3

608,097,1 976,664,1

detimiL ynap

moC ecnarusnI ytilau

Q 51

166,143 -

193,801 422,26

295,97 deti

miL ynapmo

C ecnarusnI ecnaillA ycnegeR

61

616,888,51 987,411,01

000,375,7 006,239,5

741,679,4 deti

miL ynapmo

C ecnarussA ratS

71 18

SIC

Life

Insu

ranc

e 007,883,63

000,614,52 deti

miL ynapmo

C44

,581

,800

52

,805

,558

58

,032

,081

775,383,4 988,349,3

653,951,3 272,916,2

902,666,2 deti

miL ynapmo

C ecnarusnI euqinU

91

9,279,5 deti

miL ynapmo

C ecnarussA draugna

V 02

53

6,99

0,48

2 10

,052

,080

11

,219

,091

18

,295

,576

TOTA

L 70

,25 2

, 401

91,0

74, 6

34

114,

597,

968

1 41,

922,

768

1 87 ,

250,

9 12


15

T abl

e 5:

Com

p any

Per

form

ance

- L

ife

NO

. C

OM

PAN

Y 20

04

(GH

¢ )

2005

(G

H¢)

20

06

(GH

¢ )

2007

(G

H¢ )

20

08

(GH

¢)

1 Be

acon

Insu

ranc

e C

ompa

ny L

imite

d 15

2,91

0 13

4,77

8 10

7,30

9 83

,003

-

2 C

apita

l Exp

ress

Ass

uran

ce C

ompa

ny L

imite

d -

1,23

6 6,

525,

000

- -

3 C

DH

Life

Insu

ranc

e C

ompa

ny L

imite

d 23

0,32

1 24

0,06

7 73

8,78

0 79

0,00

0 1,

143,

659

4 D

onew

ell I

nsur

ance

Com

pany

Lim

ited

1,

244,

388

1,83

4,12

9 2,

377,

186

3,86

6,99

0 3,

596,

668

5 En

terp

rise

Life

Insu

ranc

e C

ompa

ny L

imite

d 2,

077,

011

3,81

2,60

6 6,

515,

948

10,1

47,8

87

15,4

29,8

97

6 G

lico

Life

Insu

ranc

e C

ompa

ny L

imite

d 3,

616,

408

4,82

6,71

4 7,

044,

878

10,6

56,0

11

12,0

48,1

93

7 G

hana

Life

Insu

ranc

e C

ompa

ny L

imite

d 1,

450,

889

1,88

5,91

7 2,

136,

970

2,26

9,78

8 2,

742,

089

8 G

hana

Uni

on A

ssur

ance

Com

pany

Lim

ited

30,7

89

54,3

30

220,

725

422,

113

597,

157

9 IG

I Life

Ass

uran

ce C

ompa

ny L

imite

d 55

,118

70

,756

73

,494

70

,636

11

1,44

8

10

Met

ropo

litan

Life

Insu

ranc

e C

ompa

ny L

imite

d 2,

126,

265

2,72

5,03

6 3,

468,

983

4,82

0,00

0 4,

583,

000

11

Phoe

nix

Insu

ranc

e C

ompa

ny L

imite

d 24

3,77

1 42

3,36

6 61

6,66

8 1,

038,

761

1,33

0,10

9

12

Prov

iden

t Life

Insu

ranc

e C

ompa

ny L

imite

d 1,

107,

872

1,60

5,16

4 2,

443,

293

1,06

8,48

8 3,

721,

209

13

Qua

lity

Insu

ranc

e C

ompa

ny L

imite

d 39

4,61

9 69

0,73

5 1,

021,

602

1,31

7,27

0 1,

705,

802

14

Star

Life

Ass

uran

ce C

ompa

ny L

imite

d 2,

260,

276

2,91

4,67

5 4,

094,

492

5,60

3,27

1 8,

196,

508

15

SIC

Life

Insu

ranc

e C

ompa

ny L

imite

d 5,

131,

000

8,20

4,40

0 14

,236

,300

21

,218

,773

27

,751

,000

16

Uni

que

Insu

ranc

e C

ompa

ny L

imite

d 36

6,39

6 52

1,40

1 27

5,31

8 30

8,41

2 49

1,14

9

17

Van

guar

d A

ssur

ance

Com

pany

Lim

ited

1,81

7,11

6 1,

305,

854

4,23

6,69

7 3,

853,

238

5,79

5,93

3

T OTA

L 2 2

, 305

, 149

31, 2

5 1,1

64

56,1

33,6

4 367

, 534

,64 1

89,2

4 3,8

21


16

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

2004 – 2008


- 632,354,12 4002

2005 24,030,847 12.0 %

2006 32,017,476 33.2 %

2007 38,399,239 19.9 %

2008 53,383,694 39.0 %

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

2004 – 2008


- 840,755 4002

% 7.71 - 733,854 5002

% 9.87 081,028 6002

% 9.33- 005,145 7002

2008 1,156,607 113.6 %

Reinsurance Premium Income

Growth in non-life premiums for reinsurance business witnessed marked fluctuations. For instance the rate increased from 12% in 2005 to 33.2% in 2006, and then fell sharply to 19.9% in 2007 and then in 2008 nearly doubled. In comparison to the non-life business underwritten by the direct insurers, whereas gross premium for non-life business increased at a rate of about 32%, reinsurance non-life premiums increased by 39%. This indicates that reinsurers may be taking on more external business.

Life business for the reinsurers also experienced marked fluctuations starting with a negative growth rate of -17.7% in 2004 and ending with 113.6% in 2008. It is worthy to note that Mainstream Reinsurance Company Limited did not underwrite any life business within the period.

In Ghana, the common practice is for life insurers to retain a greater part of their business for their net accounts. This is because, life insurance policies cover long periods and hence a very good source of gaining long-term funds for investment and also for growth.


17

Premium Income by Class of Business (2004 - 2008)

Motor insurance continued to be the highest premium income earner throughout the period under review. This class of business increased gross premium from GH¢35.4 million in 2004 to GH¢91.5 million in 2008. It has experienced some fluctuations with respect to total market share although gross premiums continue to increase. For instance, market share decreased from 38.3% to 33.1% in 2004 and 2008 respectively. However, its contribution to non-life business was 48.9% in 2008. It may be concluded that the compulsory nature of this line of business accounts for its leading role in the total market premiums.

Accident insurance maintained its position as the second highest non-life premium earner. It recorded a gross premium income of GH¢14.9 million in 2004 and GH¢49.1 million in 2008. Just like motor insurance, it has experienced fluctuations in its market share. For instance in 2004, its market share was about 16% but this decreased to 13.6% in 2006 before picking up again to 17.8% in 2008.

Fire insurance was the third highest contributor to total non-life market premium in 2008 and recorded a gross premium income of GH¢31million in 2008 from GH¢12.5 million in 2004. Its market share was 11.2% with respect to total market premiums.

This line of insurance business has a great deal of potential especially if section 184 of Insurance Act, 2006 (Act 724) is fully implemented. The above section requires every commercial building (as well as those under construction) to be insured against the hazards of collapse, fire, earthquake, storm and flood.

Marine insurance continued to be the least contributor to total market premium. Gross premium for this line of business was just a little over GH¢3million in 2008 and a market share of 4.8%. In fact, the market share was the same for 2007 although premium income increased. This line of business can improve if all imports into the country are locally insured as a matter of policy.

Life business experienced a steady growth in premium income over the 5-year period. Growth in market share was at an increasing rate from 2004 to 2007. This however stagnated between 2007 and 2008, the increase in gross premiums not withstanding. Gross premium income increased from GH¢ 22.3 million to GH¢89.2 million in 2004 and 2008 respectively. Life companies have been innovative but there is still more to be done.

Insurance companies continued to develop new products as well modify their mode of operations. These have accounted for the continuous increase in total market premiums. The industry can go a long way if some sections of the new Insurance Law are fully implemented. Also, stakeholders may lobby government for tax incentives for life insurance policyholders or some compulsory insurance as a national policy. There are also areas such as the non-formal sector which may be vigorously tapped.


18

Tabl

e 8:

Pre

miu

m I n

c om

e D

istr

ibut

ion

By C

lass

of B

usin

ess

2004

-20

08

CLA

SS

2 004

(G

H¢)

2 005

(G

H¢)

2 006

(G

H¢)

2 007

(G

H¢)

2 008

(G

H¢)

Mot

or

35,4

57,0

17.5

0 38

.3%

16.1%

7.9%

13.6%

24.1%

39.7%

14.6%

7.6%

12.5%

25.6%

18.1%

11.8%

32.2%

48,6

71,7

40.0

058

,963

,141

.80

3 5. 9

%

69,0

20,2

04.0

032

.9 %

91,5

42,4

05.0

033

. 1 %

Acc

iden

t 14

,925

,904

.70

17,7

80,4

84.0

022

,310

,799

.40

13.6

%

37,8

97,9

96.0

049

,122

,884

.00

17.8

%

Mar

ine

7,29

7,03

4.90

9,

303,

321.

009,

759,

167.

106.

0 %

9,

954,

485.

004 .

8 %

13

,132

,882

.00

4.8

%

Fire

12

,538

,890

.80

15,2

94,7

34.0

023

,427

,716

.20

14. 3

%

24,6

26,7

31.0

031

,085

,264

.00

11.2

%

L ife

/Hea

lth

22,3

05,3

70.0

0 31

,251

,163

.00

49,6

09,2

96.8

030

.2 %

67

,534

,641

.00

89,2

43,8

21.0

032

.3 %

Oth

ers *

-

- -

-

- 42

3,35

20 .

2%

2,09

7,47

7.00

0.8

%

TOT A

L 92

, 524

,217

. 90

100

122,

301 ,

442.

0 010

0 16

4,0 7

0 ,12

1.30

100

2 09 ,

457,

4 09 .

0010

0 27

6,2 2

4 ,73

3.0 0

100

*

Trav

el a

nd B

onds


19

THE BROKER MARKET

Two new brokers, namely, Shield Insurance Brokers Limited and Asterix Brokers Limited were licensed in 2008.

PERFORMANCE OF THE BROKING COMPANIES

Thirty-seven (37) companies had submitted their audited accounts as at the time this report was being prepared.

Total gross commission recorded for these companies was GH¢10.03 million in 2008. Out of this, an amount of GH¢ 9.16 million constituting 90.3% was spent on management expenses.

Table 9: Brokerage Earned by Broking Companies

2004 – 2008

Company 2004

(GH¢)

2005

(GH¢)

2006

(GH¢)

2007

(GH¢)

2008

(GH¢)

1 Akoto Risk Management Limited 61,170 90,582 133,347 165,316 190,263

2 All Risks Consultancy Limited 175,315 158,571 202,245 251,295 275,864

3 Alliance Insurance Brokers & Consultants Limited

79,589 120,496 172,577 - -

4 Allied Insurance Brokers Ltd 3,156 2,988 3,287 11,198 19,354

5 Alpha Insurance Brokers Limited - - - - 263,384

6 Apex Insurance Brokers Limited - 20,513 14,205 32,421 40,643

7 Ark Insurance Brokers Company 23,640 14,020 27,506 45,132 101,520

8 Asterix Brokers Limited - - - - 7,344

9 Ceris International Limited - - - 66,116 70,596

10 Claim Limited 166,617 233,155 242,467 252,469 266,957

11 Crown Insurance Brokers 126,021 141,599 234,780 290,613 428,168

12 Danniads Limited 152,980 191,359 252,623 332,527 453,737

13 Double D & M 34,282 46,220 61,213 76,104 73,183

14 Dynamic Insurance Brokers 14,515 17,418 18,006 19,543 60,656

15 Edward Mensah, Wood & Associates 606,215 680,780 941,097 1,080,230 1,610,991

16 First Anchor Risk Management 403 5,138 14,258 21,777 52,766

17 Ghana International Insurance Brokers - - - 5,438 152,866

18 Global Impact Insurance Brokers Ltd 28,997 47,215 75,337 55,666 57,229

19 Gras Savoye Brokers Limited - - - 3,640 382,505

20 Horizon Insurance Brokers Limited 24,732 92,135 125,015 226,286 273,906

21 Insurance Centre of Excellence - - - 39,519 49,695

22 Insurance Consultancies Int. Limited 265,172 158,045 229,891 180,551 185,279

23 Inter-Africa Brokers Limited 6,186 4,421 5,164 6,524 15,747

24 International Consortium Brokers Ltd 18,527 17,962 31,838 36,970 40,717

25 JeRock Insurance Brokers - 9,086 36,342 43,637 58,616

26 KEK Insurance Brokers limited 1,654,328 2,201,940 2,642,328 2,191,152 2,781,379

27 KEK Reinsurance Brokers Limited - - - 63,367 302,231

28 Lordship Insurance Brokers 28,510 17,553 27,032 39,715 135,991

29 Manyo-Plange & Associates 7,392 8,670 13,183 19,278 28,502

30 Marine & General Brokers Limited 100,007 107,804 125,216 193,456 217,186

31 Maxpal Intermediaries 22,110 47,212 46,010 58,911 -

32 Midas Insurance Brokers Limited - - - - 38,962

33 Newland Risk Management 90,264 102,181 122,617 112,707 124,884

34 Progressive Insurance Brokers Ltd - 6,870 23,784 56,399 67,833

35 Prudent Consult Limited - 23,156 65,233 77,132 104,058

36 Safety Insurance Brokers Limited 80,630 137,181 157,216 324,055 534,470

37 Saviour Brokers 22,003 35,581 17,275 19,155 -

38 Trans-National Brokers Limited 62,331 97,598 102,364 150,977 116,070

39 Tri-Star Insurance Services Limited 196,745 250,968 171,266 264,602 297,975

40 UD Insurance Services 2,401 2,881 3,457 4,152 -

41 Universal Insurance Consultants Ltd 83,759 95,927 117,878 127,024 154,258

TOTAL 4,137,997 5,187,225 6,456,057 6,945,054 10,035,785

Management Expenses - - - 6,007,843 9,158,144

Earnings of Top 10 cos. - - - - 7,341,225

Percentage of Top 10 - - - - 73.15%


20

The top 10 companies contributed GH¢7.34 million constituting a market share of 73.15% and this included KEK, Edward Mensah, Wood and Associates, Safety, Danniads and Crown Brokers among others. KEK Insurance Brokers Limited continued to lead the market with GH¢ 2.78million; however, its market share dwindled to 27.7% in 2008 from the previous year’s of 31.5%.

It is worthy to note that Safety Insurance Brokers Limited was the third highest in terms of brokerage, moving up a step from the previous year.

16 First Anchor Risk Management 403 5,138 14,258 21,777 52,766

17 Ghana International Insurance Brokers - - - 5,438 152,866

18 Global Impact Insurance Brokers Ltd 28,997 47,215 75,337 55,666 57,229

19 Gras Savoye Brokers Limited - - - 3,640 382,505

20 Horizon Insurance Brokers Limited 24,732 92,135 125,015 226,286 273,906

21 Insurance Centre of Excellence - - - 39,519 49,695

22 Insurance Consultancies Int. Limited 265,172 158,045 229,891 180,551 185,279

23 Inter-Africa Brokers Limited 6,186 4,421 5,164 6,524 15,747

24 International Consortium Brokers Ltd 18,527 17,962 31,838 36,970 40,717

25 JeRock Insurance Brokers - 9,086 36,342 43,637 58,616

26 KEK Insurance Brokers limited 1,654,328 2,201,940 2,642,328 2,191,152 2,781,379

27 KEK Reinsurance Brokers Limited - - - 63,367 302,231

28 Lordship Insurance Brokers 28,510 17,553 27,032 39,715 135,991

29 Manyo-Plange & Associates 7,392 8,670 13,183 19,278 28,502

30 Marine & General Brokers Limited 100,007 107,804 125,216 193,456 217,186

31 Maxpal Intermediaries 22,110 47,212 46,010 58,911 -

32 Midas Insurance Brokers Limited - - - - 38,962

33 Newland Risk Management 90,264 102,181 122,617 112,707 124,884

34 Progressive Insurance Brokers Ltd - 6,870 23,784 56,399 67,833

35 Prudent Consult Limited - 23,156 65,233 77,132 104,058

36 Safety Insurance Brokers Limited 80,630 137,181 157,216 324,055 534,470

37 Saviour Brokers 22,003 35,581 17,275 19,155 -

38 Trans-National Brokers Limited 62,331 97,598 102,364 150,977 116,070

39 Tri-Star Insurance Services Limited 196,745 250,968 171,266 264,602 297,975

40 UD Insurance Services 2,401 2,881 3,457 4,152 -

41 Universal Insurance Consultants Ltd 83,759 95,927 117,878 127,024 154,258

TOTAL 4,137,997 5,187,225 6,456,057 6,945,054 10,035,785

Management Expenses - - - 6,007,843 9,158,144

Earnings of Top 10 cos. - - - - 7,341,225

Percentage of Top 10 - - - - 73.15%


21

National Insurance Commission Annual Report 2008 27

Table 11: Growth in Commissions Earned

2004 - 2008

Year Commission Earned

(¢’000)

Growth Rate

(%)

2004

4,137,998

-

2005

5,187,223

25.3

2006

6,456,058

24.5

2007

6,944,359

7.6

2008 10,035,784 44.5

From Table 11 below, it is obvious that growth in brokerage has been at a decreasing rate. There was a drastic fall between 2006 and 2007 just like the Life business of direct insurers. The growth rate between 2007 and 2008 was remarkable; from 7.6% to 44.5%. This could be as a result of a number of reasons including the introduction of innovative products, the licensing of a foreign broking firm and vigorous selling by brokers.


The top 10 companies contributed GHC7.34 million constituting a market share of 73.15%

and included KEK, Edward Mensah, Wood and Associates, Safety, Danniads and Crown

Brokers among others. KEK Insurance Brokers Limited continued to lead the market with

GHC 2.78million; however, its market share dwindled to 27.7% in 2008 from the previous

year’s of 31.5%.

It is worthy to note that Safety Insurance Brokers Limited was the third highest in terms of

brokerage, moving up a step from the previous year.

Table 10: Market Share by Brokerage

2005 – 2008

Company 2005

(%)

2006

(%)

2007

(%)

2008

(%)

1 KEK Insurance Brokers Limited 42.5 41 32 27.7

2 Edward Mensah, Wood & Associates 13.1 14.5 15.8 16.1

3 Safety Insurance Brokers Limited 2.6 2.4 4.7 5.3

4 Danniads Limited 3.7 3.9 4.9 4.5

5 Crown Insurance Brokers 2.7 3.6 4.3 4.3

6 Tri-Star Insurance Services Limited 4.8 2.6 3.9 3.0

7 All Risks Consultancy Limited 3.1 3.1 3.7 2.7

8 Claim Limited 4.5 3.7 3.7 2.7

9 Marine & General Brokers Limited 2.1 1.9 2.8 2.2

10 Insurance Consultancies Int. Limited 3.1 3.5 2.6 1.8

11 Others 17.8 19.8 21.6 29.7

TOTAL 100 100 100 100

From Table 11 below, it is obvious that growth in brokerage has been at a decreasing rate.

There was a drastic fall between 2006 and 2007 just like the life business of direct insurers.

The growth rate between 2007 and 2008 was remarkable from 7.6% to 44.5%. This could

be as a result of a number of reasons including the introduction of innovative products, the

licensing of a foreign broking firm and vigorous selling by brokers.


22

INSURANCE MARKET FINANCIAL AND RATIO

ANALYSIS

INTRODUCTION

The 2008 insurance market financial and ratio analysis have been slightly varied from that of previous years. Following the separation of Life and Non-life businesses in 2007 as required by the Insurance Act, 2006 (Act 724), the ratio analysis has now been done separately for Life and Non-life companies.

This gives the opportunity to highlight the importance of certain ratios which may be of more relevance to either Life or Non-life. It also makes it possible to compare the two sectors in certain respects, to identify the causes of some problematic areas that need specific attention and generally present a clearer picture of the performance of the two sectors. The industry Balance Sheets have also been done for Life and Non-Life companies separately.

Interestingly, both the Life and the Non-Life industries grew at 32% in 2008. This is a clear departure from the trend in previous years whereby the Life sector grew at a significantly faster rate than the Non-Life sector. The major growth indicators for both Life and Non-Life sectors are summarized in the tables below.

INSURANCE MARKET FINANCIAL AND RATIO ANALYSIS INTRODUCTION The 2008 insurance market financial and ratio analysis have been slightly varied from that of

previous years. Following the separation of life and non-life businesses in 2007 as required

by the Insurance Act, 2006 (Act 724), the ratio analysis have now been done separately for

Life and Non-life companies.

This gives the opportunity to highlight the importance of certain ratios which may be of

more relevance to either life or non-life. It also makes it possible to compare the two sectors

in certain respects to identify the causes of some problems areas that need specific attention

and generally present a clearer picture of the performance of the two sectors. The industry

Balance Sheets have also been done for Life and Non-Life separately.

Interestingly, both the Life and the Non-Life industries grew at 32% in 2008. This is a clear

departure from the trend in previous years whereby the Life sector grew at a significantly

faster rate than the Non-Life sector. The major growth indicators for both Life and Non-Life

sectors are summarized in the tables below.

Table 12: Key Growth Indicators (LIFE) 2007 - 2008

Indicator 2007 (GH¢’ m)

2008 (GH¢’ m)

Growth Rate

Premium Income 67.5 89.2

32%

Total Assets 134.9 193.6

43%

Total Investments 93 131.5

41%

Actuarial Liabilities 81.2 119.6

46%

Total Capitalisation 45.5 64.2

41%


23

Using an average of the growth indicators, it can be concluded that the Life sector grew by about 40% whiles the Non-Life grew by about 36%. (The premium debtors growth has been excluded from the Non-life average). It is important to note that premium debtors grew almost twice as fast as the non-life premiums. The rather low growth rate of investments is mainly due to the high accumulation of premium debtors which deprive the Non-life companies of investible funds.

The industry average ratios have also been summarized in table 13 below.

Table 13: Key Growth Indicators (NON-LIFE) 2007 - 2008


2008 (GH¢’ m)

Growth Rate

Premium Income 141.9 187.2 32 %

Premium Debtors 71.1 114.3 61 %

Total Assets 286.3 405.5 42 %

Total Investments 122.2 158 29 %

Technical Provisions 75.7 93 23 %

Total Capitalisation 131 201.3 54 %

Using an average of the growth indicators, it can be concluded that the Life sector grew by

about 40% whiles the Non-Life grew by about 36%. (The premium debtors growth has been

excluded from the non-life average). It is important to note that premium debtors grew

almost twice as fast as the non-life premiums. The rather low growth rate of investments is

mainly due to the high accumulation of premium debtors which deprive the non-life

companies of investible funds.


Table 13: Industry Average Ratios 2007 - 2008

RATIO NON-LIFE LIFE

2007 2008 2007 2008

63 13 71 61 )%( smialC

04 23 43 03 )%( esnepxE

67 36 15 64 )%( denibmoC

61 7 12 81 )%( ytiuqE no nruteR

Table 13: Key Growth Indicators (NON-LIFE) 2007 - 2008


2008 (GH¢’ m)

Growth Rate

Premium Income 141.9 187.2 32 %

Premium Debtors 71.1 114.3 61 %

Total Assets 286.3 405.5 42 %

Total Investments 122.2 158 29 %

Technical Provisions 75.7 93 23 %

Total Capitalisation 131 201.3 54 %

Using an average of the growth indicators, it can be concluded that the Life sector grew by

about 40% whiles the Non-Life grew by about 36%. (The premium debtors growth has been

excluded from the non-life average). It is important to note that premium debtors grew

almost twice as fast as the non-life premiums. The rather low growth rate of investments is

mainly due to the high accumulation of premium debtors which deprive the non-life

companies of investible funds.


Table 13: Industry Average Ratios 2007 - 2008

RATIO NON-LIFE LIFE

2007 2008 2007 2008

63 13 71 61 )%( smialC

04 23 43 03 )%( esnepxE

67 36 15 64 )%( denibmoC

61 7 12 81 )%( ytiuqE no nruteR


69 89 26 46 )%( noitneteR

Investment Income as a % of Investments (%) 10 9 6 11

Investment Income as a % of Premiums (%) 6 6 16 18

x2.1 x8.1 x9.1 ytiuqE ot muimerP ssorG 2.0x

x9.1 x2.1 x0.1 x0.1 ytiuqE ot muimerP teN

x5.2 x3.2 x5.1 x5.1 seitilibaiL ot latipaC

Outstanding premiums as % of Gross Premium (%) 34 43 - -

Outstanding premiums as a % of Total Assets (%) 25 29 - -

Underwriting Profit as a % of Gross Premium (%) 4 2 -16 -16

4 7 9 6 )%( stessA no nruteR

Investments to Total A 27 27 54 25 )%(stess

Both the Claims and Expense ratios of the life companies increased significantly over the

period under review. Apart from the rising trend, the ratios are also higher than the Non-Life

ones. The claims ratio of the life companies is particularly high due to the very high

surrender rates.

The outstanding premium ratios of the non-life companies also recorded significant

increases over the period. This emphasizes the increasing significance of credit risk in the

Ghanaian non-life insurance market. The differences between the investments to total

assets ratios of the Life and non-life sectors is directly due to the high outstanding

premiums. A very high percentage of the assets of the Life companies are in investments

simply because life business in on cash basis. Most of the assets of the non-life companies

are in uncollected premiums and hence the very low investment to total asset ratio. (Refer

to the detailed analysis for more information)


24

Both the Claims and Expense ratios of the Life companies increased significantly over the period under review. Apart from the rising trend, the ratios are also higher than the Non-Life ones. The claims ratio of the Life companies is particularly high due to the very high surrender rates.

The outstanding premium ratios of the Non-life companies also recorded significant increases over the period. This emphasizes the increasing significance of credit risk in the Ghanaian Non-life insurance market. The differences between the investments to total assets ratios of the Life and Non-life sectors are directly due to the high outstanding premiums. A very high percentage of the assets of the Life companies are in investments simply because Life business is on cash basis. Most of the assets of the Non-life companies are in uncollected premiums and hence the very low investment to total asset ratio. (Refer to the detailed analysis for more information)


69 89 26 46 )%( noitneteR

Investment Income as a % of Investments (%) 10 9 6 11

Investment Income as a % of Premiums (%) 6 6 16 18

x2.1 x8.1 x9.1 ytiuqE ot muimerP ssorG 2.0x

x9.1 x2.1 x0.1 x0.1 ytiuqE ot muimerP teN

x5.2 x3.2 x5.1 x5.1 seitilibaiL ot latipaC

Outstanding premiums as % of Gross Premium (%) 34 43 - -

Outstanding premiums as a % of Total Assets (%) 25 29 - -

Underwriting Profit as a % of Gross Premium (%) 4 2 -16 -16

4 7 9 6 )%( stessA no nruteR

Investments to Total A 27 27 54 25 )%(stess

Both the Claims and Expense ratios of the life companies increased significantly over the

period under review. Apart from the rising trend, the ratios are also higher than the Non-Life

ones. The claims ratio of the life companies is particularly high due to the very high

surrender rates.

The outstanding premium ratios of the non-life companies also recorded significant

increases over the period. This emphasizes the increasing significance of credit risk in the

Ghanaian non-life insurance market. The differences between the investments to total

assets ratios of the Life and non-life sectors is directly due to the high outstanding

premiums. A very high percentage of the assets of the Life companies are in investments

simply because life business in on cash basis. Most of the assets of the non-life companies

are in uncollected premiums and hence the very low investment to total asset ratio. (Refer

to the detailed analysis for more information)


25

PERFORMANCE INDICATORS LIFE COMPANIES

Claims Ratio:

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.

Almost all the Life companies made underwriting losses in both 2007 and 2008. This underscores the utmost importance of ensuring the adequacy and efficient management of investments by Life insurance companies. This may also be an indication of under pricing or excessive expenditure by Life companies.

PERFORMANCE INDICATORS

LIFE COMPANIES

Claims Ratio:

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.

Table 14: CLAIMS RATIO

Company Percentage (%)

2007 2008

No Industry Average 31 36

1 Capital Express Assurance(Ghana) Limited - -

2 CDH Life Assurance Company Limited 68 51

3 Donewell Life Insurance Company Limited - 29

4 Enterprise Life Assurance Company Limited 13 18

5 Ghana Life Insurance Company Limited 77 55

6 Ghana Union Life Assurance Company Limited - 14

7 Glico Life Insurance Company Limited 32 40

17 45 detimiL)anahG( ecnarussA efiL IGI 8

04 33 detimiL anahG ecnarusnI efilteM 9

10 Phoenix Life Assurance Company Limited 10 20

11 Provident Life Assurance Company Limited 19 50

12 Quality Life Assurance Company Limited 16 21

65 15 detimiL ynapmoC ecnarusnI efiL CIS 31

14 StarLife Assurance Company Limited 31 31

15 Unique Life Assurance Company Limited 55 20

16 Vanguard Life Assurance Company Limited 41 53

Almost all the life companies made underwriting losses in both 2007 and 2008. This underscores the

utmost importance of ensuring the adequacy and efficient management of investments by life

insurance companies. This may also be an indication of under pricing or excessive expenditure by life

companies.


26

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.

Table 15: EXPENSE RATIO


2007 2008


















The industry average rose from 32% in 2007 to 40% in 2008. The ratios of SIC Life, GLICO Life,

Enterprise Life, Provident Life and Quality Life have consistently been below the industry average

during the two-year period under review. However, the ratios of Metropolitan Life, CDH Life, Unique

Life, and Phoenix Life have consistently been above the industry average. The case of IGI Life is that

of low business volumes which are not able to support current overhead expenses.

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 rose from 32% in 2007 to 40% in 2008. The ratios of SIC Life, GLICO Life, Enterprise Life, Provident Life and Quality Life have consistently been below the industry average during the two-year period under review. However, the ratios of Metropolitan Life, CDH Life, Unique Life, and Phoenix Life have consistently been above the industry average. The case of IGI Life is that of low business volumes which are not able to support current overhead expenses.


27

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 rose from 63% in 2007 to 76% in 2008. However, the ratio of Metropolitan Life is far above the industry average. The ratios of CDH Life, Unique Life and IGI Life are dangerously high.

Combined Ratio

This is calculated as Total Claims + Total Management Expenses divided by Gross Premium. It is

combination of the claims and management ratios.

Table 16: COMBINED RATIO


2007 2008














13 SIC Life Insurance Company Limited 70 77




The industry average rose from 63% in 2007 to 76% in 2008. However, the ratios of Metropolitan

Life is far above the industry average. The ratios of CDH Life, Unique Life and IGI Life are dangerously

high.


28

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’s average Return on Equity ratio rose positively from 7% in 2007 to 16% in 2008. The ratios of Enterprise Life and Vanguard Life indicate good performance. However, the ratios of Donewell and CDH are as a result of inadequate capitalization than good performance. Metropolitan Life, on the other hand made a huge loss due to high claims ratio and actuarial valuation deficits.



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.

Table 17: RETURN ON EQUITY RATIO


2007 2008


1 Capital Express Assurance(Ghana) Limited - 39





6 Ghana Union Life Assurance Company Limited 1 5



201- 642- detimiL anahG ecnarusnI efilteM 9








The industry's average Return on Equity ratio rose positively from 7% in 2007 to 16% in 2008. The

ratios of Enterprise Life and Vanguard Life indicate good performance. However, the ratios of

Donewell and CDH are as a result of inadequate capitalization than good performance. Metropolitan

Life, on the other hand made a huge loss due to high claims ratio and actuarial valuation deficits.


29

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 industry average fell slightly from 98% in 2007 to 96% in 2008. With the exception of Ghana Union Life, all the other companies reinsured less than 10% of their business in 2008. The rather high retention in the Life sector is due to the fact the average sum insured per policy is quite low and hence can be retained. There is however the need to check concentration and aggregation risk.


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.

Table 18: RETENTION RATIO


2007 2008


















The industry average fell slightly from 98% in 2007 to 96% in 2008. With the exception of Ghana

Union Life all the other companies reinsured less than 10% of their business in 2008. The rather high

retention in the Life sector is due to the fact the average sum insured per policy is quite low and

hence can be retained. There is however the need to check concentration and aggregation risk.


30

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 rose from 6% in 2007 to 11% in 2008. Metropolitan Life, Vanguard Life, Quality Life and Unique Life consistently show good ratios. However, Glico Life, CDH Life and IGI Life show a low ratio and falling trend for the two-year period under review.

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.

Table 19: INVESTMENT INCOME AS A PERCENTAGE OF TOTAL INVESTMENT


2007 2008


















The industry average rose from 6% from 2007 to 11% in 2008. Metropolitan Life, Vanguard Life,

Quality Life and Unique Life consistently show good ratios. However, Glico Life, CDH Life and IGI Life

show a low ratio and falling trend for the two-year period under review.


31

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.

The industry average rose from 16% in 2007 to 18% in 2008. The ratios of SIC Life, Glico Life, Enterprise Life, Vanguard Life, CDH Life and Phoenix Life are below the industry average. However, the ratios of Metropolitan Life, Provident Life, Quality Life and IGI Life are all above the industry average. The ratios of Unique Life and IGI Life show inadequate premium income.

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.

Table 20: INVESTMENT INCOME AS A PERCENTAGE OF PREMIUM


2007 2008


















The industry average rose from 16% in 2007 to 18% in 2008. The ratios of SIC Life, Glico Life,

Enterprise Life, Vanguard Life, CDH Life and Phoenix Life are below the industry average. However,

the ratios of Metropolitan Life, Provident Life, Quality Life and IGI Life are all above the industry

average. The ratios of Unique Life and IGI Life shows inadequate premium income.


32

Gross Premium to Equity Ratio

The Premium Equity ratios try to assess the capital adequacy of insurance companies. The ratio measures how much capital is available to support the premiums underwritten by a company. An example is, a Gross Premium to Equity ratio of 2.7 means that GH¢1 of capital supports as much as Gh¢2.7 of gross premium.

The industry’s average Gross Premium to Equity ratio rose from 1.2 in 2007 to 2.0 in 2008. 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 may not be fully utilising its capital. The ratios of SIC life, Starlife, Quality Life, CDH Life, Unique Life, Phoenix Life and IGI Life are below both the industry average and the benchmark. On the other hand, the ratios of StarLife, Vanguard Life and Provident Life are too high. The ratios of Metropolitan Life and Donewell Life are clearly out of range.


The Premium Equity ratios try to assess the capital adequacy of insurance companies. The ratio

measures how much capital is available to support the premiums underwritten by a company. An

example is, a Gross Premium to Equity ratio of 2.7 means that GH¢1 of capital supports as much as

Gh¢2.7 of gross premium.

Table 21: GROSS PREMIUM TO EQUITY RATIO


2007 2008

No Industry Average 1.2 2.0


2 CDH Life Assurance Company Limited 0.2 1.9

3 Donewell Life Insurance Company Limited - 8.4

4 Enterprise Life Assurance Company Limited 1.9 1.8

5 Ghana Life Insurance Company Limited -1.3 1.2

6 Ghana Union Life Assurance Company Limited - 0.6

7 Glico Life Insurance Company Limited 2.5 0.9

1.0 1.0 detimiL)anahG( ecnarussA efiL IGI 8

6.62 7.7 detimiL anahG ecnarusnI efiLteM 9

10 Phoenix Life Assurance Company Limited 1.1 1.3

11 Provident Life Assurance Company Limited 1.1 3.4

12 Quality Life Assurance Company Limited 1.1 1.4

13 SIC Life Insurance Company Limited 0.9 0.9

14 StarLife Assurance Company Limited 0.9 2.9

15 Unique Life Assurance Company Limited 0.3 0.6

16 Vanguard Life Assurance Company Limited 3.0 2.9

The industry's average Gross Premium to Equity ratio rose from 1.2 in 2007 to 2.0 in 2008. 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 may not be fully utilising its capital. The ratios of SIC life, Starlife, Quality Life,

CDH Life, Unique Life, Phoenix Life and IGI Life are below both the industry average and the

benchmark. On the other hand, the ratios of StarLife, Vanguard Life and Provident Life are too high.

The ratios of Metropolitan Life and Donewell are clearly out of range.


33

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 rose from 1.2 in 2007 to 1.9 in 2008.


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 rose from 1.2 in 2007 to

1.9 in 2008.

Table 22: NET PREMIUM TO EQUITY RATIO


2007 2008






5 Ghana Life Insurance Company Limited -1.3 1.2




3.62 6.7 detimiL anahG ecnarusnI efilteM 9









34

Capital to Liabilities Ratio

The Capital to Liabilities ratio compares the liabilities of the company to its capital. A capital to liabilities ratio of 2.5 for an example means for every cedi of equity, the company has 2.5 cedis of liabilities.

The industry average capital to liabilities ratio rose from 2.3 in 2007 to 2.5 in 2008. Whereas the ratios of Vanguard Life, Donewell Life, Provident Life and Quality Life show signs of overgearing, MetLife and Donewell Life clearly need additional capital injections.


The Capital to Liabilities ratio compares the liabilities of the company to its capital. A capital to

liabilities ratio of 2.5 for an example means for every cedi of equity, the company has 2.5 cedis of

liabilities.

Table 23: CAPITAL TO LIABILITIES RATIO


2007 2008


1 Capital Express Assurance(Ghana) Limited - 0.0




5 Ghana Life Insurance Company Limited 3.9 2.9




7.84 1.91 detimiL anahG ecnarusnI efilteM 9


11 Provident Life Assurance Company Limited 5.7 6.8






The industry average capital to liabilities ratio rose from 2.3 in 2007 to 2.5 in 2008. Whereas the

ratios of Vanguard Life, Donewell Life, Provident Life and Quality Life show signs of overgearing,

MetLife and Donewell Life clearly need additional capital injections.


35

Underwriting Profit as a Percentage of Gross Premiums Ratio

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

Almost all Life companies made underwriting losses in both 2007 and 2008. This underscores the utmost importance of ensuring the adequacy and efficient management of investments by Life insurance companies. This may also be an indication of underpricing or excessive expenditure by Life companies.

Underwriting Profit as a Percentage of Gross Premiums Ratio

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

Table 24: UNDERWRITING PROFIT AS A PERCENTAGE OF GROSS PREMUIMS


2007 2008

No Industry Average -16 -16

1 Capital Express Assurance (Ghana) Limited - -

2 CDH Life Assurance Company Limited -20 -35

3 Donewell Life Insurance Company Limited - -62

4 Enterprise Life Assurance Company Limited -3 0.4

5 Ghana Life Insurance Company Limited -159 -11



753- 102- detimi L)anahG( ecnarussA efiL IGI 8


10 Phoenix Life Assurance Company Limited -2 -18

11 Provident Life Assurance Company Limited -22 -28

12 Quality Life Assurance Company Limited -10 -27

5- 3- detimiL ynapmoC ecnarusnI efiL CIS 31

14 StarLife Assurance Company Limited -12 -10

15 Unique Life Assurance Company Limited -46 -24

16 Vanguard Life Assurance Company Limited -21 -5

Almost all life companies made underwriting losses in both 2007 and 2008. This underscores the

utmost importance of ensuring the adequacy and efficient management of investments by life

insurance companies. This may also be an indication of underpricing or excessive expenditure by life

companies.


36

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 which deprive them of investible funds.

The industry average for both years are well above 70. The ratios of Metropolitan Life, Donewell Life and Capital Express give clear indications of inadequate investments.


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 which deprive them of investible funds.

Table 25: INVESTMENT TO TOTAL ASSETS


2007 2008


1 Capital Express Assurance(Ghana) Limited - 34





6 Ghana Union Life Assurance Company Limited 84











The industry average for both years are well above 70. The ratios of Metropolitan Life, Donewell Life

and Capital Express give clear indications inadequate investments.


37

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 profits.

The industry average dipped from 7% in 2007 to 4% in 2008. Whereas the ratio of Enterprise Life can be attributed to good performance, the ratios of CDH Life and IGI Life are all due to capital inadequacy.

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 profits.

Table 26: RETURN ON ASSETS


2007 2008



2 CDH Life Assurance Company Limited -1 15

3 Donewell Life Insurance Company Limited - -6





91 01- detimiL)anahG( ecnarussA efiL IGI 8







15 Unique Life Assurance Company Limited 9 -16

16 Vanguard Life Assurance Company Limited -5 7

The industry average dipped from 7% in 2007 to 4% in 2008. Whereas the ratio of Enterprise Life

can be attributed to good performance, the ratios of CDH Life and IGI Life are all due to capital

inadequacy.


38

Table 27: LIFE INSURANCE INDUSTRY AGGREGATED BALANCE SHEET AS AT 31 DECEMBER, 2008

2008 2007

GH¢ GH¢ Note

Stated Capital 47,915,120.00 38,639,626.00

Capital Surplus 11,594,362.00 3,850,566.00

Income Surplus 2,888,310.00 1,789,922.00

Contingency Reserve 1,819,083.00 1,191,423.00

Shareholders' Funds 64,216,875.00 45,471,537.00

REPRESENTED BY:

Fixed Assets 1 13,782,299.00 11,438,308.00

Investment Properties 12,987,250.00 7,721,773.00

Long Term Investments 2 60,111,845.00 44,724,745.00

86,881,394.00 63,884,826.00

Current Assets

Policy loans 7,650,856.00 5,259,148.00

Other Debtors/Loans 18,217,649.00 9,947,178.00

Amount due from reinsurers - 50,166.00

Taxation 254,269.00 146,869.00

Short term investments 3 71,352,142.00 48,305,545.00

Cash funds/resources 9,279,223.00 7,395,931.00

106,754,139.00 71,104,837.00

Current Liabilities Provision for unearned Premiums 100,066.00 -

Provision for claims 1,051,695.00 730,198.00

Amount due to reinsurers 122,556.00 116,706.00

Bank Overdraft 471,832.00 140,641.00

Creditors 5,212,839.00 4,962,544.00

Taxation 82,474.00 40,537.00

Proposed Dividend 420,217.00 1,258,042.00

7,461,679.00 7,248,668.00

Net Current Asset/Liabilities 99,292,460.00 63,856,169.00

Actuarial Liabilities 119,557,008.00 81,825,752.00

Other Long Term Liabilities 2,399,971.00 443,706.00

121,956,979.00 82,269,458.00

Net Assets/Liabilities 64,216,875.00 45,471,537.00

Life Insurance Industry Aggregated Balance Sheet


39

NON-LIFE COMPANIES

Table 28: NOTES TO THE LIFE INDUSTRY AGGREGATE BALANCE SHEET

NOTE 1 - FIXED ASSETS 2008 2007

Gh¢ Gh¢

Land & Buildings 6,812,013.00 6,412,045.00

Furniture, Fittings & Equipment 2,355,987.00 1,153,857.00

Motor Vehicles 1,520,836.00 816,854.00

Work in Progress 2,313,370.00 2,580,566.00

Intangibles 39,223.00 3,214.00

Computer Equipment 740,870.00 471,772.00 13,782,299.00 11,438,308.00

NOTE 2 - LONG TERM INVESTMENTS

Quoted Shares 32,452,963.00 16,768,468.00

Unquoted shares 7,251,542.00 13,683,648.00

Government Bonds 4,208,141.00 6,518,273.00

Others 16,050,568.00 7,370,300.00

Corporate Bonds 148,631.00 384,056.00 60,111,845.00 44,724,745.00

NOTE 3 - SHORT TERM INVETSMENTS

Treasury bills 27,390,725.00 21,311,164.00

Fixed Deposits 41,154,207.00 23,221,851.00

Call accounts 51,975.00 -

Unit trusts 1,644,418.00 2,569,948.00

Bonds 1,110,817.00 1,202,582.00 71,352,142.00 48,305,545.00

Table 29: MAKE UP OF ASSETS

2008 2007

GH¢ % GH¢ %

Fixed Assets 13,782,299.00 7.1 11,438,308.00 8.5

Investment Properties 12,987,250.00 6.7 7,721,773.00 5.7

Long Term Investments 60,111,845.00 31.0 44,724,745.00 33.1

Investments in Subsidiaries - 0.0 - 0.0

Policy Loans 7,650,856.00 4.0

5,259,148.00 3.9

Other Debtors 18,217,649.00 9.4 9,947,178.00 7.4

Amount Due from reinsurers - 0.0 50,166.00 0.0

1.0 00.968,641 1.0 00.962,452 noitaxaT

Short term investments 71,352,142.00 36.8

48,305,545.00 35.8

Cash funds/resources 9,279,223.00 4.8 7,395,931.00 5.5

193,635,533.00 100

134,989,663.00 100.0

NON-LIFE COMPANIES

Table 28: NOTES TO THE LIFE INDUSTRY AGGREGATE BALANCE SHEET

NOTE 1 - FIXED ASSETS 2008 2007

Gh¢ Gh¢

Land & Buildings 6,812,013.00 6,412,045.00


Motor Vehicles 1,520,836.00 816,854.00

Work in Progress 2,313,370.00 2,580,566.00

Intangibles 39,223.00 3,214.00

Computer Equipment 740,870.00 471,772.00 13,782,299.00 11,438,308.00


Quoted Shares 32,452,963.00 16,768,468.00

Unquoted shares 7,251,542.00 13,683,648.00


Others 16,050,568.00 7,370,300.00

Corporate Bonds 148,631.00 384,056.00 60,111,845.00 44,724,745.00


Treasury bills 27,390,725.00 21,311,164.00

Fixed Deposits 41,154,207.00 23,221,851.00

Call accounts 51,975.00 -

Unit trusts 1,644,418.00 2,569,948.00

Bonds 1,110,817.00 1,202,582.00 71,352,142.00 48,305,545.00


2008 2007

GH¢ % GH¢ %

Fixed Assets 13,782,299.00 7.1 11,438,308.00 8.5



Investments in Subsidiaries - 0.0 - 0.0

Policy Loans 7,650,856.00 4.0

5,259,148.00 3.9

Other Debtors 18,217,649.00 9.4 9,947,178.00 7.4

Amount Due from reinsurers - 0.0 50,166.00 0.0

1.0 00.968,641 1.0 00.962,452 noitaxaT

Short term investments 71,352,142.00 36.8

48,305,545.00 35.8

Cash funds/resources 9,279,223.00 4.8 7,395,931.00 5.5

193,635,533.00 100

134,989,663.00 100.0


40

NON-LIFE COMPANIES

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.

The industry average claims ratio rose from 16% in 2007 to 17% in 2008. Apart from International Energy Insurance and Regency Alliance which are all new companies, the ratios of Phoenix and Glico General are below the industry average for the two-year period under review. Star and CDH recorded significant increases in their claims ratios whiles Phoenix and Global Alliance on the other hand recorded marked increases.


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.

Table 30: CLAIMS RATIO

2007 - 2008

Company Percentage

2007 2008


1 CDH Insurance Company Limited 21 12

2 Donewell Insurance Company Limited 12 12

3 Enterprise Insurance Company Limited 17 22

4 Equity Assurance Limited - 18

5 Ghana Union Assurance Company Limited 21 19

6 Glico General Insurance Company Limited 6 5

7 Global Alliance Company Limited 6 50

8 IGI Company Limited 18 11

9 International Energy Insurance company Ltd - 1

10 Metropolitan Insurance Company Limited 15 13

11 Phoenix Insurance Company Limited 8 14

12 Prime Insurance Company Limited 1 12

13 Provident Insurance Company Limited 24 23

14 Quality Insurance Company Limited 19 23

15 Regency Alliance Insurance limited - 11

16 SIC Insurance Company Limited 18 17

17 Star Assurance Company Limited 22 13

18 Unique Insurance Company Limited 16 15

19 Vanguard Assurance Company Limited 12 10

20 Ghana Reinsurance Company Limited 29 23

21 Mainstream Reinsurance Company Limited 27 29

The industry average claims ratio rose from 16% in 2007 to 17% in 2008. Apart from International Energy Insurance and Regency Alliance which are all new companies, the ratios of Phoenix and Glico General are below the industry average for the two-year period under review. Star and CDH recorded significant increases in their claims ratios whiles Phoenix and Global Alliance on the other hand recorded marked increases. Expense Ratio


41

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 rose from 30% in 2007 to 34% in 2008. The ratios of Ghana Union, Metropolitan, Quality, Mainstream, Enterprise and Global Alliance were below the industry average during the two-year period under review. However, the ratios of SIC, Provident, Unique, Donewell and Prime are significantly above the industry average. The ratios of International Energy and Regency Alliance are because they are both new companies and therefore the initial volumes are too low to support the operating expenses.


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

Table 31: EXPENSE RATIO

2007 - 2008

Company Percentage

2007 2008























The industry average rose from 30% in 2007 to 34% in 2008. The ratios of Ghana Union, Metropolitan, Quality, Mainstream, Enterprise and Global Alliance were below the industry average during the two-year period under review. However, the ratios of SIC, Provident, Unique, Donewell and Prime are significantly above the industry average. The ratios of International Energy and Regency Alliance are because they are both new companies and therefore the initial volumes are too low to support the operating expenses. Combined Ratio


42 National Insurance Commission Annual Report 2008 48

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

Table 32: Combined Ratio

2007 - 2008

Company Percentage

2007 2008























The industry average rose from 46% in 2007 to 51% in 2008. However, the ratios of SIC, Provident, Unique, Donewell, Global Alliance and Prime are significantly above the industry average.

Combined Ratio

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

The industry average rose from 46% in 2007 to 51% in 2008. However, the ratios of SIC, Provident, Unique, Donewell, Global Alliance and Prime are significantly above the industry average.


43


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’s average rose from 18% in 2007 to 21% in 2008. The ratios of Ghana Union, Star, MET and Quality recorded the best results with Provident, Donewell and Prime showing the lowest ratios due directly to their rather high expense and combined ratios. As expected, the ratios of all the new companies showed negative results.


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.

Table 33: RETURN ON EQUITY RATIO

2007 - 2008

Company Percentage

2007 2008


62 04 detimiL ynapmoC ecnarusnI HDC 1



85- - detimiL ecnarussA ytiuqE 4



7 Global Alliance Co 63 3- detimiL ynapm

7-- detimiL ynapmoC IGI 8

9 International Energy Insurance company Ltd - -24


11 Phoenix Insurance Co 52 31 detimiL ynapm

2 91- detimiL ynapmoC ecnarusnI emirP 21

3 6 detimiL ynapmoC ecnarusnI tnedivorP 31

14 Quality Insurance Co 93 92 detimiL ynapm

43- - detimil ecnarusnI ecnaillA ycnegeR 51

16 SIC Insurance Comp 31 31 detimiL yna

13 61 detimiL ynapmoC ecnarussA ratS 71

12 12 detimiL ynapmoC ecnarusnI euqinU 81


83 82 detimiL ynapmoC ecnarusnieR anahG 02


The industry's average rose from 18%in 2007 to 21% in 2008. The ratios of Ghana Union, Star, MET and Quality recorded the best results with Provident, Donewell and Prime showing the lowest ratios due directly to their rather high expense and combined ratios. As expected, the ratios of all the new companies showed negative results.


44


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.

Table 34: RETENTION RATIO

2007 - 2008

Company Percentage

2007 2008























The industry average fell slightly from 64% in 2007 to 62% in 2008. Whilst the retentions of Enterprise, Ghana Union, Vanguard and Metropolitan are prudently well below the industry average, those for Global Alliance and International Energy appear too low and cause reasonable concern.

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 industry average fell slightly from 64% in 2007 to 62% in 2008. Whilst the retentions of Enterprise, Ghana Union, Vanguard and Metropolitan are prudently well below the industry average, those for Global Alliance and International Energy appear too low and cause reasonable concern.


45


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 dipped slightly from 10% 2007 to 9%2008.

Table 35: INVESTMENT INCOME AS A PERCENTAGE OF TOTAL INVESTMENT RATIO

2007 - 2008

Company Percentage

2007 2008























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 dipped slightly from 10% in 2007 to 9% in 2008.


46


Investment Income as a percentage of 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 considering the fact that, most companies make underwriting losses and have to depend on income from investments to make profit.

Table 36: INVESTMENT INCOME AS A PERCENTAGE OF PREMIUMS

2007 - 2008

Company Percentage

2007 2008























Investment Income as a percentage of 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 considering the fact that, most companies make underwriting losses and have to depend on income from investments to make profit.

The industry average did not change during the two-year under review. The ratios of SIC, Unique and Phoenix are lower than the industry average. However, the ratio of Donewell is too low and actually shows a falling trend. Global Alliance, for the two years, does not seem to have any investment at all which also means another great concern.


47


The industry average did not change during the two-year under review. The ratios of SIC, Unique and Phoenix are lower than the industry average. However, the ratio of Donewell is too low and actually shows a falling trend. Global Alliance for the two years does not seem to have any investment at all which also mean another great concern. 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.

Table 36: GROSS PREMIUM TO EQUITY RATIO

2007 - 2008

Company Percentage

2007 2008


1 CDH Insurance Company Limited 1.8 1.9

2 Donewell Insurance Company Limited 5.0 2.5

3 Enterprise Insurance Company Limited 1.6 1.0

4 Equity Assurance Limited - 0.9

5 Ghana Union Assurance Company Limited 2.3 2.2

6 Glico General Insurance Company Limited 2.8 4.3

7 Global Alliance Company Limited 3.3 4.3

8 IGI Company Limited 1 0.5

9 International Energy Insurance company Ltd - 0.3

10 Metropolitan Insurance Company Limited 2.7 2.2

11 Phoenix Insurance Company Limited 2.1 2.9

12 Prime Insurance Company Limited 0.5 1.3

13 Provident Insurance Company Limited 0.6 0.7

14 Quality Insurance Company Limited 2.7 2.4

15 Regency Alliance Insurance limited - 0.4

16 SIC Insurance Company Limited 1.0 0.9

17 Star Assurance Company Limited 2.0 2.2

18 Unique Insurance Company Limited 2.2 2.0

19 Vanguard Assurance Company Limited 2.3 3.0

20 Ghana Reinsurance Company Limited 0.9 0.8

21 Mainstream Reinsurance Company Limited 1.1 1.3


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’s average for the Gross Premium to Equity ratio fell slightly from1.9% in 2007 to 1.8% in 2008. 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 fully utilising its capital. The ratios of Glico General, Donewell and Global Alliance are higher than both the industry average and the benchmark. On the other hand, the ratios of SIC and Provident are significantly lower than the industry average.


48


The industry's average for the Gross Premium to Equity ratio fell slightly from1.9 in 2007 to 1.8 in 2008. 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 fully utilising its capital. The ratios of, Glico General, Donewell and Global Alliance are higher than both the industry average and the benchmark. On the other hand, the ratios of SIC and Provident are significantly lower than the 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 the two-year under review.

Table 37: NET PREMIUM TO EQUITY RATIO

2007 - 2008

Company Percentage

2007 2008









8 IGI Company Limited 0.7 0.4




12 Prime Insurance Company Limited 0.4 1.0



15 Regency Alliance Insurance limited - 0.3








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 the two-year under review.


49


Table 38: CAPITAL TO LIABILITIES RATIO

2007 - 2008

Company Percentage

2007 2008









8 IGI Company Limited 0.9 1




12 Prime Insurance Company Limited - 0.2



15 Regency Alliance Insurance limited 1.7 3.6








The Capital to Liabilities ratio compares the liabilities of the company to its capital. A capital to liabilities ratio of 1.5 for an example means for every Cedi of equity, the company has 1.5 Cedis of liabilities. The industry average for the two-year period under review remained the same.


50



Table 39: OUTSTANDING PREMIUMS AS A PERCENTAGE OF GROSS PREMIUMS

2007 - 2008

Company Percentage

2007 2008























The industry average ratio rose sharply from 34% in 2007 to 43% in 2008. The rapid deterioration 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 ratios of SIC, Unique, Donewell, Phoenix, Prime, Equity and the two reinsurers are dangerously high. Outstanding Premiums as a Percentage of Total Assets

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 industry average ratio rose sharply from 34% in 2007 to 43% in 2008. The rapid deterioration 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 ratios of SIC, Unique, Donewell, Phoenix, Prime, Equity and the two reinsurers are dangerously high.


51National Insurance Commission Annual Report 2008 57

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.

Table 40: OUTSTANDING PREMIUMS AS A PERCENTAGE OF TOTAL ASSETS

2007 - 2008

Company Percentage

2007 2008





4 Equity Assurance Limited 0 20





9 International Energy Insurance company Ltd 0 10






15 Regency Alliance Insurance limited 0 14







The industry average moved sharply from 25% in 2007 to 29% in 2008. This sharp movement is a major source of concern. It is generally believed that the intense competition in the industry is fueling this trend but a much more important issue is the need for insurance companies to formulate effective credit policies to help manage credit risk which is fast becoming the most significant risk in the Ghanaian insurance industry. The ratios of Vanguard, Unique, Donewell, Phoenix, Glico General, Global Alliance Prime, Ghana Re and Mainstream are all well above the already too high industry average. It is important to note that the premium debtors used to calculate these ratios are already net of significant provisions for bad and doubtful debts.

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 moved sharply from 25% in 2007 to 29% in 2008. This sharp movement is a major source of concern. It is generally believed that the intense competition in the industry is fueling this trend but a much more important issue is the need for insurance companies to formulate effective credit policies to help manage credit risk which is fast becoming the most significant risk in the Ghanaian insurance industry. The ratios of Vanguard, Unique, Donewell, Phoenix, Glico General, Global Alliance Prime, Ghana Re and Mainstream are all well above the already too high industry average. It is important to note that the premium debtors used to calculate these ratios are already net of significant provisions for bad and doubtful debts.


52


Return on Assets Return on Asset is defined as the Net Profit After Tax as a percentage of Total Assets. It is an efficiency ratio which measures how efficiently the company make use of the assets under its control to generate returns for the policyholders and shareholders.

Table 41: RETURN ON ASSETS RATIO

2007 - 2008

Company Percentage

2007 2008



2 Donewell Insurance Company Limited -1 13


4 Equity Assurance Limited 0 -25




8 IGI Company Limited

9 International Energy Insurance company Ltd 0 -21



12 Prime Insurance Company Limited -15 1



15 Regency Alliance Insurance limited 0 -26





20 Ghana Reinsurance Company Limited


Even though the industry average rose from 6% in 2007 to 9% in 2008, Vanguard, Provident, CDH and Phoenix recorded significant dips in their ratios. The ratios of the new companies is indicative of their status as new entrants.

Return on Assets

Return on Asset is defined as the Net Profit After Tax as a percentage of Total Assets. It is an efficiency ratio which measures how efficiently the company make use of the assets under its control to generate returns for the policyholders and shareholders.

Even though the industry average rose from 6% in 2007 to 9% in 2008, Vanguard, Provident, CDH and Phoenix recorded significant dips in their ratios. The ratios of the new companies is indicative of their status as new entrants.


53


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 real investments that can be easily converted into cash to take care of policyholder and other liabilities.

Table 42: INVESTMENT TO TOTAL ASSETS RATIO

2007 - 2008

Company Percentage

2007 2008





4 Equity Assurance Limited 0 49





9 International Energy Insurance company Ltd 0 15






15 Regency Alliance Insurance limited 0 46







The industry average fell significantly from 52% in 2007 to 45% in 2008. This is mainly due to the ever rising premium debtors; that is, the inability of insurance companies to collect their premiums and put them in gainful investments. The ratios of Ghana Union, Enterprise, CDH and Metropolitan


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 real investments that can be easily converted into cash to take care of policyholder and other liabilities.

The industry average fell significantly from 52% in 2007 to 45% in 2008. This is mainly due to the ever rising premium debtors; that is, the inability of insurance companies to collect their premiums and put them in gainful investments. The ratios of Ghana Union, Enterprise, CDH and Metropolitan look quite good. The ratios of Donewell, Prime, Provident, International Energy, Quality and Ghana Re on the other hand are too low.


54


look quite good. The ratios of Donewell, Prime, Provident, International Energy, Quality and Ghana Re on the other hand are too low. 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 dipped from 4% in 2007 to 2% in 2008. It is important to note that the ratios of the new companies were excluded from the average to avoid distortions.

Table 43: UNDERWRITING PROFITS AS A PERCENTAGE OF GROSS RATIO

2007 - 2008

Company Percentage

2007 2008



2 Donewell Insurance Company Limited 2 -1

3 Enterprise Insurance Company Limited 5 0.04

4 Equity Assurance Limited -58 -4




8 IGI Company Limited -5 -41

9 International Energy Insurance company Ltd -10 -4




13 Provident Insurance Company Limited -2 -5


15 Regency Alliance Insurance limited - -133





20 Ghana Reinsurance Company Limited - -82

21 Mainstream Reinsurance Company Limited - -97

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 dipped from 4% in 2007 to 2% in 2008. It is important to note that the ratios of the new companies were excluded from the average to avoid distortions.


55National Insurance Commission

Annual Report 2008 61

Table 44: NON-LIFE INSURANCE INDUSTRY AGGREGATED BALANCE SHEET AS AT 31 DECEMBER, 2008

2008 2007

GH¢ GH¢ Note

Stated Capital 46,317,424.00 38,311,558.00

Capital Surplus 55,247,610.00 43,202,339.00

Income Surplus 38,050,699.00 8,822,912.00

Contingency Reserve 61,716,952.00 40,691,248.00

Shareholders' Funds 201,332,685.00 131,028,057.00

REPRESENTED BY:

Fixed Assets 1 46,177,173.00 35,699,918.00

Investment Properties 15,715,282.00 11,509,493.00

Long Term Investments 2 57,791,245.00 41,651,929.00

Investments in Subsidiaries 10,294,855.00 10,552,922.00 129,978,555.00 99,414,262.00

Current Assets

Outstanding Premiums 114,312,497.00 71,105,286.00

Other Debtors/Loans 26,702,297.00 11,989,367.00

Amount due from reinsurers 9,709,191.00 3,569,723.00

Taxation 530,078.00 444,748.00

Short term investments 3 100,265,957.00 80,503,837.00

Cash funds/resources 24,000,061.00 19,274,054.00 275,520,081.00 186,887,015.00

Current Liabilities Provision for unearned Premiums 65,275,999.00 52,912,139.00

Provision for claims 27,681,217.00 22,770,141.00

Amount due to reinsurers 66,157,713.00 44,211,536.00

Bank Overdraft 933,734.00 254,514.00

Creditors 28,000,057.00 14,589,895.00

Taxation 8,216,689.00 2,764,862.00

Proposed Dividend 2,890,249.00 4,767,112.00 199,155,658.00 142,270,199.00

Net Current Asset/Liabilities 76,364,423.00 44,616,816.00

Other Long Term Liabilities 5,010,293.00 13,003,021.00

Net Assets/Liabilities

201,332,685.00

131,028,057.00


56


CONCLUSION

2008 marked the heightening of the global financial crises. This brought to the fore the

importance of regulation and supervision in the financial sector.

As we move forward, the National Insurance Commission should devote more resources to

on-site inspection and the adherence of our industry to the core principles of the

International Association of insurance Supervisors (IAIS).

It is also important that the industry build capacity for the insurance on oil and gas as Ghana

gets ready for the exploration of oil at Cape Three Points in offshore fields.

Public education must also be continued to create more awareness among the public.


2008 2007

GH¢ % GH¢ %

Fixed Assets 46,177,173.00 11.4 35,699,918.00 12.5



Investments in Subsidiaries

10,294,855.00 2.5 10,552,922.00 3.7

Outstanding Premiums 114,312,497.00 28.2 71,105,286.00 24.8

Other Debtors 26,702,297.00 6.6 11,989,367.00 4.2

Amount Due from reinsurers 9,709,191.00 2.4 3,569,723.00 1.2

Taxation 530,078.00 0.1

444,748.00 0.2

Short term investments

100,265,957.00 24.7

80,503,837.00 28.1

Cash funds/resources

24,000,061.00 5.9 19,274,054.00 6.7

405,498,636.00

100 286,301,277.00

100


CONCLUSION

2008 marked the heightening of the global financial crises. This brought to the fore the

importance of regulation and supervision in the financial sector.

Table 45: NOTES TO THE NON-LIFE INDUSTRY AGGREGATE BALANCE SHEET

NOTE 1 - FIXED ASSETS 2008 2007 GH¢ GH¢

Land & Buildings 36,406,877.00 28,492,515.00


Motor Vehicles 2,358,466.00 1,206,915.00

Work in Progress 2,134,492.00 1,854,158.00

Intangibles 562,478.00 -

Computer Equipment 1,437,196.00 1,258,477.00 46,177,173.00 35,699,918.00


Quoted Shares 44,895,477.00 28,859,340.00

Unquoted shares 8,924,232.00 8,394,002.00


Others 1,068,818.00 989,543.00

Corporate Bonds 1,425,326.00 1,635,326.00 57,791,245.00 41,651,929.00


Treasury bills 48,353,329.00 38,760,010.00

Fixed Deposits 48,290,786.00 40,220,875.00

Call accounts 1,600,973.00 131,562.00

Unit trusts 70,000.00 -

Bonds 1,950,869.00 1,391,390.00 100,265,957.00 80,503,837.00


57

CONCLUSION

2008 marked the heightening of the global financial crises. This brought to the fore the importance of regulation and supervision in the financial sector.

As we move forward, the National Insurance Commission should devote more resources to on-site inspection and the adherence of our industry to the core principles of the International Association of Insurance Supervisors (IAIS).

It is also important that the industry builds capacity for the insurance of oil and gas as Ghana gets ready for the exploration of oil at Cape Three Points in offshore fields.

Public education must also be continued to create more awareness among the public.


58

APPENDICES

1. Corporate Information 2. 2007 Financial Reports3. Solvency Guidelines 4. List of Registered Insurance Companies 5. List of Registered Reinsurance Companies 6. List of Registered Insurance Broking Companies7. List of Registered Loss Adjusting Companies8. List of Registered Reinsurance Broking Companies


59

CORPORATE INFORMATION

Board of Directors:

Lt. Gen. Joseph Henry Smith Chairman

Ms. Josephine J. Amoah Commissioner of Insurance

Mr. William F. Duncan

Col. John Armah Okai

Mrs. Evelyn Pra-Gohoho

Mr. Wilfred Sam-Awortwi

Dr. D. N. Tapang

Mr. Wilson Q. Tei

Mr. Enoch H. Cobbinah

Mr. Stephen Kobla Okudzeto

Secretary: Mr. Ernest Frimpong

Management Team:

Ms. Josephine J. Amoah Commissioner of Insurance

Mrs. Nyamikeh Kyiamah 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 D. Abayateye Internal Auditor

Auditors: Osei Kwabena & Associates

(Chartered Accountants)

71 Palace Street, B. 603/18

North Kaneshie

P. O. Box 10276

Accra-North

Bankers:SG-SSB Bank (Ghana) Lim-ited

Merchant Bank (Ghana) Limited

Cal Bank (Ghana) Limited

Ghana Commercial Bank


60


FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2008

REPORT OF THE DIRECTORS The Directors submit their report together with the audited Financial Statement of National Insurance Commission for the year ended 31 December 2008.

Statement of Directors responsibilities The Directors are responsible for the preparation of 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 these Financial Statements, the Directors have selected suitable accounting policies and then applied them consistently, made judgments and estimates that are reasonable and prudent and followed 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 the activities of the Insurance Companies in Ghana. Financial Results The Financial results of the Commission are as summarized below:

2008

(GH¢)

2007

(GH¢)

028,740,3 emocnI 2,140,460

)365,696,2( erutidnepxE (2,088,823)

752,153 erutidnepxE revo emocnI fo ssecxE 51,637

To which is added to the balance brought forward on the Accumulated Fund

1,840,815

1,789,178

Giving a balance carried forward on the Accumulated Fund of 2,192,072 1,840,815

FINANCIAL STATEMENTS FOR THE YEAR ENDED

DECEMBER 31, 2008

REPORT OF THE DIRECTORS

The Directors submit their report together with the audited Financial Statement of National Insurance Commission for the year ended 31 December 2008.

Statement of Directors responsibilities

The Directors are responsible for the preparation of 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 these Financial Statements, the Directors have selected suitable accounting policies and then applied them consistently, made judgments and estimates that are reasonable and prudent and followed 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 the activities of the Insurance Companies in Ghana.

Financial Results

The Financial results of the Commission are as summarized below:

BY ORDER OF THE BOARD

DIRECTORS

OCTOBER, 2009


61

REPORT OF THE AUDITORS TO THE MEMBERS OF

NATIONAL INSURANCE COMMISSION

We have audited the Financial Statements of National Insurance Commission for the year ended 31 December 2007 set out on pages 61 to 72

Respective Responsibilities of Directors and Auditors

As stated on page 60 the Directors are responsible for the preparation of the Financial Statements. Our responsibility is to express an independent opinion on these Financial Statements based on our audit.

Basis of Opinion

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform our audit to obtain reasonable assurance about whether the Financial Statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall presentation of the Financial Statements.

We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

Opinion

In our opinion, proper books of account have been kept and the Financial Statements which are in agreement therewith give a true and fair view of the state of the affairs of the Commission as at 31st December, 2008 and of its excess of income over expenditure and cashflows for the year then ended in accordance with Ghana Accounting Standards and comply with the rules of the Commission.

OSEI KWABENA & ASSOCIATES(CHARTEDRED ACCOUNTANTS)

APRIL, 2009


62


April, 2009

NATIONAL INSURANCE COMMISSION INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED

31 DECEMBER, 2008

setoN 2008(GH¢)

2007(GH¢)

064,041,2 028,740,3 1 EMOCNI

)328,880,2( )365,696,2( 2 ERUTIDNEPXE

736,15 752,153 erutidnepxE revo emocnI fo ssecxE

DNUF DETALUMUCCA

871,987,1 518,048,1 yraunaJ 1 ta sa ecnalaB

736,15 752,153 raey rof erutidnepxE revo emocnI fo ssecxE

518,048,1 270,291,2 rebmeceD 13 ta sa ecnalaB

The accounting polices and notes on pages …… to ….. form an integral part of these

Financial Statements.


INCOME AND EXPENDITURE ACCOUNT FOR THE

YEAR ENDED 31 DECEMBER, 2008

The accounting polices and notes on pages 65 to 72 form an integral part of these Financial Statements.


63

Notes 2008(GH¢)

2007(GH¢)

Non-Current Assets

808,380,1 569,200,1 3 tnempiuqE & stnalP ,ytreporP

000,04 000,04 21 CIG ni serahS ytiuqE

1,042,965 1,123,808

Current Assets

497,584 905,117 5 stnemtsevnI mreT trohS

626,696 772,026 6 elbavieceR stnuoccA

985,711 996,383 secnalaB hsaC dna knaB

900,003,1 584,517,1

Current Liabilities

260,66 944,77 7 slaurccA dna elbayaP stnuoccA

260,66 944,77

Net Current Assets 1,638,036 1,233,947

Non-Current Liabilities

575,2 - 9 naoL mreT gnoL

575,2 -

Net Assets 2,681,001 2,355,180

Represented by:

518,048,1 270,291,2 dnuF detalumuccA

463,874 929,254 b8 tnarG derrefeD

000,63 000,63 31 )CIG( tneR derrefeD

2,681,001 2,355,179


BALANCE SHEET AS AT 31 DECEMBER, 2008

The Financial Statements on pages 62 to 72 were approved by the Board of Directors on 29th October, 2009 and were signed on its behalf by:

The accounting polices and notes on pages 65 to 72 form an integral part of these Financial Statements.


64


The accounting polices and notes on pages …. to ….. form an integral part of these Financial Statements.

NATIONAL INSURANCE COMMISSION CASHFLOW STATEMENT FOR THE YEAR ENDED

31 DECEMBER, 2008

Notes 2008 (GH¢) 2007

(GH¢)Operating Activities

193,422 728,264 01 snoitarepO morf detareneG hsaC

608,1 466,1 1 devieceR tseretnI

Net Cash Generated form Operating Activities 464,491 226,197

Cashflow from Investing Activities

Purchase of Property, Plant and Equipment 3 (79,408) (182,327)

658,4 995,01 4 elciheV rotoM fo elaS eht morf deecorP

)842,861( )517,522( tnemtsevnI fo esahcruP

893,05 817,89 1 devieceR emocnI tnemtsevnI

Net Cash used Investing Activities (195,806) (295,321)

Cash Flows from Financing Activities

- )575,2( tnemyapeR naoL

Net Cash Generated from / (used in) financing activities (2,575) -

Net increase/ (decrease) in Cash and Cash Equivalents 266,110 (69,124)

Movement in Cash and Cash Equivalents

317,681 985,711 raeY eht fo tratS tA

Increase/(Decrease) in Cash and Cash Equivalents 266,110 (69,124)

996,383 raeY eht fo dne tA 117,589


CASHFLOW STATEMENT FOR THE YEAR ENDED 31

DECEMBER, 2008


65

ACCOUNTING POLICIES

a. Basis of Accounting

The Financial Statements have been prepared under the historical cost convention as modified by accrual basis and comply with Ghana Accounting Standards.

b. Property, Plant 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 Biulding 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.

c. Grants

Grants relating to the purchase of property and equipment are included in non-current liabilities as deferred income and are credited to the income statement on a straight- line basis over the expected lives of the related assets.

d. Cash and Cash Equivalents

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

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

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

g. Translation of Foreign Currencies

Translations 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 conversion and translation are dealt with in the Income and Expenditure Account in the year in which they arise.


66

Notes 2008

(GH¢)

2007(GH¢)

Levies on Insurers 1,879,082 1,248,526

Levies on Brokers 89,186 61,558

Licensing/Renewal Income 120,315 30,123

Investment Income 98,718 50,398

Interest on Current Account 1,663 1,806

Motor Contribution 575,304 508,728

Grant Income 8a 80,145 51,840

Deferred Grant Income 8b 25,435 25,435

Rent Income/Fees - IITC 143,206 128,315

Other Income 34,766 33,731

3,047,820 2,140,460

Other Income is made up of the following:

Notes 2008 (GH¢)

2007

(GH¢)

Year Book Sales 3,335 3,452

Gain on Sale of Assets 7,066 4,856

Insurance Supervisor’s Adverts - 150

Interest on Loans 6,273 5,136

Insurance Claims 11,092 -

Product Filing Fees 7,000 20,137

34,766 33,731


NOTES TO THE FINANCIAL STATEMENTS FOR THE


1. INCOME: GH¢ 3,047,820

This is made up as follows:


67


NOTES TO THE FINANCIAL STATEMENTS FOR THE


2. EXPENDITURE: GH¢ 2,696,563

Expenditure includes:

The average number of persons employed by the Commission during the year was 60 (2007:51)


NATIONAL INSURANCE COMMISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 DECEMBER, 2008 2. EXPENDITURE: GH¢ 2,696,563

Expenditure includes:

Notes 2008 (GH¢)

2007

(GH¢)

083,958 628,431,1 tsoC ffatS

824,4 026,6 noitarenumeR ’srotiduA

314,033 741,514 stnemulomE ’srotceriD

239,461 617,6513 noitaicerpeD

021,44 868,25 tsoC rekcitS

The average number of persons employed by the Commission during the year was 60 (2007:51)


68

Office

Bu

ildin

g Fu

rnit

ure

and

Fitti

ngs

Mot

or Veh

icle

s Office

Eq

uipm

ent

Compu

ters

Re

side

ntial

Fu

rnis

hing

To

tal

G

H¢

G

H¢

G

H¢

G

H¢

G

H¢

G

H¢

G

H¢

Cost

At

1st

Janu

ary

2008

(A)

823,

450

162,

113

392,

933

133,

583

50,3

43

73,5

84

1,63

6,00

6

Add

ition

s -

3,

426

- 34

,174

27

,101

14

,707

79

,408

Dis

posa

ls -

- -

(3

88)

(13,

329)

-

(13,

717)

At 3

1st D

ecem

ber

2008

82

3,45

0 16

5,53

9 39

2,93

3 16

7,36

9 64

,115

88

,291

1,

701,

697

Dep

reciati

on

At 1

st Ja

nuar

y 20

08

130,

929

70,6

22

175,

570

115,

468

36,2

03

23,4

08

552,

200

Char

ge fo

r th

e Ye

ar

24,7

04

15,3

70

69,2

14

14,1

22

15,6

48

17,6

58

156,

716

Dis

posa

ls -

- -

(3

10)

(9,8

74)

- (1

0,18

4)

15

5,63

3 85

,992

24

4,78

4 12

9,28

0 41

,977

41

,066

69

8,73

2

Net

Boo

k V

alue

At 3

1st D

ecem

ber

2008

66

7,81

7 79

,547

14

8,14

9 38

,089

22

,138

47

,225

1,

002,

965

At 3

1st D

ecem

ber

2007

69

2,52

2 91

,492

21

7,36

2 18

,115

14

,140

50

,175

1,

083,

806

Cost

–Fu

lly Dep

reci

ated

Asset

s (B

) -

3,42

6 -

388

13,3

29

- 17

,143

DEP

RECI

ABL

E V

ALU

E (A

-B)

823,

450

162,

113

392,

933

166,

981

50,7

86

88,2

91

1,68

4,55

4

3.

PR

OP

ER

TY, P

LA

NT

AN

D E

QU

IPM

EN

T


69National Insurance Commission

Annual Report 2008 75

4. GAIN ON DISPOSAL OF ASSETS This is made up as follows:

2008

(GH¢)

2007(GH¢)

Cost 13,717 223,882 Accumulated Depreciation (10,184) (223,882) Net Book Value 3,533 - Proceeds 10,599 4,856 Gain/(Loss) on Disposal 7,066 4,856

5. SHORT TERM INVESTMENTS: GH¢711,509


2008

(GH¢)

2007(GH¢)

Treasury Bills 268,198 237,396 Fixed Deposits 381,154 191,976 Non-negotiable Certificate of Deposit 62,157 56,422 711,509 485,794

Purchase of Investments (Additions during the year) 225,715 168,248

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 RECIEVABLES AND PREPAYMENT: GH¢ 620,277


2008

(GH¢)

2007(GH¢)

Levies Due from Insurers and Brokers 90,004 203,581 IITC Debtors 3,416 32,442 Staff Advances 355,959 325,118

Sundry Debtors 28,046 58,986 Accrued Investments Income 40,146 12,523

Withholding Tax Credit 6,293 5,571

Receivable from Provident Fund 11,144 -

Prepaid Insurance Expense 23,751 14,980

Compensation Fund 16,047 -

VA 45,471 36,791

Others 6,634

620,277 696,626



2008

(GH¢)

2007(GH¢)




2008

(GH¢)

2007(GH¢)






2008

(GH¢)

2007(GH¢)







VA 45,471 36,791

Others 6,634

620,277 696,626



2008

(GH¢)

2007(GH¢)




2008

(GH¢)

2007(GH¢)






2008

(GH¢)

2007(GH¢)







VA 45,471 36,791

Others 6,634

620,277 696,626

4. GAIN ON DISPOSAL OF ASSETS





6. ACCOUNT RECEIVABLES AND PREPAYMENT: GH¢ 620,277



70


7. ACCOUNTS PAYABLE AND ACCRUALS: GH¢ 77,449


Notes 2008

(GH¢)

2007(GH¢)

Accrued Expenses 16 44,971 46,382

West African Insurance Institute 17,753 3,842

Sundry Payable 2,000 -

Provident Fund / Wages Payable 410 2,115

Compensation Fund - 13,723

Deposit on TV Advertising 9,740 -

Current Portion of Long-Term Loan 2,575 -

77,449 66,062

8. a. GRANT INCOME: GH¢ 80,145 This is made up of EMCB/FINSSP Grants and Deferred Grant Income

2008

(GH¢)

2007(GH¢)

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

80,145

51,840

b. DEFERRED GRANT INCOME: GH¢ 452,929

2008

(GH¢)

2007(GH¢)

Balance at 1st January 478,364 503,799

Additions - -

478,364 503,799

Transfer to Income and Expenditure Account (25,435) (25,435)

Balance at 31st December 452,929 478,364

Current Portion (within a year) 25,435 25,435

Long Term Portion (after one year) 427,494 452,930

452,929 478,364




Notes 2008

(GH¢)

2007(GH¢)








77,449 66,062


2008

(GH¢)

2007(GH¢)


80,145

51,840


2008

(GH¢)

2007(GH¢)


Additions - -

478,364 503,799





452,929 478,364




Notes 2008

(GH¢)

2007(GH¢)








77,449 66,062


2008

(GH¢)

2007(GH¢)


80,145

51,840


2008

(GH¢)

2007(GH¢)


Additions - -

478,364 503,799





452,929 478,364





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


71


9. LONG TERM LOANS: GH¢ 2,575

2008

(GH¢)

2007(GH¢)

At 1st January - 2,575

At 31st December - 2,575

Long Term Loan represents unsecured interest free loans from certain insurance companies in Ghana to pre-finance the construction of the Insurance Industry Training Centre (IITC) building. Balance brought forward has been transferred to current liabilities.

10. RECONCILIATION OF EXCESS OF INCOME OVER EXPENDITURE TO CASFLOW FROM

OPERATING ACTIVITIES

notes 2008 (GH¢)

2007

(GH¢)

Excess of Income over Expenditure 351,257 51,637

Amortisation of Capital Grant 8b (25,435) (25,435)

Depreciation 3 156,716 164,932

Gain on Disposal of Property and Equipment 4 (7,066) (4,856)

Interest Income (1,663) (1,806)

Investment Income (98,718) (50,398)

Increase/Decrease in accounts receivable and prepayment

76,349 146,049

Increase / (decrease) in accounts payable and accruals 11,387 (55,732)

Cash Generated from Operating Activities 462,827 224,391

11. CASH AND CASH EQUIVALENT

Changes during

the year

2008

(GH¢)

2007

(GH¢)

Cash and bank 266,110 383,699 117,589

12. EQUITY SHARES IN GHANA INSURANCE COLLEGE

This represents National Insurance Commission’s share holding in the Ghana Insurance College.

13. DEFERRED RENT INCOME (GIC)



2008

(GH¢)

2007(GH¢)






notes 2008 (GH¢)

2007

(GH¢)








76,349 146,049




Changes during

the year

2008

(GH¢)

2007

(GH¢)

Cash and bank 266,110 383,699 117,589






2008

(GH¢)

2007(GH¢)






notes 2008 (GH¢)

2007

(GH¢)








76,349 146,049




Changes during

the year

2008

(GH¢)

2007

(GH¢)

Cash and bank 266,110 383,699 117,589






10. RECONCILIATION OF EXCESS OF INCOME OVER EXPENDITURE TO CASHFLOW FROM OPERATING ACTIVITIES


12. EQUITY SHARES IN GHANA INSURANCE COLLEGEThis represents National Insurance Commission’s share holding in the Ghana Insurance College.

13. DEFERRED RENT INCOME (GIC)This represents Rent Income received from the Ghana Insurance College which is to be recognized over three years from 2009.

14. CAPITAL COMMITMENTS There were no Capital Commitments as at 31 December 2008 (2007:Nil).


72

15. CONTINGENT LIABILITIES There were no contingent liabilities at 31 December, 2008 (2007: Nil)

16. ACCRUED EXPENSES This is made up as follows:


This represents Rent Income received from the Ghana Insurance College which is to be recognized over three years from 2009.

14. CAPITAL COMMITMENTS

There were no Capital Commitments as at 31 December 2008 (2007:Nil).

15. CONTIGENT LIABILITIES

There were no contingent liabilities at 31 December, 2008 (2007: Nil)

16. ACCRUED EXPENSES


2008

(GH¢)

2007 (GH¢)

Audit Fees 6,620 4,428

Medical Expenses 5,333 3,724

Telephone 3,225 2,565

Water and Electricity 8,145 105

Withholding Tax Payable 2,302 3,563

PAYE, SSF, T&T, Repairs and Others 19,346 31,997

44,971 46,382


73

SOLVENCY GUIDELINES

SOLVENCY REGIME UNDER INSURANCE ACT, 2006 (ACT 724)

BackgroundThe current solvency regime requires the assets of Non-Life insurance companies at any point in time, to exceed their liabilities by at least 10% of net premium income in order to be technically solvent. In the case of Life companies, assets must at least equal liabilities.

In both cases, whilst all the liabilities on the Balance Sheet are taken into consideration, the assets are weighted according to some prescribed criteria to emphasize liquidity, safety and availability.

The above regime has been criticised as not being suitable for the current relatively stable macro economic environment with low interest rates.

Again, it has been difficult for some industry practitioners to fully understand the current guidelines especially the weighting factors and procedures. There have therefore been calls for a review of the current regime.

The NIC, in response to the above, set up an industry committee to review the guidelines. The report of the committee was rendered obsolete by further changes in the country’s economic situation and international regulatory standards.

In a related development, the 2008 National budget indicated the need for a review of the regulatory framework to enable insurance companies restructure their investment portfolios to reflect the current economic environment.

Based on the above considerations, the following Solvency guidelines have been issued by the National Insurance Commission to govern the investments of insurance companies in Ghana.

ObjectivesThe objectives of the solvency guidelines are as follows;

i. To ensure appropriate asset spread, good yield, and safety of the investments of insurance companies as well as appropriate asset liability matching.

ii. To ensure that Ghana’s solvency regime complies with international standards and best practice.iii. To enhance the contribution of insurance companies to the country’s economic development.

ScopeThis document covers the following subjects;

i. The solvency marginii. Solvency control levelsiii. Investment mix requirementsiv. Investment to total asset ratiov. Valuation rulesvi. Effective Date and Transitional arrangements

The Solvency marginThe International Association of Insurance Supervisors’ (IAIS) standard on solvency requires a solvency margin to be set to provide a safety buffer against events that may occur that are outside


74

the expected range of events for which risk reduction measures have been taken. This margin is also meant to serve as a buffer for assets whose full values may not be realised due to impairment or some factors which may not have been identified at Balance Sheet dates. The margin also reflects risks not taken into account in valuing liabilities including off-balance sheet exposures.

Both Life and Non-Life insurance companies are therefore required to have a financial solvency margin of 50% or the minimum capital which ever is higher. This means that at any point in time, an insurance company’s assets must be at least 150% of its liabilities or its Net Assets must be at least equal to the minimum capital requirement in order to be solvent.

Please note that the solvency margin shall in no case be less than the minimum capital requirement.

Solvency control levelsThe following control levels have been put in place to enable the NIC take a proactive approach of dealing with emerging insolvencies at the initial stages before they degenerate into crises. The solvency control levels and their consequent corrective actions are as follows;

Level Margin Corrective Action

GreenIf assets are 150% or more of li-abilities

Routine Monitoring

AmberIf assets are more than 125% of li-abilities but less than 150% thereof

Restructure investments

RedIf assets are at least equal to liabili-ties but less than 125% of liabilities

Enforcement Action/capital injection

Black If liabilities are more than assetsSuspend licence with the possibility of final licence withdrawal and liquidation

Investment MixSince this solvency regime mainly dwells on financial solvency, there is the need to ensure that investments of insurance companies are adequately spread. The investment portfolio of insurance companies is therefore required to comply with the following investment mix under the new solvency regime;

InvestmentProportion of Investment Portfolio

Life Non-Life

Government securities, cash and de-posits (excluding Statutory Deposit)

At least 35% At least 35%

Statutory DepositAt least 10% of minimum

capitalAt least 10% of minimum capital

Listed Stocks 0 – 30% 0 – 30%

Unlisted Stocks 0 – 20% 0 – 10%


75

Mutual Funds0 – 20%

0 – 20%

Investment Properties 10 – 30% 0 – 20%

Other investments approved by the NIC

0 – 10% 0 – 10%

Investments to Total Assets ratioIn addition to the investment mix, it is required that at any point in time, the ratio of investments to total assets should not be less than 55%. That is, at least 55% of the total assets of the company must be in direct investments. Direct investments are defined as assets that directly earn cash income or appreciate in value (capital appreciation) over time.

Valuation RulesValuation rules for both financial reporting and solvency assessments will be as prescribed by the International Financial Reporting Standards (IFRS). Effective implementation of and compliance with the IFRS by all insurance companies will provide an ideal condition for the solvency regime. This is because the IFRS has clear and appropriate valuation rules on both assets and liabilities.

The NIC is in the process of procuring a consultant to develop an accounting manual which is IFRS compliant for the insurance companies and also provide training on IFRS for the insurance industry. It is expected that this will enhance the financial reporting capacity under the IFRS and provide the necessary guidelines needed for the effective implementation of the solvency guidelines.

There will also be provisions in the Regulations to the Insurance Act, 2006 on related party transactions and assets.

Again, both the IAIS and the IASB are considering special valuation rules for insurance assets and liabilities. The final results of their discussion will be incorporated into the manual.

Effective Date and Transitional ArrangementsThese Solvency guidelines take effect in January 2008. This means that the 2008 annual returns and subsequent quarterly and annual returns will be assessed under the new regime.

However, a two year transitional period will be allowed within which all insurance companies will be expected to comply fully with the new solvency margins.

All insurance companies will be expected to have a solvency margin of at least 30% or Minimum Capital, which ever is higher by 31st December 2008, at least 40% margin by 31st December, 2009 and at least 50% margin by 31st December 2010 and thereafter.


76

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234

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220

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14

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3242

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Tel:

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Tel:

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1252

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234

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220

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14

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CT

3242

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Tel:

662

286,

664

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666

682,

663

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Fax:

671

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97/2

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3959

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Tel:

237

573,

027

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654

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kers

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ra N

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6046

, Can

tonm

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, Acc

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661

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’, Roo

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306

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6065

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160

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2210

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242,

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306

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764

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764

573,

764

573,

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390,

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210

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764

138

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117

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3547

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173

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152

82 A

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249

288/

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71,

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233

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117

, M

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936,

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167

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14

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257

7, T

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713

899

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3882

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15

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168

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2868

, Can

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250

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and

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CT

117,

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tonm

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, Acc

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Tel:

222

076/

2293

62

Fax:

233

944

e-m

ail:

unic

brok

@gh

ana.

com

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ocia

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915

5, K

IA,

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432

7960

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0 81

3296

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. Box

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6681

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2913

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662

744/

6628

33

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662

833

Top

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232

795

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240

569

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30

MID

AS I

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AN

105

54 A

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255

168

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258

667

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mid

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Plot

No.

A10

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31

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land

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206

, Tr

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ra

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237

242,

911

785,

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369

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32

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1443

8 Acc

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237

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8102

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ku J

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33

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AN

811

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912

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7619

44,

7866

03,

0243

7696

5

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786

602

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2nd F

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35

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P. O

. Box

468

, Acc

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224

559

Kan

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36

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178

41,

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230

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2060

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66,

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4486

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84

38U

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ts L

td.

P. O

. Box

CT

117,

Can

tonm

ents

, Acc

ra.

Tel:

222

076/

2293

62

Fax:

233

944

e-m

ail:

unic

brok

@gh

ana.

com

1st F

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915

5, K

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024

432

7960

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0 81

3296

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6681

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P. O

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CT

117,

Can

tonm

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Tel:

222

076/

2293

62

Fax:

233

944

e-m

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unic

brok

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com

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024

432

7960

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0 81

3296

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An

6681

Acc

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Te

l: 2

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5, 2

3216

5, 2

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8 Fa

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4, 2

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6, 2

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CONTENTSnicgh.org/wp-content/uploads/2016/07/2008_NIC_Annual... · 2020-03-26 · Insurance, Global...

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Transcript of CONTENTSnicgh.org/wp-content/uploads/2016/07/2008_NIC_Annual... · 2020-03-26 · Insurance, Global...