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& FINANCIAL STATEMENTSANNUAL REPORT16

National Insurance Commission2016 | Annual Report

National Insurance Commission

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Foreword 7

Chairman’s Report 8

The National Insurance CommissionCorporate Information 11

NIC’s Operations 12

Ghana Insurance Market Report2016 Economic Review 21

Ghana Insurance Market Report (2012 – 2016) 22

Financial & Ratio Analysis 36

Appendices2016 NIC Financial Reports 72

2016 Fire Maintenance Fund Financial Reports 86

List of Registered Insurance Companies 96

List of Registered Reinsurance Companies 103

List of Registered Broking Companies 104

Content

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2016 Annual Report National Insurance Commission

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FOREWORDIntroductionThe National Insurance Commission (NIC) issued the Governance and Risk Management framework in 2015. The activities of NIC in 2016 was geared at ensuring that the principles and values set out in the Governance and Risk Management framework are embedded in the regulated entities operations.

To this end, the NIC organised a number of workshops for key stakeholders in the insurance industry to educate them on what is expected of them in relation to the Governance and Risk Management framework.

In addition, the NIC worked to ensure that all the regulated entities were appropriately capitalised as per the NIC requirements. This was coupled with on-site inspections to ensure that firms have adequate measures in place to mitigate the risks inherent in their operations.

New Insurance Act

The NIC is in the process of reviewing the Insurance Act to make it more appropriate, given the changes witnessed in the insurance landscape. This will also ensure that the new Insurance bill, if passed into an Act, will be compliant with the most recent Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS).

The frameworks, directives and guidelines that the NIC has issued in the recent past will be included in the new Insurance Act. Other new areas to be included are as follows:

Group-Wide Supervision

It is generally accepted that the stand-alone view of an insurance company, which is part of a group of companies, does not give a full picture of the risks that policyholders are exposed to. This is the main risk that the following ICPs seeks to mitigate:

■ ICP 23: Group Wide Supervision

■ ICP 24: Macro Prudential Surveillance and Insurance Supervision

■ ICP 25 & 26: Cross Boarder Collaboration of the Supervision of Insurance Groups that are in more than one country.

However, a group-wide approach to the regulation of insurance groups is not currently part of the insurance regulations in Ghana. One of the key activities that the NIC will undertake in the coming years is to implement

a Group-wide supervisory framework.

Risk Based Capital Requirements

A key component of Risk Based Solvency Regime is Risk Based Capital Requirements. Risk Based Capital Requirement seeks to ensure that the capital requirement of an insurer is commensurate with the risks the insurer faces.

This will encourage robust risk management practices in (re) insurance companies in Ghana, as firms with robust risk management framework will hold less capital.

The introduction of the Risk Based Capital requirements will ensure that the regulation of insurance in Ghana is in line with international best practices such as Solvency II in EU, SAM in South Africa and C-ROSS in China. It will also make our regulations compliant with the ICPs.

Compulsory Insurance

There are currently two insurance products that are compulsory in Ghana. These are:

■ Third Party Motor Insurance

■ Fire Insurance for Private Commercial Buildings.

In addition to this, the NIC is considering other insurance products that should be compulsory. The aim of this exercise is to protect life and property as well as increase insurance penetration.


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1. INTRODUCTION

The National Insurance Commission (NIC) implemented various reforms in 2016. The Commission issued guidelines on Financial Conditions Reports, approval of Commission Rates, introduced the Risk Based Capital Requirement and Group-wide Supervision Framework. The Commission also organised workshops for key stakeholders to educate them on the corporate governance and risk management frameworks.

All the initiatives taken and directives or guidelines issued in 2016 were aimed at improving the operational efficiency of the regulated entities.

2. GUIDELINES ON COMMISSION RATES

The NIC in accordance with the requirements of section 77 of the Insurance Act 2006, Act 724 approved minimum commission rates payable to insurers and brokers for overseas facultative reinsurance placements of global multinational businesses by foreign intermediaries on the Ghanaian market.

3. ANTI-MONEY LAUNDERING AND COUNTER-ING THE FINANCING OF TERRORISM (AML/CFT)

Based on the Financial Action Task Force on Money Laundering (FATF) recommendations, the insurance industry was subjected to second round mutual evaluation in 2016. The Commission issued guidelines on Know Your Customer (KYC), Customer Due Diligence (CDD), Enhance Due Diligence (EDD), Beneficial Ownership, Independent Audit Assessment, Suspicious Transaction Reports, Record Keeping and Monitoring of Employee Conduct.

4. ENFORCEMENT OF COMPULSORY FIRE IN-SURANCE OF PRIVATE COMMERCIAL BUILD-INGS

The Compulsory Fire Insurance Task Force undertook several enforcement actions in Accra, Takoradi, Cape Coast, Tamale, Wa and Bolgatanga during the year under consideration. They inspected five hundred and seventy-three (573) Commercial buildings to demand evidence of compulsory fire insurance cover.

Out of the 573 buildings inspected 344 of them had procured compulsory fire insurance policies while the remaining 229 had not procured one as required under the Law.

The task force therefore arrested managers of the buildings and threatened to prosecute them if they failed to comply with the directive. They were further requested to report back to the various Police Headquarters with evidence of compliance.

Thereafter, managers of the 229 buildings had duly complied with the directive, with majority of them complying within 48 hours of arrest.

5. IMPLEMENTATION OF SOLVENCY FRAME-WORK

The New Solvency Frameworks for Life and Non-Life insurers were issued during the year after extensive consultations with all stakeholders on the Framework. This guideline uses a risk-sensitive approach to determining the solvency of insurance companies. The compliance date for the new solvency framework was 31st December, 2016.

In view of the above the commission issued a directive in 2016 to all life, non-life and reinsurance companies to maintain the recommended solvency levels.

6. IMPLEMENTATION OF GOVERNANCE AND RISK MANAGEMENT FRAMEWORK

The NIC as part of measures to adopt the Risk-Based approach to Supervision of Insurers, developed a Governance and Risk Management Framework to guide the operational activities of insurers as well as enhance the effective supervision of the Insurance and Reinsurance Companies.

Subsequent to the issuance of the frameworks the Commission organised capacity building seminars for Boards and Risk management control functions of all insurance and reinsurance companies to facilitate effective implementation. The Commission further issued directives on the requirements of the frameworks.

CHAIRMAN’S REPORTMr. Lionel Molbila



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7. RISK BASED SUPERVISION AND LEGAL FRAME-WORK

Risk Based On-Site inspections: In line with the implementation of its Risk Based Supervision Framework, the NIC inspected a number of companies to enable it determine their Risk Rating and the way forward.

The Commission provided feedback on a set of the financial condition reports (FCR) submitted by companies. A key part was the need for regular stress and scenario testing.

The Commission issued a directive that set out the minimum set of stresses and scenarios that companies are required to undertake as part of the FCR reports.

8. INDUSTRY PERFORMANCE

Some key performance indicators of the industry is summarised below:

LIFE

2016 (GHS M) 2015 (GHS M) GROWTH RATE

TOTAL ASSETS 2241 1744 28%

TOTAL INVESTMENTS 1939 1465 32%

ACTUARIAL LIABILITIES 1434 1165 23%

TOTAL CAPITALIZATION 649 463 40%

NON-LIFE

2016 (GHS M) 2015 (GHS M) GROWTH RATE

TOTAL ASSETS 1506 1320 14%

TOTAL INVESTMENTS 886 620 43%

TECHNICAL PROVISIONS 547 566 (3.4)%

TOTAL CAPITALIZATION 704 545 29%

Industry gross premium amounted to GHC 1,929million at year end 2016. This represents a growth of 24% from GHC 1,560million over the same period in 2015. Total premium for life insurance stood at GHC 859m while non-life business amounted to GHC 1070m. This represented a contribution of 45% and 55% respectively in 2016 compares with a similar contribution of 45% and 55% in 2015.

YEAR PREMIUM INCOME(GHS M) GROWTH RATE

2016 1,928,838,573 24%

2015 1,560,679,185 26%

2014 1,239,853,442 17.8%

2013 1,052,090,981 23.6%

2012 850,657,054 35.3%

2011 628,528,775 37.2%

2010 458,117,746 33.5%

2009 342,973,719

9. INSURANCE PENETRATION

Insurance penetration is still very low in the country. Insurance penetration, which is defined as the contribution of total insurance premiums to Gross Domestic Product (GDP) is still less than 2%. Conscious efforts are being made to improve the penetration through the encouragement and development of microinsurance as well as the enforcement of compulsory insurances in the country.

10. CONCLUSION

The year 2016 was likewise interesting but challenging as many difficult decisions were made. It included Directives on the implementation of the New Solvency Requirements and Risk Based Onsite Inspections; implementation of Governance and Risk Management Framework; and Financial Condition Reports (FCR).

These developments and directives will assist to improve operational efficiency of the insurance industry.


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CORPORATE INFORMATION



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CORPORATE INFORMATION

Board of Directors: Mr. Lionel Molbila Chairman

Miss. Lydia Lariba Bawa Commissioner of Insurance

Mr. Samuel Amankwah Member

Mr. Justin Amenuvor Member

Dr. Albert Gemegah Member

Ms. Sarah Fafa Kpodo Member

Mr. Emmanuel Baba Mahama Member

Secretary: Mrs. Emma Ocran

Management Team: Miss. Lydia Lariba Bawa Commissioner of Insurance

Mr. Simon N. K. Davor Deputy Commissioner of Insurance

Mrs. Emma Ocran Director, Legal Services

Mr. Michael Kofi Andoh Head, Supervision

Mr. Moses Ackah-Jayne Ag. Head, Finance

Mr. Joseph Bentor Head, Marketing, Research & External Relations

Mr. Martin Dornor Abayateye Head, Internal Audit

Auditors: Boateng, Offei & Co

Correspondent firm; Grant Thornton International

Chartered Accountants

P.O. Box CT 718

Cantonments, Accra

Tel: 0302-779065 / 0573233718/9

[email protected]

Bankers: Societe Generale Ghana

Universal Merchant Bank (Ghana) Limited

Cal Bank Limited

GCB Bank Limited

HFC Bank (Ghana) Limited

Zenith Bank (Ghana) Limited

The Royal Bank Ghana Limited

Registered office: National Insurance Commission

Appiah- Ampofo House

No. 67 Independence Avenue

North Ridge

P. O. Box CT 3456

Cantonments, Accra

Website: www.nicgh.org

Email Address: [email protected]


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1 Mr. Lionel Molbila Chairman

2 Miss Lydia Lariba Bawa Commissioner of Insurance

3 Mr. Justin Amenuvor Member

4 Mr. Emmanuel Baba Mahama Member

5 Dr. Albert Gemegah Member

6 Ms. Sarah Fafa Kpodo Member

7 Mr. Samuel Amankwah Member

8 Mrs. Emma Araba Ocran Secretary

BOARD OF DIRECTORS

1

4

7

2

5

8

3

6



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1

5

2

6

3 4

7

1 Miss Lydia Lariba Bawa Commissioner of Insurance

2 Mr. Simon N. K. Davor Deputy Commissioner of Insurance

3 Mrs. Emma Araba Ocran Director, Legal Services

4 Mr. Michael Kofi Andoh Head, Supervision

5 Mr. Joseph Bentor Head, Marketing, Research & External Relations

6 Mr. Martin Dornor Abayateye Head, Internal Audit

7 Mr. Moses Ackah-Jayne Acting Head, Finance and Administration

MANAGEMENT


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LICENSINGA total of fourteen (14) companies were licensed in 2016. One (1) Life, two (2) Non-Life companies, one (1) Loss Adjuster, and ten (10) Broking companies. The year ended with twenty-seven (27) Non-life, twenty-four (24) Life, three (3) Reinsurance and seventy-eight (78) Broking companies.

The 2 non-life companies were Loyalty Insurance Company Limited, located within the Shippers’ Authority building in Accra, and Multi Insurance Company Limited, with its head office in Kumasi. African Life Assurance Limited was also licensed within the year.

I AM Loss Adjusters & Surveyors Ghana Limited was the second loss adjusting company to be licensed since the inception of the Insurance Act, 2006 (Act 724).

The ten (10) new entrants to the broking sector are listed below:

i. Insurance Management Services Limited

ii. Worldwide Insurance Brokers Limited

iii. IRisk Management Limited

iv. Risk Partners Limited

v. Pacific Insurance Brokers Limited

vi. Strategic Insurance Consult Limited

vii. Anchor Premier Brokerage Limited

viii. Ideal Insurance Brokers Limited

ix. K & A Insurance Brokers Limited

x. Supreme Trust Insurance Brokers Limited

MergerThe NIC also approved a merger between Regency Alliance Insurance Limited and Nem Insurance Ghana Limited to form RegencyNem Insurance Ghana Limited. The Company’s equity is owned 60% and

40% between Regency Alliance and Nem Insurance respectively.

Regulatory DevelopmentsOne of the key objectives of the NIC in 2016 was the embedding of the Governance and Risk Management Frameworks into the operations of the regulated entities. As part of this, the National Insurance Commission (NIC) in Conjunction with the Ghana Insurance College (GIC) organised Directors’ Colleges for the Boards of Insurance and Reinsurance Companies. The purpose of this was to set out what was expected of the Board with regards to corporate governance and risk management.

In addition to the training for the Boards, the NIC also organised workshops for the following control functions:

1. Risk Management function

2. Internal audit function

3. Compliance function

4. Actuarial function

The purpose of these training programme was to expose the control functions to what is required of them as control functions and the tools they can use to achieve these objectives.

Risk based on-site inspectionsDuring the year 2016, the National Insurance Commission (NIC) undertook a number of risk based inspections. This assessed the risks inherent in the firms and the internal controls the firms had in place to mitigate these risks.

Circulars and Guidelines issued in the year 2016The table below summarises the Circulars and Guidance issued by the NIC in 2016.

NIC OPERATIONS



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No Circulars and Guidelines Issued for year 2016

1 Guidelines on Financial Condition Reports

2 Approval of Commission Rates

3 Minimum Commission Rates for overseas facultative reinsurance placements

4 Exclusion of flood from fire policies

5 Implementation of corporate governance and risk management for life, non-life and reinsurers

6 Implementation of solvency framework for life, non-life and reinsurers

7 Indebtedness of insurers and reinsurers

8 Investment In microinsurance and non-bank financial institutions

9 Stress and Scenario Testing

10 Submission of Reinsurance Treaty Programe for 2017

11 Prohibition of unlicensed business as insurance intermediary

Compulsory Fire Insurance EnforcementThe Compulsory Fire Insurance task force undertook several enforcement actions in Accra, Takoradi, Cape Coast, Tamale, Wa and Bolgatanga during the year under consideration. They inspected five hundred and seventy-three (573) commercial buildings to demand evidence of compulsory fire insurance cover.

Out of the 573 buildings inspected 344 of them had procured compulsory fire insurance policies while the remaining 229 had not procured one as required under the Law.

The task force therefore arrested managers of the buildings and threatened to prosecute them if they failed to comply with the directive. They were further requested to report back to the various Police Headquarters with evidence of compliance.

Thereafter, managers of the 229 buildings had duly complied with the directive, with majority of them complying within 48 hours of arrest.

Penalties and Fines As part of efforts to ensure compliance with provisions of the Insurance Act 2006, Act 724 and Guidelines, the Commission levied penalties against four (4) insurance companies.

The breaches involved the placement of facultative reinsurances without approval, violation of market conduct rules in respect of motor insurance, resignation of a Board Chairman without informing the Commission and violation of the No Premium No Cover (NPNC) directive.

Regional OfficesThe NIC continued to oversee the activities of its Regional Offices in Kumasi, Takoradi and Tamale.

The Tamale office is responsible for the Northern sector of the country, Takoradi office serves the Western and Eastern sector of the country whilst the Kumasi office serves the Ashanti and Brong-Ahafo Regions of the country.

During the year under review a new office was opened in Ho to serve the Volta and Eastern Regions of the country.

The three (3) offices continued to carry out their core functions namely; to receive complaints from the public and to resolve the complaints, conduct branch inspections of insurance companies, undertake public education activities and enforcement actions to ensure compliance with compulsory fire insurance law. Where complaints were beyond their capabilities they were referred to the head office in Accra for resolution.

Court CasesIGI Life Assurance Company Limited (IGI Life) and Industrial & General Insurance Company Limited (IGI General)

Following the Fast Track High Court’s Order for the Official Liquidation of the two (2) companies the Official Liquidator proceeded with the sale of the companies’ assets.

The total amount realised from the sale of the assets is as follows;

IGI General - GHS2,300,000.00

IGI Life - GHS362,200.00

The amounts stated above were paid to IGI General and IGI Life claimants on a pro-rata basis as follows:

IGI General - 40% of actual claim

IGI Life - 70% of actual claim


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E & E Platinum Investment vrs SIC Insurance Company Ltd, Ecobank Ghana Limited, National Insurance CommissionThe plaintiff E & E Platinum Investments Limited proceeded to the Commercial Division of the High Court and secured an Order for Garnishee Nissi against Ecobank, GCB Bank and the NIC as custodians of monies held on behalf of SIC Insurance Company.

SIC Insurance Company issued a Credit Guarantee Bond on behalf of T-7 Enterprise in favour of E & E Platinum Investments Limited. T-7 Enterprise defaulted and E&E Platinum called on the bond but SIC failed to honour the claim on suspicion of fraud.

E & E Platinum Investments Limited sued SIC Insurance Company and secured judgement for an amount of Twenty-three thousand Ghana Cedis (GHS23,000.00) and One hundred and ninety-two thousand, eight hundred and seventy-four US dollars (USD192,874) respectively.

At the request of the Lawyers of SIC, the parties involved agreed to withdraw the application for an order for Garnishee proceedings and settled the matter out of Court amicably and the Court granted the request.

CONSUMER COMPLAINTS In 2016, the Commission received 354 complaints from

the public. One hundred and thirty-eight (138) complaints had been resolved as at the end of 2016.

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

Repudiation of claim by insurers

Delay in settlement of claims

Dispute over quantum

Delay in payment of settled claims.

The complaints received from life policyholders centered on the following areas:

Benefits promised by insurers differ from benefits on policy documents.

Insurance company’s failure to cease deductions after policy had been surrendered

Payment of low surrender values

Delay in processing matured policies for payment

Delay in returning refund of wrongful deductions

Unauthorized premium deductions

Failure by insurance companies to submit policy documents

TYPE OF COMPLAINTS TOTALSBodily Injury 162

Death 45

Life 94

Own Damage 9

Third Party Property Damage (TPPD) 18

Bonds 8

Marine 1

Others* 17

Total 354 *Others: Employee Grievances and Broker/Agent Commissions



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BodilyInjury45.8%

Death12.7%

Life26.6%

OwnDamage2.5%

TPPD5.1%

Bonds2.3%

Marine0.2%

Others4.8%

TYPEOFCOMPLAINTS(2016)

BodilyInjury Death Life OwnDamage TPPD Bonds Marine Others

Complaints and Settlement Bureau ProcedureCompanies, against whom complaints were made, were informed in writing.

Depending on the nature of the complaint, a company was either requested to react, or invited to meet with the complainant(s) and officers of the National Insurance commission (NIC) in an effort to resolve the complaint.

In some instances the “Bureau” referred cases to the Motor Compensation Fund Committee.

These included complaints from injured motor victims of uninsured vehicles, claims repudiated by insurers on grounds of change of ownership or for other breaches under the Motor Insurance Third Party Insurance Act and Hit and Run cases.

The Bureau received the necessary co-operation from insurers and petitioners during the year under review.

Written commendations were received from petitioners and companies expressing appreciation to the Commission for its mediation efforts.

Distribution of Complaints against Insurance CompaniesOut of the total number of complaints received, 258 were brought against non-life insurance companies, 94 against life insurance companies and two against brokers. Forty-Seven complaints were received in respect of uninsured vehicles.

The tables below reflect the trend of complaints brought against life and non-life insurance companies over the past five years.

CompaniesNumber of Complaints per Year

2012 2013 2014 2015 2016

Non-life insurance companies 165 199 193 217 258

Life insurance companies 67 113 327 222 94

Total 232 222 520 439 352

Others (including uninsured vehicles) 83 68 35 47 2


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Distribution of Complaints by Companies (Non-Life)

CompaniesYear

2012 2013 2014 2015 2016

1 Activa International Insurance Co. Ltd - 1 1 1 -

2 Allianz Insurance Co. Ltd 1 - 1 1 -

3 Best Assurance Company Limited - - - - -

4 Donewell Insurance Co. Ltd 9 21 19 15 16

5 Ecowas Brown Card 3

6 Enterprise Insurance Co. Ltd 2 2 3 8 6

7 Equity Assurance Co. Ltd 14 6 10 11 20

8 Ghana Union Assurance Co. Ltd 2 2 - - 1

9 Glico General Insurance Co. Ltd 2 1 - 1 5

10 Hollard Insurance Co. Ltd - - - - 7

11 Heritage Energy Insurance Co. Ltd (formally IEI) 2 - 3 4 3

12. IGI (Ghana) Insurance Co. Ltd* 11 - - - -

13. Metropolitan Insurance Co. Ltd - 4 3 4 -

14. Millennium Insurance Co. Ltd - - - 1 2

15. NEM Insurance (Ghana) Co. Ltd 1 1 8 15 -

16. NSIA Insurance (Ghana) Co. Ltd 3 2 5 3 2

17. Phoenix Insurance Co. Ltd 2 3 7 4 7

18. Provident Insurance Co. Ltd 10 12 2 13 8

19. Prime Insurance Co. Ltd - 2 - 3 1

20. Priority Insurance Company Limited - - - - -

21. Quality Insurance Co. Ltd 4 9 10 11 16

22. Regency Alliance Insurance Co. Ltd 1 2 2 1 -

23. RegencyNem Insurance Co. Ltd** 17

24. Saham Insurance Ghana Limited 1 2 8 6 2

25. SIC Insurance Co. Ltd 52 70 45 60 59

26. Star Insurance Co. Ltd 16 24 28 25 46

27. Unique Insurance Co. Ltd 20 16 20 15 11

28. Vanguard Assurance Co. Ltd 10 14 16 14 14

29. Wapic Insurance Co. Ltd 2 5 2 1 12

TOTALS 165 199 193 217 258* Under liquidation** merger Regency Insurance and NEM Insurance



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Distribution of Complaints by Companies (Life)

CompaniesYear

2012 2013 2014 2015 20161 Adamas Life Insurance Company - - - - 1

2 A-Plus Assurance Company - - - - 1

3 Capital Express Life Insurance Co. Ltd 1 2 8 4 5

4 Donewell Life Insurance Co. Ltd 2 1 5 3 0

5 Esich Life Insurance Company Ltd - - - 3 8

6 Enterprise Life Assurance Co. Ltd 9 25 31 18 20

7 Prudential Life Insurance Co. Ltd 4 7 84 65 0

8 Ghana Life Insurance Co. Ltd 3 10 3 4 2

9 Glico Life Insurance Co. Ltd 8 18 29 10 2

10 IGI Life Insurance Co. Ltd 1 - - - 0

11 Metropolitan Life Insurance Co. Ltd 10 17 45 19 5

12 Old Mutual Life Insurance Co. Ltd* - - 6 3 13

13 Phoenix Life Insurance Co. Ltd 2 2 11 - 3

14 Provident Life Insurance Co. Ltd 3 2 3 - 0

15 Prudential Life Insurance Co Ltd - - - - 5

16 Quality Life Insurance Co. Ltd 2 2 8 4 3

17 Saham Life Insurance Co. Ltd 5 - 9 4 6

18 SIC Life Insurance Co. Ltd 6 18 42 52 6

19 Star Life Insurance Co. Ltd 6 5 16 12 3

20 Unique Life Insurance Co. Ltd 2 2 10 13 5

21 UT Life Insurance Co. Ltd 1 2 4 3 4

22 Vanguard Life Insurance Co. Ltd 2 - 13 5 2

TOTAL 67 113 327 222 94

*previously Provident Life

Distribution of Complaints by Companies (Brokers)

CompaniesYear

2012 2013 2014 2015 2016

1 Shield Insurance Brokers Limited - - - - 1

2 Tri-Star Insurance Brokers Limited - - - - 1

TOTAL - - - - 2

STATUTORY FUNDSMotor Compensation FundThe Motor Compensation Fund Committee continued with its mandate to achieve the object of the Fund as prescribed under section 192 of the Insurance Act 2006, (Act 724) namely:-

a. To compensate persons who suffer injury or death through a motor accident and who are unable to obtain compensation from an insurance company, and


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b. To promote public education on motor insurance in particular and insurance business in general.

The Committee desirous of streamlining the awards of Motor Insurance Compensation with the view to ensuring objectivity, uniformity, equity and fairness, developed new guidelines: “Motor Compensation Fund Guidelines for Computation of Awards” to aid the award of compensation.

Under the new guidelines the computation of the awards would be determined under six main headings as follows:

i. Medical Expenses

ii. Extent of Injuries

iii. Percentage Disability/ Deformity

iv. Residual Injuries

v. Period of Hospitalization

vi. Nursing Assistance

The aggregate of the awards calculated under all the headings constitutes the final award payable to an applicant.

The Awards Sub-committee held 10 sittings in the year 2016. In all, 105 applicants received approval from the Committee and were awarded a total GHS606,240.75. The 105 applications were made up of 82 injury cases and 23 death cases.

The table below reflects the number of awards and the average claim per award over the past five years:

2012 2013 2014 2015 2016

No. of awards 116 115 107 128 105

Total amount (GHS) 249,706 282,816 551,900 682,764 606,241

Av. claim per award (GHS) 2,153 2,459 5,158 5,334 5,774

The amount paid to successful petitioners ranged between GHS850 and GHS16,000. Six applications were however referred to the Commissioner as “special cases” for her consideration. The petitioners in the applications referred to as “special cases” had suffered various severe bodily injuries as follows:

■ Severe multiple fracture and abrasions

■ Paralysis

■ Amputation (Legs or Arms)

■ Dislocation(hips)

■ Knee replacement

■ Needed second surgery etc.

The extent of their injuries had rendered them fully or partially incapacitated and deformed.

As part of the objective of the Motor Compensation Fund, the Committee carried out public education on television and radio stations in Accra and in some regional and district capitals of the nation.

Client Rescue FundSection 197 of the Insurance Act 2006, Act 724 established the Client Rescue Fund. The Fund among other functions is to be used to compensate clients and policyholders of insurance companies that become bankrupt.

The Client Rescue Fund Committee held one meeting in

the year 2016. The meeting was mainly to inaugurate the re-constituted Client Rescue Fund Committee members.

Fire Maintenance FundSection 185 of the Insurance Act 2006, (Act 724) established the Fire Service Maintenance Fund. The object of the Fire Maintenance Fund is to provide funds and equipment to state institutions assigned with firefighting functions and such other organizations as the Commission may determine for the purpose of fighting fires.

The Fire Fund Committee, as part of its mandate set up the Fire Task Force to monitor and ensure the adherence of the provision of sections 183 and 184 of the Insurance Act 2006, Act 724. These sections relates to compulsory Insurance for Private Commercial Buildings and Buildings under Construction.

As part of its objectives, the Fire Taskforce carried out Public Education and Monitoring Exercises in Accra and in some regional and district capitals. The Taskforce was made up of officials from the NIC, Ghana Police Service and the Ghana National Fire Service.

As at the year ending 31 December 2016, the total income of the Fund was GHS716,388.14 and the total expenditure was GHS 169,963.55.



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GHANA INSURANCE MARKET REPORT

ECONOMIC REVIEW

Overview of the EconomyPolitical uncertainty, unstable commodity prices and weak global demand characterised the global economy in 2016. The unexpected vote of the United Kingdom to exit the European Union (‘Brexit’) in June 2016 was a shock to many throughout the world and impacted on the financial markets greatly. Similarly, the expected elections in the US and many other parts of the world created political uncertainty that brought with it turbulence in the economic environment. The global economy therefore recorded a lower growth rate of 3.1% compared to the 3.4% recorded for 2015.

Generally, growth in the advanced economies was subdued, recording an average growth of 1.7% for 2016. The major economic powers in Europe recorded mixed growth in 2016. Germany and Italy recorded positive growth albeit marginally; Britain and France recorded a marginal drop in growth while growth in Spain was maintained. Generally, the euro zone growth dropped from 2.0% in 2015 to 1.7% in 2016. The United States recorded 1.6% growth in 2016 compared to the 2.6% achieved in 2015. The Asia region continue to be the fastest growing region in the world driven by strong domestic demand. Economic growth in South Asia rose by 6.7% in 2016 while the East Asia and Pacific region grew by 6.3% in 2016. Growth in China fell marginally from 6.9% to 6.7%. (Source: World Economic Outlook, April 2017)

Fall in commodity prices adversely affected the economies of Sub-Sahara African leading to revenue shortfalls. Fall in the price of crude oil for example significantly affected Ghana and Nigeria who are major economic brokers in Sub-Sahara Africa. The economy of Nigerian contracted by 1.5%, dropping from 2.7% in 2015.

Crude oil prices were quite low for most of the year. It started the year at $31.9 per barrel but ended the year at $54.9. Gold prices averaged a rise of 7.7% from $1,069.4 in 2015 to $1,151.2 in 2016. Cocoa prices fell from $3,301 in 2015 to $2,268 in 2016. (Source: MOF)

The Ghanaian Economy experienced subdued growth as a result of various challenges in 2016. While

low oil revenues led to revenue shortfalls, utility tariffs hike, transport cost and rising interest rate impacted heavily on inflation. The never ending power sector crisis and poor domestic demand coupled with the introduction of numerous taxes adversely affected disposable income especially as we got closer to the general elections in December.

Overall real GDP recorded a drop from the growth of 3.9% in 2015, achieving a growth of 3.5% against a target of 4.1%. Non-oil GDP achieved a growth of 4.6%. The 2016 GDP growth of 3.6% was mostly aided by the growth in the services sector of 5.9% and the Agriculture sector: 3.6%. (Source: MOF)

The year ended with a budget deficit of 7.8% of GDP with the debt stock rising marginally from 72.2% of GDP in 2015 to 72.5% of GDP at the end of 2016.

InflationHeadline inflation rose sharply from 17.7% in December 2015 to 19.0% in January 2016 and reached a high of 19.2% by March 2016. This was due mainly to upward adjustment in ex-pump prices of petroleum products and the utility tariff hikes introduced in the last quarter of 2015. Inflation however declined steadily to 15.4% by the end of the year. This was aided by the IMF extended credit facility programme which was aimed at restoring fiscal discipline and macroeconomic stability.

Interest RateThe Monetary Policy Committee of the Bank of Ghana maintained the Monetary Policy Rate at 26% for much of the year but eventually reduced it by 50 basis points to 25.5% in November, 2016. Short-term securities however, declined significantly during the course of the year with the benchmark 91-Day Treasury bill ending the year at 16.4% from 23.1% at the beginning of the year. The 182-Day Treasury bill also declined from 24.4% to 17.6%. The longer term securities such as the 1-Year and 2-Year Treasury notes on the other hand declined very marginally from 22.8% to 21.5% and 23.3% to 22.5% respectively.


22

Exchange RateThe Ghana cedi did much better in 2016 than the previous year, depreciating by 9.6% against the US dollar as compared to 31.2% recorded in 2015. The US dollar ending the year at GHS4.2/USD. For the Euro the depreciated was 5.3% ending the year at GHS4.4/Euro while the Pound Sterling appreciated by as much as 10% ending the year at GHS5.2/GBP.

Developments on the Ghana Stock Market 2016 was a challenging year for the Ghana Stock Exchange as the high returns on short term securities was more attractive to most investors. The difficult economic environment characterized by poor industry performance and coupled with the tough tax regime all impacted negatively on most listed companies. The Composite Index (GSE-CI) declined during the year by 15.33% in 2016 compared with a loss of 11.7% in 2015. About 23 stocks recorded losses with only 6 gainers for the year. Market capitalisation also declined by 7.7% to GHS 52,910 at the

end of 2016 from GHS 57,116.8 million in 2015.

GHANA INSURANCE MARKET REPORT

Assets and Liabilities (excluding Reinsurance)Aggregate insurance industry assets stood at GHS 3.76bn as at the end of 2016, representing a growth of 23% from GHS 3.06bn in the prior year. Life’s contribution to total industry assets was GHS 2.25bn representing 60% as against Non-life’s contribution of GHS 1.51bn representing 40%.

Total assets mainly consist of Investments, Cash and Property, Plant and Equipment (PPE). Figures 1 (b) and (c) show that investments form the largest portion of total assets. It makes up about 87% of the assets of long-term insurers (Life) and 59% of the assets of the short-term insurers (Non-life).

Total Technical provision by the end of the year 2016, stood at GHS 1.98bn representing a growth of 14% from GHS 1.73bn in 2015. The figures below show pictorial analyses of Total Assets between Life and Non-life for the years under review.

Fig. 1(a)

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

2016 2015 2014

2,24

1,04

1,44

6

1,74

4,17

1,94

3

1,38

3,42

7,95

8

1,50

5,67

6,46

3

1,32

0,37

0,21

2

886,65

9,34

6

TotalAssets:YearlyAggregateIndustryContribution

Life Non-life

Source: Financial returns from regulated entities



23

Fig. 1(b) Composition of Total Life Industry Assets

87%

5%4%4%

Annual,2016

Investments Cash

Other Assets PPEor FixedAssets

83%

6% 6% 4%

Annual,2015

Investments Cash

OtherAssets PPEorFixedAssets

81%

7% 8% 5%

Annual,2014

Investments CashOtherAssets PPEorFixedAssets

Fig 1(c) Composition of Total Non-Life Industry Assets

59%

7%

24%

10%

Annual,2016

Investments Cash OtherAssets PPE

47%

10%

34%

9%

Annual,2015



24

62% 11%

18%

9%

Annual,2014


Source: Based on data submitted to the NIC by licensed companies.

PERFORMANCE OF THE REINSURANCE SECTORThe non-life sector contributed GHS173 million of the Reinsurance market premium, representing 92% of the

sector’s income. The life sector contributed GHS14million of the premium income to close the year 2016 contributing 8% of the aggregate income. The low contribution of premiums by life business of the Reinsurance sectors income is mainly due to the high retention of life insurers who generally sell investment saving linked products.

Figure 3

-

50,000,000

100,000,000

150,000,000

200,000,000

Life Non-life

14,053,709

173,223,471

11,418,416

140,800,625

8,446,151

107,462,304

6,580,506

86,727,612

4,649,741

74,975,650

PremiumIncomeforReinsurancecompanies(2012-2016)

2016 2015 2014 2013 2012

Figure 3 (d) above depicts a pictorial analysis of the reinsurance industry for the past five years.

Reinsurance Premium TransfersReinsurance provides capacity to insurers and helps to smoothen out irregular performance. The NIC has issued its Reinsurance Guidelines in a bid to develop the sector

by ensuring that local capacity is fully utilized before any recourse to overseas reinsurance. The table below shows the amounts that were approved to be transferred overseas for a two (2) year period.



25

Overseas Reinsurance Premium Transfers

Currency 2016 2015

Dollars (US$) 9.72m 4.45m

Pounds Sterling (£) 862 4,568

Euros (€) 36,052 427,337

Ghana Cedis (GHS) 4.68m 18.1m

PREMIUM BY CLASS OF BUSINESS NON-LIFEThe motor class of business continued its dominance with a premium income of GHS 518m, contributing 48% of the overall premium income for 2016. It grew by 46% over the 2015 premium of GHS355m. Fire, Theft and Property contributed 21% of the total premium for 2016 and grew by 12% compared to the 2015 results. Marine & Aviation, and Personal Accident & Medical both came

third with an overall contribution of 6% of the total premium of GHS1.07bn in 2016. Engineering contributed a gross market premium of GHS90m and a market share of 8%.

Expectations for Marine to grow remain high due to the on-going enforcement of section 37 of Insurance Act, 2006 (Act 724). Importers are obliged to insure their goods locally for the industry to reap the benefits of an increase in premium income. Refer to Table 5 below for premiums per class of business.

Fig 4: Analysis of Non-Life Premiums by Class of Business

21%

48% 6%

6% 3%

5%8%

1%

2016:NonLifeClass ofbusiness

F,T&P Motor P,H&M M&A Liability FinancialLoss Engineering Others

Note:F, T & P - Fire, Theft and PropertyP, H &M - Personal Accident, Health and MedicalM & A - Marine and AviationFinancial Guarantee: Bonds


26

INSURANCE BROKING MARKETIn 2016, brokers received revenue amounting to GHS 72.5m representing a growth rate of 12%. As shown in Table 6 below, 64% of the total commission income was contributed by the top ten (10) brokers which stood at GHS 45.1m.

With a contribution of GHS 15m and GHS 6m representing 33% and 13%, KEK Insurance and Edward Mensah, Wood & Associates Limited maintained their respective positions as 1st and 2nd in the sector. Gras Savoye (now Willis Towers Watson Ghana limited), Safety, Shield and Crown improved to 3rd, 5th, 8th and 9th positions

respectively. However, KEK Reinsurance and Horizon declined to the 4th and 7th positions respectively. Midas Insurance made it to the 10th position with income in excess of GHS 2m representing 5% of the market share for 2016. Tri-Star and Crown Insurance Brokers Limited both maintained their respective 6th and 9th positions in 2016 as in prior year. This analysis does not include figures from the 10 newly licensed brokers because they are start-ups and were inactive during the year.

Below is the list of top ten brokers based on their market share /commission income:

NAME OF BROKER COMMISSION INCOME

1 KEK Insurance Brokers Limited 14,921,591

2 Edward Mensah, Wood & Associates Limited 6,031,736

3 Gras Savoye Ghana Limited (now Willis Watson Towers Gh.) 5,230,618

4 KEK Reinsurance Brokers (Africa) Limited 3,678,527

5 Safety Insurance Brokers Limited 3,019,912

6 Tri-star Insurance Services Limited 2,766,881

7 Horizon Insurance Brokers Limited 2,748,823

8 Shield Insurance & Risk Management Company Limited 2,597,133

9 Crown Insurance Brokers Limited 2,089,394

10 Midas Insurance Brokers Ltd 2,054,216

Total (GHS) 45,138,831

Fig. 4 Analysis of Brokerage Commission

2835

48

67

7135

26

3639

11

0

5

10

15

20

25

30

35

40

45

0

10

20

30

40

50

60

70

80

2012 2013 2014 2015 2016

Reve

nues(inGHSmillion)

Brokeragegrowthoverfiveyears(2012-2016)

Source: Data submitted by licensed Brokers



27

Figure 4 above shows a pictorial analysis of the growth of brokerage income over the past five years. As indicated, the rate of growth has been fluctuating. From 35% in 2012, the growth rate fell sharply to 26% in 2013. It then increased substantially in 2014 and 2015 partly due to the upward review in motor tariffs and then plummeted to 11% in 2016.

Table 1 Products Approved in 2016

No. COMPANY PRODUCT

1 African Life Insurance Company Limited Care Education Plan

2 African Life Insurance Company Limited Care Funeral Plan

3 African Life Insurance Company Limited Care Protection/Credit Life Plan

4 African Life Insurance Company Limited Care Term Life (Keyman) Plan

5 African Life Insurance Company Limited Care Group Term Life Plan

6 Best Assurance Company Limited Foreign Travel Insurance

7 Enterprise Life Assurance Company Limited Educare

8 Enterprise Life Assurance Company Limited Life Time Needs Plus

9 Enterprise Life Assurance Company Limited Elac Living Plus Plan

10 Enterprise Life Assurance Company Limited Elac Executive Plus plan

11 Enterprise Life Assurance Company Limited Transitions

12 Esich Life Insurance Company Limited Asomdwe Policy

13 First Insurance Company Limited Annuity (Immediate and Deferred)

14 Glico Life Insurance Company Limited Annuity (Immediate and Deferred)

15 GN Life Insurance Company Limited Group Term Policy

16 Hollard Insurance (Gh) Limited Lost Card Protection Policy

17 Metropolitan Life Insurance (Ghana) Limited Revised Investment Product (Goal Achiever Plan)

18 Old Mutual Life Assurance Company Limited Ecobank Retirement Savings Plan

19 Old Mutual Life Assurance Company Limited Transition Product

20 Prudential Life Insurance Ghana Limited PRU Smarter Life Plan/(Prudent Life Plan)

21 Prudential Life Insurance Ghana Limited SGBank Classic Funeral plan

22 Prudential Life Insurance Ghana Limited Changes Made to Tigo Family and hospital support plans

23 Prudential Life Insurance Ghana Limited BIMA PEG Hospital Cash

24 Prudential Life Insurance Ghana Limited BIMA Family Health Plan

25 Prudential Life Insurance Ghana Limited Tigo Income Protection Plan

26 Prudential Life Insurance Ghana Limited Petra trust Savings Insurance/ Savings Dream Guide

27 Saham Insurance Ghana Limited Directors & Officers Liability Protect

28 Saham Insurance Ghana Limited Home & Household Protect

29 Saham Insurance Ghana Limited Office Protect

30 Saham Insurance Ghana Limitedl Motor Protect

31 UT Life Insurance Company Limited Educational Plan

32 UT Life Insurance Company Limited Funeral Plan

33 UT Life Insurance Company Limited Update of UT Group Life Plan

Source: Data from Actuarial Department of the NIC.


28

Table 2(a) Growth in Industry Gross Premium (2012 - 2016)

Year Premium Income (GHS) Growth Rate %

2012 850,679,973 -

2013 1,052,090,981 24

2014 1,239,853,442 18

2015 1,560,679,185 262016 1,928,838,573 24

Table 2(b) Growth in Gross premium for Non-Life Insurance (2012 -- 2016)


2012 494,891,864 -

2013 582,456,306 18

2014 659,262,969 13

2015 854,825,825 30

2016 1,070,057,051 25

Table 2(c) Growth in Gross Premium for Life Insurance (2012-2016)


2012 355,788,109 -

2013 469,634,675 32

2014 580,590,473 23

2015 705,853,360 22

2016 858,781,522 22

Table 2 (d) GROSS PREMIUMS OF NON-LIFE COMPANIES (2012 - 2016)

No COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS)

1. Activa Int. 16,066,559 21,720,151 26,900,589 38,268,180 40,818,428

2. Allianz Ins. 14,222,126 16,666,082 26,624,368 21,858,529 27,183,279

3. Best Ass. NA NA NA NA 4,918,453

4. Donewell Ins. 12,545,982 14,570,013 14,970,003 20,357,071 30,530,398

5. Enterprise Ins. 43,178,409 61,330,000 70,398,623 100,996,493 135,446,537

6. Equity Ass. 10,792,727 12,608,637 15,696,407 21,294,662 31,468,150

7. Ghana Union* 14,519,988 21,856,982 22,348,675 31,536, 467 33,526,207

8. Glico Gen. 31,905,202 39,691,703 46,397,194 68,638,428 69,660,874

9 Imperial Gen. NA 966,772 5,571,696 6,508,200 9,239,314

10 Heritage Energy 7,814,808 8,196,429 6,132,835 6,721,760 N/S

11. Hollard Ins. 44,405,519 53,899,625 63,307,559 77,273,501 84,094,685

12 Millennium Ins. 4,122,644 7,259,603 6,637,176 8,161,485 12,930,952



29

No COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS)

13 NSIA Ghana 7,234,632 8,157,332 5,428,571 7,948,287 10,998,238

14 Phoenix Ins. 20,908,895 24,296,304 25,178,385 34,770,287 46,278,553

15 Prime Ins. 575,000 2,163,114 5,306,379 12,158,093 29,389,566

16 Priority Ins. 27,888 2,135,922 2,597,458 3,872,158 8,940,836

17 Provident Ins. 9,842,235 9,793,754 10,462,289 14,952,407 20,364,746

18 Quality Ins. 15,520,067 17,170,940 19,356,125 23,090,012 30,946,446

19 RegencyNEM 6,323,879 8,382,758 12,476,495 17,807,025 28,733,674

20 Saham Ins. 4,940,299 8,308,085 10,221,468 12,913,133 11,207,580

21 SIC Ins. 109,965,628 111,897,149 113,069,892 138,984,920 160,111,229

22 Star Assurance 60,895,352 57,005,894 71,228,815 91,584,258 119,710,991

23 Unique Ins. 5,020,265 5,726,279 5,983,230 7,856,036 11,167,973

24 Vanguard Ass. 41,776,384 53,039,656 58,172,319 72,775,120 97,100,246

25 Wapic 8,536,786 9,409,454 8,013,773 11,211,667 15,289,696

TOTALS 494,891,864 582,456,306 659,262,969 854,825,825 1,070,057,051

Source: Data Submitted and signed by industry Players to the NIC

Note: ‘NA’ companies were either not licensed or yet to provide operational result ‘*’ means 4th Quarter data was used due to late submission of audited annual data N/S - Heritage Energy had not submitted its reports at the time this report was finalised.

Table 2(e) GROSS PREMIUM OF LIFE COMPANIES (2012 – 2016)

No. COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS)

1 A-Plus NA NA NA NA 56,742

2 Capital Express (Now Aviance Life) 812,057 809,346 580,154 477,366

3 Donewell Life 7,186,954 8,118,905 8,241,894 7,705,518 7,134,666

4 Enterprise Life 89,118,307 123,846,285 156,244,014 200,438,627 235,311,893

5 Esich Life* NA NA 1,663,326 8,200,464 12,375,460

6 First Insurance Comp. NA NA NA NA

7 Ghana Life Ins*. 8,278,234 10,533,661 12,731,893 14,740,234 17,911,223

8 Ghana Union Life* 2,498,486 4,724,564 5,014,211 7,395,373 7,636,506

9 Glico Life Ins. 36,022,000 55,546,000 59,654.05 64,926,000 82,733,226

10 GN Life Ass. NA NA NA 1,179,090 7,270,045

11 Metropolitan Life 19,642,000 21,574,030 26,344,298 29,924,473 31,595,032

12 Old Mutual Ass. 15,760,743 15,458,278 16,477,834 22,765,849 33,425,000

13 Phoenix Life Ins. 5,841,693 7,121,098 7,627,824 8,029,873 10,224,115

14 Prudential Life Ins. 1,781,307 5,378,355 11,722,469 20,720,285 33,814,009


30


15 Quality Life Ass. 5,863,825 7,021,932 8,480,291 8,972,136 9,424,765

16 Saham Life 130,406 906,352 2,550,358 4,563,663 5,999,595

17 SIC Life 100,301,526 127,244,626 158,323,730 181,272,376 212,960,892

18 Starlife Ass. 39,806,490 53,428,493 68,191,153 82,520,271 105,620,200

19 Unique Life (now Beige Assure) 3,475,538 3,798,298 4,834,636 5,022,477 3,700,690

20 UT Life 6,722,840 11,952,035 15,697,395 18,872,345 19,634,602

21 Vanguard Life 12,545,703 12,122,417 16,210,947 18,126,941 22,009,604

TOTALS 355,788,109 469,634,675 580,590,473 705,853,361 858,781,522 Source: Data Submitted and signed by industry Players to the NIC

Note: *‘NA’ means companies either not licensed then or yet to produce figures. ‘*’ means 4th Quarter results were used due to late submission of annual dataBlank cells/spaces indicates that the company had not submitted its reports at the time the report was finalised.

Table 3(a) Profit after Tax for Life Companies


1. A-Plus NA NA NA NA (1,269,475)

2. Capital Express (302,211) (502,708) (1,775,344) N/S

3. Donewell Life (632,376) (1,904,686) 2,282,567 (69,383) 753,586

4. Enterprise Life 22,779,290 34,372,110 42,459,149 39,475,528 50,444,042

5. Esich Life * NA NA (2,455,077) (17,897,566) 9,697,271

6. First Insurance NA NA NA N/A N/A

7. Ghana Life* (995,838) 313,665 2,837,155 (103,179) (220,220)

8. GUA Life* 607,727 1,014,484 446,060 2,215,310 1,504,820

9. Glico Life 16,347,700 10,159,159 4,844,515 4,708,648 26,749,215

10. GN Life NA NA 1,574,831 1,027,207 5,534,381

11. Metropolitan Life (4,117,694) 3,617,895 3,735,547 4,304,019 961,466

12. Old Mutual 1,876,857 (15,789,349) (16,877,203) (6,305,000) 3,686,001

13. Phoenix Life 136,774 367,828 (2,810,091) (571,815) 489,378

14. Prudential (2,347,123) (4,195,123) (5,706,222) (7,057,185) (3,122,725)

15. Quality Life 960,475 1,426,916 1,102,537 517,732 548,741

16. Saham Life (583,578) (200,524) 5,866 111,583 332,681

17. SIC Life 5,371,215 9,288,157 12,382,878 15,547,729 3,407,626

18. StarLife 22,927,764 4,739,658 8,050,762 6,054,695 10,922,050

19. Unique Life 120,608 (1,701,622) (837,374) (2,493,520) (3,393,346)



31


20.

21.UT Life 403,975 2,008,795 786,428 (3,980,163) (10,431,350)

22. Vanguard Life (662,411) 211,151 (466,020) (2,800,994) 373,524

Total By Year 61,891,154 43,728,514 50,853,600 30,908,304 98,237,141

Table 3(a) Profit After Tax for Life Companies

Source: Data Submitted by licensed Life companies

Note: N/A – A Plus Esich and First Insurance had not been licensed. N/S – Capital Express had not submitted their reports at the time of finalising this report‘*’ means 4th Quarter results were used due to late submission of annual data

Table 3(b) Profit After Tax for Non-Life Companies

No. Company 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS)

1. Activa 1,885,345 781,634 2,575,779 2,582,380

2. Allianz (469,397) (788,624) (2,512,678) (1,592,056)

3. Best Assurance NA NA N/A 439,553

4. Donewell 1,561,159 3,235,787 3,454,261 5,071,865

5. Enterprise 13,522,000 8,314,907 9,238,477 17,023,497

6. Equity 1,425,393 1,263,176 2,177,456 4,177,606

7. GUA* 1,024,264 1,221,690 3,388,629 913,913

8. Glico General 812,653 (3,489,527) (1,492,335) 3,813,043

9. Hollard 2,823,074 1,560,741 4,428,310 8,124,290

10. Imperial Gen. 220,543 228,339 122,011 (1,254,015)

11. IEI / Heritage (5,390,403) (3,281,638) 249,233 N/S

12. Millennium 1,621,823 601,201 (155,221) 1,828,426

13. NEM 261,515 329,888 542,667 N/A

14. NSIA (2,816,023) (3,623,029) 602,653 1,202,744

15. Phoenix (91,960) 2,011,860 1,701,742 5,752,775

16. Prime (1,204,301) (6,135,082) (889,655) 745,706

17. Priority 881,056 1,317,602 2,680,385 1,628,931

18. Provident 9,119,943 3,174,096 5,839,491 5,514,311

19. Quality 1,137,964 140,242 650,405 2,937,363

20. RegencyNem 784,781 2,135,023 529,167 2,725,976

21. Saham 173,203 123,209 414,546 (4,290,683)


32

No. Company 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS)

22. SIC 594,652 (8,303,403) 10,035,509 3,646,458

23. Star Assurance 5,610,573 1,129,093 14,016,260 19,600,192

24. Unique (1,335,826) (209,695) 17,762 4,238,056

25. Vanguard 4,429,673 906,791 5,914,810 7,777,244

26. Wapic (660,618) 2,501,595 (2,190,904) (3,967,022)

Total 35,921,086 5,145,876 61,338,759 88,640,553 Source: Data Submitted licensed Non-Life companies

*Note: The 2013- 2015 figures of RegencyNem belong to Regency Alliance Insurance Company Limited before the merger. Heritage Energy had not submitted its reports as at the time of finalising this report.

Table 4: Premium Income for Reinsurance companies (2012-2016)

Year Life (GHS)Non-life

(GHS)

Total

(GHS)Growth

Rate

Market share

Non-life

Market share Life

2012 4,649,741 74,975,650 79,625,391 34% 94% 6%

2013 6,580,506 86,727,612 93,308,118 18% 93% 7%

2014 8,446,151 107,462,304 115,908,455 24% 93% 7%

2015 11,418,416 140,800,625 152,219,041 31% 92% 8%

2016 12,749,034 161,292,156 174,041,190 14% 93% 7%

Source: Data Submitted and signed by industry Players to the NIC.Included in 2016 is a draft Annual data for Ghana Reinsurance

Table 5 Premium Distribution by Class of Business (2014-2016)

Non-Life Class

of Business

2014

(GHS) Contribution

per class

2015

(GHS)Contribution

per class

2016

(GHS)Contribution

per class

Fire, Theft and property 154,236,365 23.4% 198,072,421 23.2% 221,506,349 28%

Motor 267,658,809 40.6% 355,227,506 41.6% 518,257,208 48%

Personal Accident, Health and Medical 59,493,539 9.0% 84,671,194 9.9% 68,659,141 6%

Marine and Aviation 58,261,326 8.8% 62,446,511 7.3% 68,497,311 6%

Liability 22,609,439 3.4% 28,707,779 3.4% 34,083,134 3%

Bonds/Financial Guarantees 30,075,314 4.6% 41,777,399 4.9% 54,654,670 5%

Engineering 36,031,308 5.5% 61,571,738 7.2% 90,035,148 8%

Other Approved Products 30,896,869 4.7% 22,351,277 2.6% 14,364,090 1%

Total Non-Life Premiums 659,262,969 100% 854,825,825 100% 1,070,057,051 100%



33

LIFE AND NON-LIFE 2014 Market share 2015 Market

Share 2016

Total Non-Life Premiums 659,262,969 53% 854,825,825 55%

1,070,057,051 55%

Life Business (All the classes) 580,590,473 47% 705,853,361 45%

858,781,522 45%

Grand Total (Life and Non-Life) 1,239,855,456 100% 1,560,681,201 100% 1,928,838,573 100%

Source: Data Submitted and signed by industry Players to the NIC

*The Non-Life product lines have been realigned, thus separating Bonds/Financial Guarantees, Engineering and Liability from Personal Accident line of business.

Table 6: Brokerage Commission for 2012 – 2016 expressed in Cedis


1. AG & Assoc. 48,850 146,423 220,709 326,800 N/S

2. Akoto Risk 458,838 542,781 630,740 960,550 1,203,754

3. All Risks 742,283 689,827 721,166 763,677 879,618

4. AllStar - 415,953 538,093

5. Allied 59,645 52,343 134,279 75,579 110,051

6. Alpha 352,147 352,147 474,200 554,134 701,662

7. Apex 78,316 64,457 318,336 374,483 628,716

8. ARB 264,395 494,090 800,266

9. ARK 118,399 162,741 254,695 311,321 347,425

10. Arrowclass 774,653 999,791 1,324,991

11. Ascoma Ghana 416,587 679,537 1,225,130 1,134,591 1,401,987

12. Asterix 108,911 131,319 192,507 129,207 197,194

13. Baobab 9,682 36,185 103,687 188,203

14. Boaitey & Associates - 264,810 542,177

15. Byllwych - 3,694 N/S

16. Cardinal Brokers * - 193,340 363,280 273,582

17. Ceris Int’l 251,312 325,020 801,849 577,793 N/S

18. CLAIM Ltd. 354,390 242,468 511,109 483,781 340,547

19. Corporate Trust 162,367 542,789 249,279 982,734 N/S

20. Crown 1,016,883 1,165,184 1,611,389 1,874,542 2,089,394

21. Danniads 837,503 981,531 1,367,910 1,369,603 1,458,624

22. Dezag Insurance Brokers Limited 48,958 171,380 190,253

23. Double D & M 15,561 20,907 - 62,906 N/S


34


24. Dynamic 281,379 270,994 402,873 461,250 444,832

25. Edward Mensah, Wood & Associates. 3,472,549 3,718,846 4,060,201 6,596,403 6,031,736

26. Eureka 51,289 84,015 - N/S

27. Felin Brokers 147,350 427,251 592,832 905,780

28. First Anchor 588,822 638,421 1,195,548 1,478,209 1,424,594

29. Functions Risk 27,657 144,511 202,619

30. GBL Insurance Brokers Ltd. 3,694 23,270

31. Ghana Int’l Brokers 41,105 118,096 N/A N/A N/S

32. Global Impact 96,336 91,763 125,550 113,395 129,673

33. Goldlink 40,140 46,708 95,300

34. Goodwill - 2,704 73,442

35. Gras Savoye 1,618,102 2,091,824 2,229,774 3,232,346 5,230,618

36. Horizon 1,046,989 1,544,717 2,143,062 2,721,601 2,749,823

37. Insurance Centre 102,167 124,892 189,745 280,919 376,241

38. Insurance Consult. 380,056 232,232 204,661 193,349 295,054

39. Insurance Solutions 252,466 385,187 723,412 1,053,551 1,466,311

40. KAV 60,261 130,216 114,770 98,677 224,683

41. KEK 6,812,012 8.272,563 10,909,117 13,265,860 14,921,591

42. KEK Reins. 1,020,834 1,450,312 2,507,054 3,293,701 3,678,527

43. Khols & Hols 23,301 272,412

44. Liberty Brokers 78,117 171,056 191,365 277,784 229,930

45. Lordship 272,579 327,665 470,040 531,091 669,372

46. M & G Ins. Brok. 436,770 478,626 758,816 928,308 1,090,259

47. Maxpal Interm. 162,498 152,932 63,166 83,574 143,009

48. Metrix 90,330 218,222 328,624

49. Midas 664,353 1,034,889 1,474,030 1,802,416 2,054,216

50. Multinational 65,266 211,036 362,427

51. NDL Consult 69,400 206,702 230,157 232,442

52. Novelty - 144,950 152,198

53. OAK Brokers - 40,161 -

54. Premier Brokers 14,715 31,697 129,152 137,180 230, 211

55. Progressive 507,379 881,760 924,358 1,126,622 1,418,800

56. Prudent Ins. Brokers 301,714 320,226 324,768 270,249 302,425

57. Riscovery Ltd. 40,108 181,171 682,218 722,401 840,990



35


58. Risk Mgt. & Adv. 516,566 930,215 1,519,347 2,287,277 2,013,409

59. Safeguard - 31,290 1,119,123

60. Safety 1,012,457 1,510,646 2,034,626 2,557,076 3,019.912

61. Saviour 67,945 68,121 10,561 194,240 N/S

62. Shield 505,956 1,145,922 1,530,327 2,102,993 2,597,133

63. Trans-National 222,366 354,437 470,585 420,156 473,070

64. Trinity - - 88,699 112,900 158,523

65. Tri-Star 1,481,263 1,604,359 2,095,376 2,612,467 2,766,881

66. UGroup Ltd. 23,501 36,115 43,652 62,325

67. Universal 123,944 130,016 - 101,896 93,446

68. VISAL 1,160,472 1,244,939

Total 27,651,046 26,901,161 48,623,536 64,722,972 73,144,221,

Earnings of top 10 cos. 19,060,875 23,539,265 30,640,273 40,544,266 45,138,831

Percentage of top 10 68% 67% 63% 62.6% 62%

N/S – These companies had not submitted their reports as at the time of finalising this report.


36

LIFE COMPANIESThe Life sector grew by 21% in 2016 in terms of gross premium income. The analyses below do not include Adamas Life, First Insurance, Capital Express and Millennium Life Insurance Company. Companies with ratios out of range have not been included in determining the industry averages for the periods under review.

Key Income Statement Figures (2013-2015)

2016 2015 2014 2013

(GHS’m) (GHS’m) (GHS’m)

Gross Premium 858,781,522 705,853,360 578,927,147 469,825,330

Reinsurance 20,759,532 15,873,558 8,663,319 6,212,561

Net Premiums 838,021,990 688,003,933 571,818,794 462,612,769

Transfer to Life Fund (277,458,482) (268,854,540) (182,727,720) (210,035,111)

Underwriting Results (261,652,225) (312,247,111) (139,587,727) (23,352,153)

Net Policyholder Benefits Paid 443,544,001 392,832,147 305,093,314 213,783,081

Commissions 98,572,197 85,751,897 63,568,911 48,832,669

Management Expenses 253,938,737 252,806,835 169,075,741 114,070,306

Other Income 14,340,046 34,539,660 25,352,347 6,403,376

Investment Income 378,305,473 283,663,463 176,907,615 172,877,282

Net Profit after tax 98,237,141 (5,831,749) 54,648,759 46,298,727

Key Industry Average Ratios (2012-2016)

Life Ratios (%) 2012 2013 2014 2015 2016

Change in policyholder inflows 32 31 35 22 21

Policyholder Coverage (TP/Equity) 2.7x 2.6x 1.9x 1.8x 1.6x

Investment to Total Asset 70 70 78 84 84

Policyholder Benefits Cover (Inv./TP) 168 138 154 144 253

Retention Ratio 97 97 95 91 91

Investment Yield 12 19 18 17 16

Return on Equity 7.5 20 18 17 6

PERFORMANCE INDICATORS



37

Key Industry Average Ratios (2012-2016)

Life Ratios (%) 2012 2013 2014 2015 2016

Return on Assets 3 5 6 -1 0.04

Expense Ratio 57 57 61 65 65

Change in Capital and Surplus 93 7 180 18 57

CHANGE IN POLICYHOLDER INFLOWS

This ratio measures growth or contraction of a life insurer’s total premium (both risk and savings components) inflows from policyholders. The Average Policyholder inflow for 2016 (21%) is a point drop in the growth rate of long-term insurers’ premium(s) compared to the 2015 results. Generally the companies recorded lower growth rates compared to previous years. Unique Life and Donewell Life were the only Life Companies that actually experienced contraction in growth. A-Plus ratio is out of range mainly because it is a start-up and does not have a base year premium to compare with.

CHANGE IN POLICYHOLDER INFLOWS

Percentage (%)

Year: 2012 2013 2014 2015 2016

Industry Average: 32 38 35 22 21

Life Companies:

1 A-Plus Life Assurance Company Limited 1,079

2 Capital Express Assurance Ghana Limited 65 -18

3 Donewell Life Insurance Company Limited 0 14 1 -7 -8

4 Enterprise Life Assurance Company Limited 44 40 26 25 16

5 Esich Life Assurance Company Limited 511 51

6 Ghana Life Insurance Company Limited * 34 27 20 16 19

7 Ghana Union Assurance Life Company Limited * 53 78 -5 45 27

8 Glico Life Insurance Company Limited 5 49 10 8 27

9 GN Life Assurance Company Limited 553

10 Met Life Insurance Ghana Company Limited 40 9 22 10 5

11 Old Mutual Assurance Ghana Limited -2 -3 7 38 48

12 Phoenix Life Assurance Company Limited 64 18 7 3 28

13 Prudential Life Insurance Ghana Limited 53 202 113 73 64

14 Quality Life Assurance Company 25 20 21 6 5

15 Saham Life Insurance Ghana Limited 213 584 186 78 29

16 SIC Life Company Limited 39 27 24 15 18

17 StarLife Assurance Company Limited 46 34 28 21 28

18 Unique Life Assurance Company Limited 5 11 2 -27

19 UT Life Company Limited 158 80 31 20 3

20 Vanguard Life Assurance Company Limited -7 -10 36 10 23.09

Companies suffixed with * had their 4th quarter result used.


38

POLICYHOLDER COVERAGEThis ratio compares the equity and actuarial liabilities of a company. It is an indicator of how much capital the company has after all the actuarial liabilities have been considered. Generally, when the actuarial liabilities are more than 300% of the company’s equity, it is considered risky since the ability to absorb unexpected shocks may be impaired. The industry average of 161% shows an improvement in the capacity of long-term insurers to meet unforeseen shocks. This is however subject to the detail capital adequacy assessment.

POLICYHOLDER COVERAGE

Percentage (%)

Year: 2012 2013 2014 2015 2016


Life Companies:

1 A-Plus Life Assurance Company Ltd 2


3 Donewell Life Insurance Company Limited 0 -538 14532 -15011 179.52


5 Esich Life Assurance Company Limited -217 125


7 Ghana Union Assurance Life Company Ltd * 89 127 209 78 36

8 Glico Life Insurance Company Limited 102 115 125 147 125.54

9 GN Life Assurance Company Limited 5 8


11 Old Mutual Assurance Ghana Limited 450 1233 199 128 134







18 Unique Life Assurance Company Limited 248 -3593 -566 141


20 Vanguard Life Assurance Company Limited 411 241 75 147 28.52 Companies suffixed with * had their 4th quarter result used.



39

PROPORTION OF INVESTMENT TO ASSETSThis is an asset quality ratio calculated as a ratio of total investments (including cash and cash equivalents) to total assets. It seeks to establish the percentage of the company’s assets that are in investments as opposed to operational assets. Investment assets are generally kept to meet known liabilities and so a high investment assets show a positive position than a low investment assets ratio. Life Insurance sector recorded an average of 84%, same as in 2015. The higher the ratio, the better the quality of the company’s asset base. In 2016, Ghana Life, UT Life and Vanguard Life all had ratios below the industry average of 84%.

PROPORTION OF INVESTMENT TO ASSETS

Percentage (%)

Year: 2012 2013 2014 2015 2016


Life Companies:


2 Capital Express Assurance Ghana Limited 69 0 76

3 Donewell Life Insurance Company Limited 78 79 91 95 88




7 Ghana Union Assurance Life Company Limited * 88 68 72 86 73











18 Unique Life Assurance Company Limited 55 71 66 87


20 Vanguard Life Assurance Company Limited 70 63 53 46 73



40

POLICYHOLDER BENEFIT COVERThis is a measure of investment adequacy with respect to an insurer’s liability. It is calculated as a ratio of total investments to actuarial liabilities. It seeks to assess the adequacy of the company’s investments to cover the policyholder liabilities. The Life Sector recorded an average of 253% in 2016. This is the best in five years. The investment assets should, as a minimum, cover policyholder benefits. A ratio of less than 100% means that the company does not have enough investments to cover the policyholder liabilities. No company recorded a ratio below 100%. This ratio helps to analyse the adequacy of a company’s technical provisions and must be considered alongside policyholder benefit cover to ensure a company is not associated with the risk of under provisioning. A-Plus and GN Life ratios are out of range because it is a start-up.

POLICYHOLDER BENEFIT COVER

Percentage (%)

Year: 2012 2013 2014 2015 2016


Life Companies:

1 A-Plus Life Assurance Company Ltd 1,796














15 Saham Life Insurance Ghana Limited 815 702 393 1883 1,059









41

RETENTION RATIOThis ratio measures the proportion of the premiums that are not ceded to reinsurers. Retention among life insurers in Ghana is generally high. SIC Life had the highest retention ratio of 100%. Generally, this high retention rate can be attributed to the high savings oriented life policies relative to risk businesses in the life insurance market.

RETENTION RATIO

Percentage (%)

Year: 2012 2013 2014 2015 2016


Life Companies:


2 Capital Express Assurance Ghana Limited 100 100





















42

INVESTMENT YIELDThis ratio calculates the return on a company’s investments. It seeks to measure the quality of a company’s investment portfolio. It is the ratio of investment income to total investment. The industry average reduced by 1% to end the year 2016 with an average ratio of 16%. Nine companies recorded investment performance below the industry average. Saham Life and UT Life recorded very low yields far below the average Treasury bill rate of 16% within the same period.

INVESTMENT YIELD

Percentage (%)

Year: 2012 2013 2014 2015 2016


Life Companies:

1 A-Plus Life Assurance Company Ltd - - - - 22

2 Capital Express Assurance Ghana Limited 1 23



5 Esich Life Assurance Company Limited - - - 10 16




9 GN Life Assurance Company Limited - - - 18 17















43

RETURN ON EQUITY

This ratio calculates the return on shareholders’ fund over a period, usually, one year. A negative ratio implies the company experienced a loss or has a negative equity base or both during the period. Five companies recorded operational losses.

RETURN ON EQUITY

Percentage (%)

Year: 2012 2013 2014 2015 2016


Life Companies:

1 A-Plus Life Assurance Company Ltd -10

2 Capital Express Assurance Ghana Limited -15 0 -1,480

3 Donewell Life Insurance Company Limited 9 -14 1076 -31 4


5 Esich Life Assurance Company Limited -168 51

6 Ghana Life Insurance Company Limited -29 8 21 -1 -1




10 Met Life Insurance Ghana Company Limited -65 36 22 18 4

11 Old Mutual Assurance Ghana Limited 31 -487 -60 -75 6

12 Phoenix Life Assurance Company Limited 7 15 -34 -4 3

13 Prudential Life Insurance Ghana Limited -31 -118 -15 -23 -8


15 Saham Life Insurance Ghana Limited -30 -12 0 1 2



18 Unique Life Assurance Company Limited 33 812 -161 -48

19 UT Life Company Limited 7 18 5 -28 -31

20 Vanguard Life Assurance Company Limited -14 4 -8 -95 2.4Companies suffixed with * had their 4th quarter result used.


44

RETURN ON ASSETThis is a ratio of profit after tax to total assets. It seeks to measure the efficiency with which management utilize the assets of the company to generate returns for its various stakeholders. Market performance for this ratio is on the decline in last three years. This can be attributed to the increasing volume of assets in the industry and the low profit base of the companies.

RETURN ON ASSET

Percentage (%)

Year: 2012 2013 2014 2015 2016

Industry Average: 3 7 6 -1 0.04

Life Companies:

1 A-Plus Life Assurance Company Ltd -0.09

2 Capital Express Assurance Ghana Limited -10 0 -131

3 Donewell Life Insurance Company Limited 3 7 -0.2 0.01

4 Enterprise Life Assurance Company Limited 17 15 14 10 0.10

5 Esich Life Assurance Company Limited -73 0.58

6 Ghana Life Insurance Company Limited 2 9 -0.3 -0.01

7 Ghana Union Assurance Life Company Limited * 20 25 10 34 0.08

8 Glico Life Insurance Company Limited 16 8 3 3 0.12

9 GN Life Assurance Company Limited 4 0.19

10 Met Life Insurance Ghana Company Limited -8 5 4 4 0.01

11 Old Mutual Assurance Ghana Limited 6 -35 (18) -31 0.02

12 Phoenix Life Assurance Company Limited 1 3 (16) -2 0.02

13 Prudential Life Insurance Ghana Limited -20 -39 (11) -13 -0.05

14 Quality Life Assurance Company 6 7 4 2 0.02

15 Saham Life Insurance Ghana Limited -20 -6 0 1 0.02

16 SIC Life Company Limited 3 4 4 4 0.01

17 StarLife Assurance Company Limited 31 4 5 3 0.04

18 Unique Life Assurance Company Limited 2 -22 (9) -32 -0.19

19 UT Life Company Limited 3 8 2 -10 -0.16

20 Vanguard Life Assurance Company Limited -3 1 (4) -29 0.02




45

EXPENSE RATIOThis ratio calculates total management expenses as a percentage of total net inflows received from policyholders. It serves as a check on efficiency. A high ratio indicates inefficiency on the part of the insurance company in handling its activities. It actually means much of the premium is going into expenses and not policyholders’ benefit reserves. Unique Life and UT life spent more than their net premium written.

EXPENSE RATIO

Percentage (%)

Year: 2012 2013 2014 2015 2016


Life Companies:

1 A-Plus Life Assurance Company Ltd 4,358






















46

CHANGE IN CAPITAL AND SURPLUSThis ratio measures the growth or decline in the equity of the insurer over the previous year’s. It is the general measure of improvement or deterioration of an insurer’s financial position. Some of the factors that could affect this ratio are after tax profits or losses, changes in unrealized gains or losses on assets, or actuarial liabilities valuation policies and assumptions and regulatory enforcement to inject capital.

CHANGE IN CAPITAL AND SURPLUS

Percentage (%)

Year: 2012 2013 2014 2015 2016


Life Companies:



3 Donewell Life Insurance Company Limited 8 -28 -102 -207 -8595


5 Esich Life Assurance Company Limited -246 -279


7 Ghana Union Assurance Life Company Limited * 12 7 -21 167 463




11 Old Mutual Assurance Ghana Limited 110 -47 749 102 7


13 Prudential Life Insurance Ghana Limited 13671 -53 959 -19 28


15 Saham Life Insurance Ghana Limited 137 -10 0 782 2

16 SIC Life Company Limited 20 41 30 21 -3


18 Unique Life Assurance Company Limited -10 -143 -269 -556

19 UT Life Company Limited 410 84 41 -8 137

20 Vanguard Life Assurance Company Limited 8 25 0.1 -49 426




47

AGGREGATED LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016

ASSETS

2016 2015

GHS GHS

1. Cash 109,773,267 113,170,636

2. Investments:

Government of Ghana Securities 234,138,916 208,532,460

Bank of Ghana Securities 122,220,569 71,594,672

Statutory Deposits 21,026,008 11,096,574

Term deposits held at a licensed bank 938,217,992 674,016,790

Other term deposits 66,192,291 62,167,489

Corporate Debt 3,645,055 2,460,735

Securities listed on Ghana Stock Exchange 63,462,029 65,741,458

Other Securities 30,854,716 17,258,385

Equity backed mutual funds 59,019 2,379,928

Money market mutual funds 34,064,539 25,745,138

Land & building held as investment 363,313,109 266,855,868

Investments in, and subordinated loans to, connected persons 51,866,619 36,143,815

Other Investments 10,500,500 -

Total Investments 1,939,561,361 1,443,993,311

3. Receivables:

Policy Loans 49,082,582 65,473,120

Premium Debtors 5,194,420 1,308,882

Staff Loans and Advances 1,508,341 2,075,840

Due from reinsurers less than 3 months old 463,618 -

Due from reinsurers more than 3 months old 1,390,853 1,387,993

Due from other Insurers 93,997 -

Due from Agents and Brokers 2,442,070 1,414,214

Due from Connected Persons 4,888,174 9,366,955

Reinsurance Share of Insurance liabilities 847,691 703,144

Deferred Tax Assets 3,343,054 1,809,165

Other Receivables 27,261,181 27,743,977

Total Receivables 96,515,981 111,283,290

4. Property, Plant and Equipment

Lands and Buildings 45,141,749 36,663,852

Plant and Equipment 2,683,807 1,602,075


48


ASSETS

2016 2015

GHS GHS

Computer Hardware and Software 4,221,114 5,721,084

Motor Vehicles 14,703,789 12,100,669

Furniture and Fittings 7,602,201 7,334,957

Other Assets 16,959,025 10,649,496

Total Property, Plant & Equipment 91,311,686 74,072,134

5. Intangible Assets

Goodwill, unless otherwise deducted 9,239 -

Other assets shown as intangible assets 3,217,216 1,388,451

Total Intangible Assets 3,226,455 1,388,451

6. Other assets

Capitalized research and development costs - -

Deferred acquisition costs - 37,108

Corporate stationery 563,133 211,014

Other assets not included above 89,563 16,000

Capitalized research and development costs 652,696 264,122

Deferred acquisition costs - -

TOTAL ASSETS 2,241,041,446 1,744,171,943


LIABILITIES AND EQUITY

2016 2015

GHS GHS

1. Technical Provisions

Actuarial Liabilities 1,434,015,816 1,164,899,813

Investment Contracts Liabilities 2,158,476 2,990,771

Other Provisions 239,088 310,562

Total Technical Provisions 1,436,413,380 1,168,201,146

2. Payables

Bank Overdrafts and Loans 6,328,963 3,426,881



49


LIABILITIES AND EQUITY

2016 2015

GHS GHS

Due to Reinsurers 3,806,279 2,195,238

Due to Agents and Brokers 5,149,729 3,342,505

Taxation 13,544,861 2,752,594

Deferred Taxation 37,061,128 22,065,638

Due to Related Parties 8,339,180 13,114,018

Other Accruals & Payables 80,363,164 62,184,367

Total Payables 154,593,304 109,081,242

3. Long Term Liabilities

Bank Loans 1,435,198 3,895,535

Debentures -

Subordinated Debts -

Other Borrowings -

Total Long-Term Liabilities 1,435,198 3,895,535

4. EQUITY

Paid up perpetual cumulative preference shares held as treasury 457,148,815 344,410,996

Contingency Reserves 30,104,842 -

Revaluation Reserves (Owned Land & Building) 0 -

Revaluation Reserves (Investments excluding items to be deducted from core capital) 0 -

Revaluation Reserves (Others) 0 -

Other Reserves(please specify) 0 -

Retained Earnings, as at end of previous financial year 30,104,842 21,132,218

Current year net earnings/deficit 23,342,261 16,251,865

“Others 15,130,512 42,819,092

Total Equity 648,599,561 462,994,020

TOTAL LIABILITIES AND EQUITY 2,241,041,444 1,744,171,943


50

NON-LIFE COMPANIES

INTRODUCTIONThe Non-Life business grew by 28% in terms of gross premium income. The various growth and performance indicators have been summarized in the tables below.

2016 (GHS’ m) 2015 (GHS’ m) 2014 (GHS’ m) 2013 (GHS’ m)

Gross Premium 1,070 854 659, 582,

Reinsurance 402 355 272 204,

Net Written Premium 668 509 396 366

Net Earned Premium 597 475 394 325

Gross Claims Incurred 329 555 237 173

Management Expenses 445 273 274 210

Commissions 124 103 80 64

Underwriting Results (25) (65) (89) (24)

Investment Income 160 118 89 53

Other Income 25 30 22 20

Profit After Tax 88 61 22 73

Key Industry Average Ratios (2012 – 2015)

RATIO 2012 2013 2014 2015 2016

Change in Gross Written Premium (%) 38 18 13 32 28

Change in Net Written Premium (%) 43 14 13 43 41

Gross Insurance Risk Ratio 2.1x 2.2x 1.7x 1.7x 1.4x

Net Insurance Risk Ratio 1.4x 1.4x 1.1x 1.1x 0.7x

Change in Capital and Surplus (%) 12 25 76 48 45

Claims Reserve Ratio (%) 31 39 24 36 32

Retention Ratio (%) 71 71 68 68 68

Investments Yield (%) 10 16 16 16 16

PERFORMANCE INDICATORS



51

Key Industry Average Ratios (2012 – 2015)

RATIO 2012 2013 2014 2015 2016

Return on Assets (%) 5 5 4 3 4

Return on Equity (%) 12 11 6 16 9

Claims Ratio (%) 33 37 37 46 39

Expense Ratio (%) 78 75 92 89 94

Combined Ratio (%) 111* 112* 129* 135 133

Investments to Total Assets Ratio (%) 49 51 72 60 66

Technical Reserve Cover 160 141 70 76 64

CHANGES IN GROSS WRITTEN PREMIUMSThis measures growth or contraction in a company’s current gross premium relative to the prior year. In 2016 the industry recorded a ratio of 28%, a dip compared to 2015 growth rate of 32%. Nevertheless, the market continues to witness positive growth notwithstanding the cash requirement of the “No Premium No Cover” directive. While 11 insurance companies experienced some increase in growth, Activa, Ghana Union,Glico, Hollard and Saham saw their growth plummeting. Prime Insurance continue to show positive growth potential with ratios significantly above industry average in two years. Meanwhile Saham experienced contraction in growth to settle at -13%.

CHANGES IN GROSS WRITTEN PREMIUMS

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:

1. Activa International Insurance Company Limited 66 36 24 42 7

2. Allianz Insurance Company Limited 42 17 60 -18 24

3. Best Assurance Company Limited N/A N/A N/A N/A 0

4. Donewell Insurance Company Limited 6 16 3 36 50

5. Enterprise Insurance Company Limited 25 42 15 43 34

6. Equity Assurance Company Limited 66 17 24 36 48

7. Ghana Union Assurance Company Limited* 60 51 2 41 6

8. Glico General Insurance Company Limited 26 24 17 48 1

9. Heritage Insurance Company Limited -4 5 N/S N/S N/S

10. Hollard Insurance Company Limited 39 21 17 22 9

11. Imperial General Insurance Company Limited 0 0 420 20 42

12. Millennium Insurance Company Ltd 0 76 -9 23 58

13. NSIA Ghana Insurance Company 19 13 -33 46 38

14. Phoenix Insurance Company 45 16 4 38 33

15. Prime Insurance Company Limited 0 448 148 147 142

16. Priority Insurance Company Limited 0 7586 22 49 118


52

CHANGES IN GROSS WRITTEN PREMIUMS

Percentage (%)

Year: 2012 2013 2014 2015 2016

17. Provident Insurance Company Limited 24 1 7 43 36

18. Quality Insurance Company Limited 45 11 13 19 34

19. RegencyNEM Insurance Ghana Ltd 62 33 49 43 61

20. Saham Insurance Company Limited 206 137 23 26 -13

21. SIC Insurance Company Limited 34 2 1 20 15

22. Star Assurance Company Limited 76 -6 25 29 31

23. Unique Insurance Company Ltd 7 14 5 32 42

24. Vanguard Assurance Company Limited 30 27 10 25 33

25. Wapic Insurance (Gh.) Limited 21 -4 -15 19 36

Reinsurers:

1. Ghana Reinsurance Company Limited 38 10 21 34 13

2. Mainstream Reinsurance Company Limited 15 2 -4 20 35

3. GN Reinsurance N/A N/A - 1024 132

Companies suffixed with “*” had the 4th Quarter results used.N/A : Company was not licenced in the year of reporting.N/S : Company had not submitted report



53

CHANGES IN NET WRITTEN PREMIUMThis measures growth or contraction in the company’s current net premiums over the previous year’s net premiums. A high growth/contraction rate that does not appear to be positively correlated to the gross premium growth rate may indicate significant changes in the companies’ reinsurance covers. Thus, any ratio greater or less than +or-33% reflects significant changes in reinsurance policy or volatility in premiums.

CHANGES IN NET WRITTEN PREMIUM

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:


2. Allianz Insurance Company Limited 59 34 54 36 18


4. Donewell Insurance Company Limited -10 22 20 29 51



7. Ghana Union Assurance Company Limited* 36 35 -7 46 36

8. Glico General Insurance Company Limited 21 43 -25 114 -9

9. Heritage Insurance Company Limited 0 4 N/S N/S N/S

10. Hollard Insurance Company Limited 46 38 -2 68 22


12. Millennium Insurance Company Ltd 0 71 -15 24 47

13. NSIA Ghana Insurance Company 18 10 -34 27 32




17. Provident Insurance Company Limited 26 -2 6 57 29




21. SIC Insurance Company Limited 36 -9 -11 -8 40

22. Star Assurance Company Limited 70 2 14 37 33

23. Unique Insurance Company Ltd 8 17 -5 62 32


25. Wapic Insurance (Gh.) Limited 16 -5 -11 17 28

Reinsurers:


2. Mainstream Reinsurance Company Limited 64 6 -14 30 19

3. GN Reinsurance N/A N/A - 706 115 Companies suffixed with “*” had the 4th Quarter results used.N/A : Company was not licenced in the year of reporting.

N/S : Company had not submitted report


54

NET INSURANCE RISK RATIOThis ratio measures the ability or capacity of the insurer’s capital and surplus to absorb unforeseen shocks. It is calculated as a ratio of Net Written Premium to Equity. The higher the ratio, the less conservative the insurer, and hence, the greater the potential risk that, the insurer cannot absorb shock/losses. In 2016, the ratio improved to 92%, the best performance so far over the last 5 years. Donewell, Enterprise, Equity, Hollard, Prime, RegencyNEM, SIC and Vanguard appear quite aggressive with higher level of risks relative to their capital or equity base.

NET INSURANCE RISK RATIO

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:









9. Heritage Insurance Company Limited 666 -146 N/S N/S N/S



12. Millennium Insurance Company Ltd 68 79 63 79 56

13. NSIA Ghana Insurance Company 83 131 68 81 33


15. Prime Insurance Company Limited 0 48 -117 68 173





20. Saham Insurance Company Limited 132 202 125 45 49



23. Unique Insurance Company Ltd -184 271 146 80 62


25. Wapic Insurance (Gh.) Limited 271 325 74 48 77

Reinsurers:


2. Mainstream Reinsurance Company Limited 97 86 63 38 32

3. GN Reinsurance N/A N/A 1 12 15




55

GROSS INSURANCE RISK RATIOThis ratio is similar to the Net Risk Ratio with Net Written Premium replaced with Gross Written Premium. The quite aggressive Insurers appear to be the same as in the Net Insurance risk except for Activa, Allianz, Hollard and Glico. However, their high risk appears to be managed through reinsurance as evidenced by relatively lower net retentions.

GROSS INSURANCE RISK RATIO

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:















15. Prime Insurance Company Limited 0 57 -184 88 215








23. Unique Insurance Company Ltd -234 336 200 88 74



Reinsurers:






56

CHANGE IN CAPITAL AND SURPLUSThis ratio measures the growth or decline in the equity of the insurer over the previous year. It is the general measure of improvement or deterioration of an insurer’s financial position. Some of the factors that could affect this ratio are after tax profits or losses, changes in unrealized gains or losses on assets, or changes in the Technical Provision valuation policies and injection of capital. In 2016, the ratio declines marginally from 48% to 45%. We expect this ratio to further reduce mainly because the industry averages of 2014, 2015 and 2016 have been largely influenced by capital injections due to regulatory requirements. The acceptable threshold for this ratio is between 0 to 33%. The nature, scale, complexity as well as the risk appetite level of the insurer’s business is a useful indicator of the level of capital required.

CHANGE IN CAPITAL AND SURPLUSPercentage (%)

Year: 2012 2013 2014 2015 2016Industry Average: 25 24 76 48 45

Non-life Companies:


2. Allianz Insurance Company Limited 18 -20 366 -30 127





7. Ghana Union Assurance Company Limited* 30 103 67 -34 30

8. Glico General Insurance Company Limited 20 5 -2 16 83



11. Imperial General Insurance Company Limited 0 0 3 1 -12

12. Millennium Insurance Company Ltd 15 47 8 -2 106

13. NSIA Ghana Insurance Company 30 -30 27 6 227

14. Phoenix Insurance Company 32 -1 265 8 17

15. Prime Insurance Company Limited 0 36 -177 -615 6


17. Provident Insurance Company Limited -12 20 64 185 5




21. SIC Insurance Company Limited -22 9 2 9 -2


23. Unique Insurance Company Ltd -222 -179 76 198 7

24. Vanguard Assurance Company Limited 37 25 4 64 17.76

25. Wapic Insurance (Gh.) Limited 11 -21 293 82 -21.28

Reinsurers:



3. GN Reinsurance N/A N/A - -12 18

Companies suffixed with “*” had the 4th Quarter results used.N/A : Company was not licenced in the year of reporting.N/S : Company had not submitted report.



57

CLAIMS RESERVE RATIOThis ratio is calculated as the Provision for Outstanding Claims (including the IBNR) divided by the Net Earned Premiums. It compares the relationship of Provisions for Outstanding Claims to Net Earned Premiums, to determine whether or not the company is adequately reserving for claims in process. It is therefore an indication of the adequacy of the Outstanding Claims Provision. The internationally acceptable range for this ratio is between 25% and 50%. In 2016 the average ratio reduced to 32% from 36% in 2015. Glico, Millennium, Star, Unique Wapic, improved their ratios. The ratios for Activa, Hollard and Saham have improved relative to the 2015 high ratios. Allianz, Equity, Imperial, Phoenix, Prime, Priority, Quality, RegencyNem have their ratios being far below the thresholds.

CLAIMS RESERVE RATIO

Percentage (%)Year: 2012 2013 2014 2015 2016Industry Average: 32 38 24 36 32

Non-life Companies:











11. Imperial General Insurance Company Limited 0 17 15 10




15. Prime Insurance Company Limited 80 86 14 13











Reinsurers:






58

RETENTION RATIOThis is calculated as the Net Written Premium over the Gross Written Premium. It represents the portion of the risks that insurers have not passed on to reinsurers. Even though high retentions are usually considered riskier, the tolerance level actually vary between the various lines of business. High retention will require sufficient capital to support the insurer. The industry recorded an average retention ratio of 68% in 2016, representing a two-percentage point increase compared to 2015.

RETENTION RATIO


Non-life Companies:


























Reinsurers:







59

INVESTMENT YIELDThis ratio gives a reasonable indication of the return on the investment portfolio. It is calculated by dividing the investment income by the total investments. Over the past 3 years the industry average settled at 16% commensurate to the current general market condition. The ratios for Glico, Priority and Saham are all below the industry average. Donewell,Hollard, Imperial, Prime, Star and Wapic made significant yields .

INVESTMENT YIELD

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:











11. Imperial General Insurance Company Limited 0 3.77 23 27 21















Reinsurers:



3. GN Reinsurance NA N/A 6 14 20



60

RETURN ON ASSET (ROA) RATIOThis ratio is an indicator of general profitability of the insurer. It is calculated as after tax profits divided by total assets. It seeks to measure the efficiency with which management utilize the assets of the company to generate returns for the various stakeholders. The industry average has hovered between 3% and 6% in five years, with 2016 gaining a percentage point to settle at 4% from 3% in the prior year. With respect to 2016, Allianz, Imperial, Saham, and Wapic recorded negative ROAs. As indicated, Donewell, Enterprise, Equity, RegencyNem, Star and Unique attained higher return on assets.

RETURN ON ASSET (ROA) RATIO

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:


2. Allianz Insurance Company Limited 5 -5 -6 -12 -5






8. Glico General Insurance Company Limited 4 2 -10 -3 6





13. NSIA Ghana Insurance Company 8 -15 -18 3 3


15. Prime Insurance Company Limited -17 -215 -4 2

16. Priority Insurance Company Limited -1 8 11 16 6





21. SIC Insurance Company Limited -6 0 -5 5 2


23. Unique Insurance Company Ltd -44 -16 -3 0 19


25. Wapic Insurance (Gh.) Limited 3 -4 13 -7 -12

Reinsurers:




Companies suffixed with “*” had the 4th Quarter results used.N/A : Company was not licenced in the year of reporting.N/S : Company had not submitted report.



61

CLAIMS RATIOThis ratio is calculated as the net claims incurred divided by the Net Earned Premiums. It is a key ratio which indicates how well an insurance company pays claims and to some extent, of fair customer treatment since the ratio is an indication of how much policyholders get back in return for each cedi of premium paid to insurance companies. The industry ratio over the years have been low compared to the international acceptable standard, which ranges between 40% and 60%. Since the core obligation of an insurer is to pay claims, insurers must ensure that all incurred claims are paid quickly in order to win the confidence of the average Ghanaian. 2015 showed a high claim ratio over the five year period, particularly because of the huge flood claims recorded in the period. The 2016 ratio of 39% is reflective of the industry claim ratio, though short of what is considered acceptable. All insurers with the exception of Donewell, Equity,NSIA, Saham Star,Unique and Wapic did not record any improvement in their claims ratio in 2016 compared to 2015. The ratios for Priority is unacceptably low while that of Best Assurance is low because it is a start-up.

CLAIMS RATIO

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:















15. Prime Insurance Company Limited 7 97 24 29




19. RegencyNEM Insurance Ghana Ltd 27 19 -3 43 35





62

CLAIMS RATIO

Percentage (%)

Year: 2012 2013 2014 2015 2016




Reinsurers:







63

TOTAL EXPENSE RATIOThe Total Expense ratio is another key indicator of profitability. It is calculated as Total Expense (Management Expense + Commission expense) as a percentage of the Net Earned Premium. The international acceptable ratio is <40%, the implication of a high ratio is that, the insurer is inefficient in discharging its insurance obligations and this is very likely to affect its ability to pay claims promptly. In 2016, the industry average worsened from 90% in 2015 to 94%. Activa, Allianz, Imperial, NSIA, Prime, Saham, SIC and Wapic all recorded ratios above 100%. Best is a start-up.

TOTAL EXPENSE RATIO

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:


























Reinsurers:



3. GN Reinsurance N /A N/A 531 124 84 Companies suffixed with “*” had the 4th Quarter results used.N/A : Company was not licenced in the year of reporting.N/S : Company had not submitted report


64

COMBINED RATIOThe Combined ratio is the summation of the Claims ratio and the Total Expense ratio. It is the single best measure of an insurer’s underwriting and operational efficiency. The ratio does not measure total profitability as investment income and other earnings are excluded. Generally, a ratio of less than 100% indicates underwriting profitability. While a ratio of more than 100% usually indicates a loss, this may not be the case for companies that make huge investment and other related earnings to boost their profitability. Donewell, Enterprise and Equity reported a combined ratio of 99%, 96% and 99% respectively, all falling below 100%. Industry average declined by three percentage points to 133% in 2016 from 136% in 2015. Industry players must strive to improve their underwriting efficiencies to be more profitable.

COMBINED RATIO


Non-life Companies:


























Reinsurers:







65

TECHNICAL RESERVE COVERThis is calculated by dividing the Technical Provisions by the liquid investments. It is an indicator of whether sufficient liquid assets are being held to cover the technical provisions, as claims should be paid as and when they fall due. Ratios above 100% mean that the companies do not have enough liquid investments backing their technical provisions. Hollard, Saham, and SIC reported ratios above 100%. GUA is too high because most of its investment are not considered as generally liquid. 2016 recorded a ratio of 64%, the best in five years. This also shows that the industry continues to improve on its liquidity and solvency position.

TECHNICAL RESERVE COVER

Percentage (%)

Year: 2012 2013 2014 2015 2016


Non-life Companies:


























Reinsurers:






66

PROPORTION OF INVESTMENT TO ASSETSThis ratio is calculated as total investments divided by total asset. It is a useful measure of the quality of assets on the insurer’s balance sheet. Investments are generally better assets in terms of liquidity and capital management than other assets such as Property Plant and Equipment, Receivables if any. In 2016, the industry average recorded 66% from 60% in 2015.

PROPORTION OF INVESTMENT TO ASSETS


Non-life Companies:


























Reinsurers:







67

RETURN ON EQUITYThis ratio measures the return on the shareholders’ funds over a period. It indicates how effective management is growing and funding the operations of an insurance company, using equity financing. In practice, high ratios may not always be an indication of good performance, as such, factors as capital inadequacy can boost the ratio.

RETURN ON EQUITY


Non-life Companies:


2. Allianz Insurance Company Limited 15 -26 -9 -43 -12






8. Glico General Insurance Company Limited 8 5 -23 -8 12

9. Heritage Insurance Company Limited 54 121 N/S N/S NS




13. NSIA Ghana Insurance Company 21 -53 -53 8 5

14. Phoenix Insurance Company 24 -1 17 7 20

15. Prime Insurance Company Limited 0 -35 230 -6 5

16. Priority Insurance Company Limited -1 11 14 23 7





21. SIC Insurance Company Limited -13 1 -11 12 5


23. Unique Insurance Company Ltd 103 -78 -7 0 28


25. Wapic Insurance (Gh.) Limited 13 -26 25 -12 -28

Reinsurers:






68

AGGREGATE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016.

ASSETS

2016 2015

GHS GHS

1 Cash 114,311,650.71 128,104,329.00

2. Investments:

Government of Ghana Securities 144,292,271.00 42,574,435.00

Bank of Ghana Securities 15,995,301.00 56,652,669.00

Statutory Deposits 23,267,410.00 10,685,458.00

Term deposits held at a licensed bank 385,864,880.01 279,961,227.00

Other term deposits 98,152,297.00 43,773,805.00

Corporate debt 0.00 300,617.00

Securities listed on Ghana Stock Exchange 49,051,781.00 62,832,514.00

Other securities 65,081,283.32 42,632,328.00

Equity backed mutual funds 168,142.00 134,525.00

Money market mutual funds 242,360.00 226,520.00

Land & buildings held as an investment 73,446,909.00 48,157,459.00

Investments in, and subordinated loans to, connected persons 29,978,228.00 37,971,238.00

Other Investments 500,000.00 617,375.00

Total Investments 886,040,862.33 626,520,170.00

3. Receivables:

Staff Loans and Advances 8,489,546.68 8,471,703.00

Due from reinsurers less than 3 months old 26,840,465.70 83,677,936.42

Due from reinsurers more than 3 months old 56,613,968.18 26,505,044.58

Due from Other Insurers 10,261,985.00 15,575,170.00

Due from Agents and Brokers 141,155.00 153,547.00

Due from Connected Persons 10,623,458.00 4,039,109.00

Reinsurance Share of Insurance liabilities 177,161,407.91 262,506,667.27

Deferred Tax Asset 5,010,520.00 6,070,861.00

Other Receivables 49,455,691.61 35,820,192.00

Total Receivables 344,598,198,08 442,820,230.27

4. Property, Plant and Equipment

Lands and Buildings occupied by insurer for own use 89,478,832.00 71,751,455.00

Plant and Equipment 9,591,784.00 8,512,365.00

Computer Hardware and Software 8,456,892.56 7,924,803.00

Motor Vehicles 21,115,279.13 13,031,836.00



69

AGGREGATE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016.

ASSETS

2016 2015

GHS GHS

Furniture and Fittings 9,172,932.94 7,555,676.00

Other Assets 8,729,361.00 6,787,476.00

Total Property, Plant & Equipment 146,545,081.63 115,563,611.00

5. Intangible Assets

Goodwill, unless otherwise deducted 0

Other assets shown as intangible assets 669,290.00 250,973.00

Total Intangible Assets 669,290.00 250,973.00

Other assets

Capitalized research and development costs 0

Deferred acquisition costs 9211996 5,613,610.00

Corporate stationery 582276 47,289.00

Other assets not included above 3717108 1,450,000.00

Total Others Assets 13511380 7,110,899.00

TOTAL ASSETS 1,505,676,463 1,320,370,212.00


EQUITY AND LIABILITIES

2016 2015

GHS

1. Technical Provisions

Unearned Premiums 353,964,447 279,973,905.00

Unexpired Risk Provision - 0

Outstanding Claims 159,203,971 256,205,229.04

IBNR Provision 34,427,842 30,307,869.07

Other Provisions 214,393 0

Total Technical Provisions 547,381,866 566,487,003.11

2. Payables

Bank Overdrafts and Loans 6,940,861 7,018,006.0

Due to Reinsurers 70,675,656 62,225,651.9

Due to Other Insurers 6,936,875 8,190,655.0

Due to Agents and Brokers 14,306,330 17,166,768.0

Taxation 20,977,063 10,087,811.0


70


EQUITY AND LIABILITIES

Deferred Tax 15,005,778 10,133,732.0

Due to Related Parties 9,807,927 12,719,946.0

Other Accruals & Payables 91,822,637 67,966,095.0

Total Payables 236,473,127 195,508,664.9

3. Long Term Liabilities

Bank Loans - 14,881

Debentures 11,812,416 13,454,193

Unsecured Subordinated Debts -

Perpetual - -

More than 4 years to maturity - -

More than 3 but 4 years or less to maturity - -



Other Borrowings 5,829,453 49,647

Total Long -Term Liabilities 17,641,869 13,518,721

4. EQUITY

Paid up ordinary shares 389,525,994 274,052,673

Ordinary shares held as treasury shares - 0

Paid up perpetual non-cumulative preference shares - 0

Paid up perpetual non-cumulative preference shares held as treasury shares - 0

Paid up perpetual cumulative preference shares 9,313,328 3,591,290

Paid up perpetual cumulative preference shares held as treasury shares - 0

Contingency Reserves 147,375,195 124,433,586

Revaluation reserve (owned land & buildings) 73,084,269 59,072,908

Revaluation reserve (investments - excluding items to be deducted from core 16,562,917 43,290,260

Revaluation reserve (other) -1,249,346 1,451,740

Other reserves (please specify) -560,857 -8,041,090

Retained earnings, as at end of previous financial year 31,303,503 -2,138,469

Current year net earnings/deficit 38,497,064 39,274,184

Others (please specify) 327,535 9,868,740

Total Equity 704,179,602 544,855,822

TOTAL LIABILITIES AND EQUITY 1,505,676,463 1,320,370,212



71

APPENDICES1. 2016 NIC Financial Reports

2. 2016 Fire Maintenance Fund Financial Reports

3. List of Registered Insurance Companies

4. List of Registered Reinsurance Companies

5. List of Registered Broking Companies


72

NATIONAL INSURANCE COMMISSIONFINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016

Report of the DirectorsThe Directors submit their report together with the audited Financial Statements of the National Insurance Commission (the Commission) for the year ended 31st December, 2016.

Statement of Directors’ ResponsibilitiesThe Directors are responsible for the preparation of the Financial Statements for each financial year which give a true and fair view of the state of affairs of the Commission and of the operating performance and Cash Flows 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 the Ghana National Accounting Reporting 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 object of the Commission is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance to protect insurance policy holders and the insurance industry in Ghana other than health insurance under the National Health Insurance Act, 2003 (Act 650).

Financial Results (Highlights)The Financial results of the Commission are as summarized below:

2016 2015

(GHS) (GHS)

Excess of Income over Expenditure 5,745,343 3,089,930

Total Assets 34,544,357 29,156,242

Accumulated Fund 15,515,137 9,769,794

By order of the Board

Dated June 20, 2017

……………………………………….

DIRECTOR

……………………………………….

DIRECTOR



73

NATIONAL INSURANCE COMMISSIONIndependent Auditor’s Report to the Honourable Minister of Finance

OpinionWe have audited the financial statements of the NIC which comprise the statement of financial position as at 31 December, 2016 Income and Expenditure Accounts and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes as set out on pages 8 to 10.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 31 December, 2016 and of its financial performance and its cash flows for the year then ended in accordance with Ghana National Accounting Standards and in the manner required by the Insurance Act 2006 (Act 724).

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors for the Financial StatementsThe Board of Directors are responsible for the preparation of the financial statements in accordance with Ghana National Accounting Standards and in the manner required by the Insurance Act 2006 (Act 724) and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of

Directors either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. The Board of Directors are responsible for overseeing the Fund’s financial reporting process.

Auditor’s responsibilityOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also;

■ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

■ The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

■ Evaluate the appropriateness of policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

■ Conclude on the appropriateness of the Board of Director’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such


74

disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

■ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The engagement Partner on the audit resulting in this independent auditor’s report is Emmanuel Offei – ICAG/P/1102.

For: Boateng, Offei & Co. – [ICAG/F/2017/108]



9 Bissau Avenue, East Legon

Accra-Ghana

June 20, 2017



75

NATIONAL INSURANCE COMMISSIONINCOME AND EXPENDITURE ACCOUNTS YEAR ENDED 31ST DECEMBER, 2016

Notes2016 2015

(GHS) (GHS)

INCOME 2 22,070,775 16,426,079

EXPENDITURE 3 (16,325,432) (13,336,149)


ACCUMULATED FUNDS

Balance as at 1st January 9,769,794 6,679,864

Excess of Income over Expenditure for year 5,745,343 3,089,930

Balance as at 31st December 15,515,137 9,769,794

The accompanying notes form an integral part of these Financial Statements.


76

NATIONAL INSURANCE COMMISSIONSTATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2016

2016 2015

Notes (GHS) (GHS)

Non-Current AssetsProperty, Plant & Equipment 4a 17,732,302 18,445,455

Equity Shares 5 40,000 40,000

17,772,302 18,485,455

Long Term Security 6 1,727,605 1,520,000

Current AssetsAccounts Receivable 7 2,839,230 2,138,313

Short Term Investments 8 6,796,711 4,078,590

Cash & Bank Balances 9 5,408,509 2,933,884

15,044,450 9,150,787

Total Assets 34,544,357 29,156,242

Accumulated Fund and Deferred GrantAccumulated fund 15,515,137 9,769,794

Revaluation Reserve 4b 17,111,280 17,111,280

Deferred Grant 10b 249,449 274,884

32,875,866 27,155,958

Current Liabilities Accounts Payable and Accounts 11 1,668,491 2,000,284

Total Liabilities, Accumulated Fund & Grant 34,544,357 29,156,242

The Financial Statements on pages 75 to 85 were approved by the Board of Directors on June 20, 2017 and were signed on its behalf by:

……………………………………….

DIRECTOR

……………………………………….

DIRECTOR




77

NATIONAL INSURANCE COMMISSIONCASHFLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2016

2016 2015

Notes (GHS) (GHS)

Operating ActivitiesCash Generated from Operations 13 3,619,762 4,241,187Interest Received 421,080 164,449

Net Cash Generated from Operating Activities 4,040,842 4,405,636

Cash flow from Investing ActivitiesPurchase of Property, Plant and Equipment (401,820) (925,704)

Proceed from the Sale of Assets 2,771 5,450

Purchase of Investment (2,925,726) (2,840,395)

Investment Income Received 1,758,558 1,020,344

Net Cash used Investing Activities (1,566,217) (2,740,305)

Net increase/(decrease) in Cash and Cash Equivalents 2,474,625 1,665,331

Movement in Cash and Cash EquivalentsCash and Cash Equivalents at the beginning of the year 2,933,884 1,268,553

Increase/(Decrease) in Cash and Cash Equivalents 2,474,625 1,665,331

Cash and Cash Equivalents at the end of the year 5,408,509 2,933,884



78

NATIONAL INSURANCE COMMISSIONNOTE FORMING PART OF THE FINANCIAL STATEMENTS

YEAR ENDED 31ST DECEMBER, 2016

1. ACCOUNTING POLICIES AND BASIS OF PRESENTATION

The following Accounting Policies have been used in the preparation of the Financial Statements. a. Basis of Accounting

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

b. Property, Plant and Equipment and DepreciationAll properties and equipment 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.

Bungalow & Office Furniture & Fittings 20%Motor Vehicles 20%Office Equipment 20%Office Building 3%Computers 33.33%

Disposals of properties and equipment 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. Any Equipment costing less than GHS500 are written off in the year of purchase.

c. Cash and Cash Equipment For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and Bank Balances.

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

e. Accounts ReceivableAccounts receivable are stated net of bad and doubtful debts.

f. Transactions in Foreign Currencies

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

g. Stock Stock are ordered just for the year and are charged to the Income and Expenditure Account in the year of purchase. However, the quantities of unused insurance stickers and PVC holders are reflected in the annual accounts as part of the notes.



79

NATIONAL INSURANCE COMMISSIONNOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

2. INCOME

This is made up as follows:

Notes2016 2013

(GHS) (GHS)

Levies on Life Insurers 2,685,025 2,082,335

Levies on Non-Life Insurers 5,982,605 4,771,200

Levies on Reinsurance 1,044,700 785,500

Levies on Brokers 579,866 448,616

Licensing/Renewal Income 1,214,680 1,193,864

Investment Income 1,758,558 1,020,344

Interest Received 2a 421,080 164,449

Motor Contribution 5,045,639 2,498,677

Sale of Fire Certificates 16,350 60,627

Grant Income 9a

Deferred Grant Income 9b 25,435 25,435

Rent Income/Fees - IITC 78,670 92,240

Mega Risk Income 2,230,961 2,902,062

Penalties 594,623 201,490

Exchange Gains 199,581 73,926

Training Fees 75,813 54,077

Other Income 2b

117,189

51,237

22,070,775 16,426,079

2a. Interest Received:

2016 2015(GHS) (GHS)

Call Accounts 420,875 163,526

Current Accounts 205 923

421,080 164,449


80

2b. Other Income:

Notes2016 2015

(GHS) (GHS)

Year Book Sales 22,894 12,666

Interest on Loans 18,207 27,943

Gains on Sales of Assets 14 2,646

Insurance Claims 1,473 9,426

Others 2c 71,969 1,202

117,189 51,237

2c. This represents refund of utilities from tenants of the Commission

3. EXPENDITUREExpenditure is made up as follows:

Notes2016 2015

(GHS) (GHS)

Training/workshop/conferences/seminars 748,453 843,230

Directors’ Emoluments 1,548,012 767,615

Electricity & Water 333,163 218,715

General office expenses 1,262,473 1,169,753

Medical Expenses 94,316 122,263

Public Education 72,678 58,404

Repairs & Maintenance 241,509 388,682

Staff Cost 8,740,115 6,793,384

Staff Terminal Benefit Cost 1,046,020 745,645

Sticker & Adhesive Cost 229,848 232,832

Vehicle Running Cost 483,943 419,086

Telephone 75,036 88,092

Audit fees 23,500 17,500

25th Anniversary/Rebranding - 119,635

Depreciation 1,114,848 1,101,905

Insurance Premium 146,508 110,320

Internet Services/Subscription 71,353 58,546

Loss on Disposal of Assets - 1,950

Security services 93,657 78,592

16,325,432 13,336,149



81

4a PROPERTY, PLANT & EQUIPMENT

Office BungalowOffice Furniture Motor Office Computers & Furniture

Building & Fittings Vehicle Equipment Accessories & Fittings Total

At 1st January 2016 17,632,000 423,233 1,530,957 531,164 372,180 326,883 20,816,417 Additions 164,978 - 35,299 107,543 94,000 401,820 Disposals - (53,589) - (10,161) (46,574) (39,310) (149,634) 31st December, 2016 (A) 17,632,000 534,622 1,530,957 556,302 433,149 381,573 21,068,603

Depreciation

At 1 January 2016 528,960 262,692 849,996 323,414 242,879 163,021 2,370,962 Charge for the year 528,960 73,397 230,634 83,233 122,329 76,295 1,114,848 Disposals - (53,546) - (10,148) (46,531) (39,284) (149,509) 31st December, 2016 1,057,920 282,543 1,080,630 396,499 318,677 200,032 3,336,301

Net Book Value

31st December, 2016 16,574,080 252,079 450,327 159,803 114,472 181,541 17,732,302

31st December, 2015 17,103,040 160,541 680,961 207,750 129,301 163,862 18,445,455

Cost Fully Depreciated (B) - 178,543 377,777 150,243 112,652 39,310 858,525 Depreciable Value (A-B) - 356,079 1,153,180 406,059 320,497 342,263 20,210,078

Disposal of Property & Equipment

Cost - 53,589 - 10,161 46,574 39,310 149,634 Accum. Depreciation - (53,546) - (10,148) (46,531) (39,284) (149,509) Net Book Value - 43 - 13 43 26 125 Proceeds on Sale - - - - - 2,771 2,771 Profit/(Loss) on Disposal - (43) - (13) (43) 2,745 2,646

NATIONAL INSURANCE COMMISSION NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER, 2016


82

4b. REVALUATION RESERVE

This represent surplus arising on the revaluation of the Commission’s property, plant and equipment

5. EQUITY SHARES – GHS40,000This represents 40% National Insurance Commission’s shareholding in the Ghana Insurance College (GIC). The book value of the investment on their balance sheet is GHS882,930 as at 31/12/2015.

6. LONG-TERM SECURITIESLong-Term Securities are Eurobonds held-to-maturity with a coupon of 8.5% maturing in 2017

7. ACCOUNTS RECEIVABLE AND PREPAYMENTS

2016 2015

(GHS) (GHS)

Levies Due from Insurers and Brokers 1,078,837 594,010

West African Insurance Institute 155,083 20,318

IITC Debtors 75,679 59,140

Staff Advances 506,906 627,569

Sundry Debtors 85,735 138,400

Accrued Investment Income 631,882 325,921

Prepaid Insurance Expense 109,775 91,612

Penalties Receivable 185,290 186,200

Rent Prepaid 10,043 95,143

2,839,230 2,138,313

8. SHORT TERM INVESTMENTS

2016 2015

(GHS) (GHS)

Treasury Bills 5,153,196 2,785,800

Fixed Deposits 1,643,515 1,292,790

6,796,711 4,078,590

Balance as at 1st January 4,078,590 2,758,195

Additions 2,718,121 1,588,852

6,796,711 4,347,047

Withdrawal (268,457)

Balance as at 31st December 6,796,711 4,078,590

Net Movement in Investments 2,718,121 1,320,395



83

9. CASH AND CASH EQUIVALENT

2016 2015

(GHS) (GHS)

Cash 40,937 37,305

Bank 5,367,572 2,896,579

5,408,509 2,933,884

10 a. GRANTS Grant income represents EMCB/FINSSP Grants received from the World Bank and Government of Ghana through the Ministry of Finance & Economic Planning for capacity building

2016 2015

(GHS) (GHS)

Grants Received

b. DEFERRED GRANTS

Deferred Grant Income represents grants for the construction and furnishing of the Insurance Industry Training Centre (IITC) building, which is being written-off over their respective depreciable life.

2016 2015

(GHS) (GHS)

Balance at 1st January 274,884 300,319

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

Balance at 31st December 249,449 274,884

11. ACCOUNTS PAYABLE AND ACCRUALSThis is made up as follows:

Notes2016 2015

(GHS) (GHS)

Accrued Expenses 12 209,671 448,795

West Africa Insurance Institute

Compensation Fund 141,616 189,860

Client Rescue Fund Payable

Fire Maintenance Fund Payable 58,076 38,171

Motor Contributions Payable 868,818 478,369

Fire Certificate Payable

PAYE Payable 189,914 94,558

SSF Payable 55,826 44,689

Occupational Pension Scheme Payable 15 113,441 684,335


84

Notes2016 2015

(GHS) (GHS)

VAT Payable 1,050

Withholding Tax Payable 15,164 8,988

Sundry Creditors 14,915 12,519

1,668,491 2,00,284

12. ACCRUED EXPENSES

2016 2015

(GHS) (GHS)

Audit Fees 23,500 17,500

Consultancy - 172,966

Medicals 80 17,368

Repairs and Maintenance 23,513 86,010

Insurance Stickers 34,820 34,820

Telephone 13,771 15,793

Water & Electricity 40,639 39,135

Others 73,348 65,203

209,671 448,795

13. Reconciliation of excess of Income over Expenditure to Cash flow from Operating Activities

2016 2015

(GHS) (GHS)


Amortization of Capital Grant (25,435) (25,435)

Depreciation 1,114,848 1,101,906

(Gain)/Loss on Disposal of Property & Equipment (2,646) 1,950

Interest Income (421,080) (164,449)

Investment Income (1,758,558) (1,020,344)

(Increase)/Decrease in Accounts Receivable and Prepayment (700,917) 135,361

Increase/(Decrease) in Accounts Payable and Accruals (331,793 1,122,268

Cash Generated from Operating Activities 3,619,762 4,241,187



85

14. Gain / (Loss) on Disposal of assets

2016 2015(GHS) (GHS)

Cost 149,634 49,854

Accumulated Depreciation (149,509) (42,454)

Net Book Value 125 7,400

Proceeds 2,771 5,450

(Loss) on Disposal 2,646 (1,950)

15. OCCUPATIONAL PENSION SCHEMEThe Occupational Pension Scheme is a pension plan that defines an amount of pension benefit that an employee is entitled to receive on retirement, dependent on one or more factors such as age, years of service and salary. An actuarial valuation is yet to be carried out.

16. Unused StickersAt the end of the year the stock of unused stickers out of the quantity printed during the year was 4,610 booklets, Cost - GHS20,054 (2015 : Booklets 5,162 - Cost GHS22,454)

17. CAPITAL COMMITMENTThere were no Capital Commitments as at 31st December, 2016 (2015: Nil)

18. CONTIGENT LIABILITYThere were no Capital Commitments as at 31st December, 2016 (2015 : Nil)


86

NATIONAL INSURANCE COMMISSIONFIRE MAINTENANCE FUNDCORPORATE INFORMATION

Board of Directors: Mr. Lionel Molbila Chairman

Other Directors Miss. Lydia Lariba Bawa Commissioner of Insurance

Mr. Emmanuel Baba Mahama Member

Ms. Sarah Fafa Kpodo Member

Mr. Justin Amenuvor Member

Dr. Albert Gemegah Member

Mr. Samuel Amankwah Member

Committee Members Mr. Simon N.K. Davor Chairman

Mr. Leslie Sakeyfio Member

Mrs. Esther Osei-Yeboah Member

Ms. Aretha Duku Member

DCFO Rev. Edward K. Ashon Member

DOII Philip K. Amagnoh Member

Mrs. Christina De-Youngster Secretary

Auditors: Boateng, Offei & Co



P.O. Box CT 718

Cantonments, Accra

Tel: 0302-779065 / 0573233718/9

[email protected]

Bankers: GCB Bank Limited

Registered office: National Insurance Commission

Appiah-Ampofo House

No. 67 Independence Avenue, North Ridge

P. O. Box CT 3456

Cantonments, Accra



87

NATIONAL INSURANCE COMMISSIONFINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016

FIRE MAINTENANCE FUND

REPORT OF THE DIRECTORSThe Directors present herewith the audited Financial Statements of the National Insurance Commission (NIC) Fire Maintenance Fund for the year ended 31st December, 2016.

Statement of Directors Responsibilities The Directors are responsible for the preparation of the Financial Statements for each financial year which give a true and fair view of the state of affairs of the Fund and of the operating result and Cash flows for that year. In preparing these Financial Statements, the Directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent in the circumstances and followed the Ghana Accounting Standards.

The Directors are responsible for ensuring that the Fund keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Fund. The Directors are also responsible for safeguarding the assets of the Fund and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Activities

The principal activities of the Fund are: To provide funds and equipment to state institutions assigned with firefighting functions and such other organizations as the Commission may determine for the purpose of fighting fires.

Financial Results

The financial results of the NIC Fire Maintenance Fund are as summarized below:

2016 2015

(GHS) (GHS)

Excess of Income over Expenditure 542,898 210,146

Total Assets 1,391,701 850,531

Accumulated Fund 845,066 634,920

By order of the Board

Dated June 20, 2017

……………………………………….

DIRECTOR

……………………………………….

DIRECTOR


88

FIRE MAINTENANCE FUNDIndependent Auditor’s Report to the Honourable Minister of Finance

OpinionWe have audited the financial statements of NIC – Fire Maintenance Fund which comprise the statement of financial position as at 31 December, 2016 Income and Expenditure Accounts and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes as set out on pages 8 to 10.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 31 December, 2016 and of its financial performance and its cash flows for the year then ended in accordance with Ghana National Accounting Standards and in the manner required by the Insurance Act 2006 (Act 724).

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors for the Financial StatementsThe Board of Directors are responsible for the preparation of the financial statements in accordance with Ghana National Accounting Standards and in the manner required by the Insurance Act 2006 (Act 724) and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. The Board of Directors are responsible for overseeing the Fund’s financial reporting process.

Auditor’s responsibilityOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also;

■ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

■ The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

■ Evaluate the appropriateness of policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.



89

■ Conclude on the appropriateness of the Board of Director’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

■ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The engagement Partner on the audit resulting in this independent auditor’s report is Emmanuel Offei – ICAG/P/1102.

For: Boateng, Offei & Co. – [ICAG/F/2017/108]Chartered AccountantsCorrespondent firm; Grant Thornton International 9 Bissau Avenue, East LegonAccra-Ghana

June 20, 2017


90

NATIONAL INSURANCE COMMISSIONFIRE MAINTENANCE FUND

INCOME AND EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2016

Notes 2016 2015

(GHS) (GHS)

INCOME 2 716,387 608,444

EXPENDITURE 3 (173,489) (398,298)


ACCUMULATED FUND

Balance as at 1st January 845,066 634,920

Excess of Income over Expenditure for year 542,898 210,146

Balance as at 31st December 1,387,964 845,066




91


STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2016

Notes 2016 2015

(GHS) (GHS)

Current Assets

Accounts Receivable 4 158,673 123,045

Short Term Investments 5 649,363 500,000

Bank and Cash Balances 6 583,665 227,486

1,391,701 850,531

Accumulated Fund

Accumulated fund 1,387,964 845,066

Current Liabilities

Accounts Payable 7 3,737 5,465

Total Liabilities & Accumulated Fund 1,391,701 850,531

The Financial Statements on page 90 to 95 were approved by the Board of Directors of the NIC on June 20, 2017 and were signed on its behalf by:

……………………………………….

DIRECTOR

……………………………………….

DIRECTOR



92


STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31ST DECEMBER, 2016

Notes 2016 2015

(GHS) (GHS)

Operating Activities

Cash Generated from Operations 8 337,997 (12,636)

Net Cash Generated from Operating Activities 337,997 (12,636)

Cash flow from Investing Activities

Purchase of Investment (149,363) (68,833)

Investment Income Received 167,545 137,330

Net Cash Inflow from Investing Activities 18,182 68,497

Net increase/(decrease) in Cash and Cash Equivalents 356,179 55,861

Movement in Cash and Cash Equivalents

Cash and Cash Equivalents at the beginning of the Year 227,486 171,625

Increase in Cash and Cash Equivalents 7 356,179 55,861

Cash and Cash Equivalents at end of the Year 583,665 227,486




93


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

1. ACCOUNTING POLICIESThe following is a summary of the significant accounting policies adopted by the fund.

a. Basis of Accounting

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

b. Investment

Investments in Treasury Bills and Fixed Deposits are stated at cost.

c. Accounts Receivable

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

d. Cash and Cash Equipment

For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and deposits held at call with banks.

2. INCOME

2016 2015

(GHS) (GHS)

Contribution from Insurance Companies 548,842 369,114

Investment Income 167,545 137,330

Penalties Income - 102,000

716,387 608,444

3. EXPENDITURE

2016 2015

(GHS) (GHS)

Audit Fees 3,525 2,820

Bank Charges 965 2,676

Support to Ghana national Fire Services 100,000 326,772

Entertainment - 849

General Office Expenses 12,434 17,964

Public Education 37,817 42,687

Traveling & Transport 18,748 4,530

173,489 398,298


94

4. ACCOUNTS RECEIVABLE

2016 2015

(GHS) (GHS)

Penalties Receivable 25,000 25,000

Accrued Investment Income 75,717 57,534

Other Receivables (120) 2,340

National Insurance Commission 58,076 38,171

158,673 123,045

5. SHORT TERM INVESTMENT

2016 2015

(GHS) (GHS)

Fixed Deposit 649,363 500,000

Balance as at 1st January 500,000 431,167

Additions 149,363 68,833

Balance as at 31st December 649,363 500,000

Net Investments 149,363 68,833

6. CASH & CASH EQUIVALENT

2016 2015

(GHS) (GHS)

Bank and Cash 583,665 227,486

7. ACCOUNTS PAYABLE

2016 2015

(GHS) (GHS)

Audit Fees 3,525 2,820

Accrued Expenses - 1,400

WHT Payables 211 1,244

National Insurance Commission

3,736 5,464



95

8. RECONCILIATION OF EXCESS OF INCOME OVER EXPENDITURE TO CASH FLOW FROM OPERATING ACTIVITIES

2016 2015

(GHS) (GHS)


Investment Income (167,545) (137,330)

(Increase)/Decrease in Accounts Receivable (35,629) (84,092)

Increase/(Decrease) in Creditors (1,728) (1,360)

Cash Generated from / (used in) Operating Activities 337,997 (12,636)

9. CONTINGENT LIABILITIES

There were no contingent liabilities at 31st December, 2016 (2015: Nil)


96

LIST OF REGISTERED NON-LIFE INSURANCE COMPANIES

No. Company Contact Details Location

1 Activa International Insurance Company (Ghana) Limited

PMB KIA 85 Airport, Accra

Tel: 686352/672145/685118

Fax:685176

e-mail: [email protected]

3rd Floor, Heritage Tower, 6th Avenue, West Ridge.

2 Allianz Insurance Company Ghana Limited

PMB CT 353 Cantonments, Accra

Tel: 764893-4/764891

Fax : 765140

e-mail : [email protected]

www.allianz-ghana.com

18, North Airport, adjacent Villagio Apartments, West Airport Residential Area

3 Best Assurance Company Limited

P. O. Box CT 11022 Cantonments-Accra

Tel : +233(0)302541745

Info : bestpointinsurance.com

www.bestpointinsurance.co

Opp. American House, East Legon

4 Saham Insurance Limited

P. O. Box 1292, Accra

Tel: 774771, 760639, 768351

Fax: 760568


www.groupecolina.com

Near Ghana Commercial Bank. La Beach Road, Osu

#18 Dr. lsert Road, Ridge-Accra

5 Donewell Insurance Company Limited

P. O. Box GP 2136, Accra

Tel: 763065, 763118, 763171, 7011560-1, 772778

Fax: 763147


F 33/1, Carl Quist Street, Kuku Hill, Osu RE

6

Enterprise Insurance Company Limited


Tel: 666856-8/666847-9

Fax: 666186/670306/677677


www.enterprisegroup.com.gh

Enterprise House, No. 11 High Street



97



7 Equity Assurance Company Limited

P. O. Box 16235 KIA, Accra

Tel: 770548/7705542

Fax: 769592


www.equityassuranceltd.com

48 Senchi Street, Off Aviation Road, Airport, Accra.

8 Ghana Union Assurance Company Limited


Tel: 780625/6, 780627/30/780634

Fax: 780647

e-mail:guaghanaunionassurancecompany.com

F828/1Ring Road East, Osu

9 Glico General Insurance Company Limited


Tel: 0302253021/245235

Fax: 0302258211


www.glicogeneral.com

Glico House No. 47, Kwame Nkrumah Avenue.

10 Wapic Insurance Ghana Limited

PMB 163, KIA

Tel : 772606/773616/773609

Fax : 773749

e-mail:[email protected]

www.wapicinsuranceplc.com

35, Aviation Rd. Airport Residential Area

11 Imperial General Assurance Company Limited

P.O. Box CT 10686, Cantonments Accra

Tel : 0577667436-8/0577656170/0204653496


www.imperialgeneral.com

Ring Road Central, Accra, Adjacent Paloma Hotel

12

International Energy Insurance Company Limited (Now Heritage Energy Insurance Company Limited)

PMB 23, Accra-North, Accra

Tel: 770338/769365

Fax: 768944


www.heritageinsurancegh.com

C132/21, 11 Saflo Street, Abelemkpe Residential Area, Accra


98



13 Loyalty Insurance Company Limited

P.O. Box YK1073, Kanda, Accra

Tel : +233(0)303978389


www.loyaltyinsurancegh.com

3rd Floor, Ghana Shippers’ House No.12, Cruickshank Street, Ambassadorial Enclave, West Ridge, Accra

14 Metropolitan Insurance Company Limited (Now Hollard)


Tel: 220966/227439/225296

Fax: 237872/3

e-mail: hollard.com.gh

No. 11 Patrice Lumumba Road

Airport Residential Area, Accra

15 Millennium Insurance Company Limited

P. O. Box AT 128, Achimota, Accra

Tel : 766632/0544322144

Fax : 763323

www.millenniuminsurancegh.com

No. 7th Street

Airport Residential Area

16 NSIA Ghana Insurance Company Limited


Tel: 249500/249501-3/210180

Fax: 249504


www.groupensia.com

14/16

Main street, Tesano

17 Phoenix Insurance Company Limited

P. O. Box 17753, Accra-North

Tel: 246319,246322,246644

Fax: 246311


224/3, 6th Ringway Link Estates, Accra. Phoenix House, Kanda Highway

18 Provident Insurance Company Limited


Tel: 221096/229807/233964

Fax: 239463


Provident Towers, Ring Road Central

19 Prime Insurance Company Limited

P. O. Box AN 7644 Accra-North

Tel: 229062, 233499, 234078,7012075

Fax: 224507

e-mail:

Gamel Abdul Nasser St., Ring Road Estates, Osu, Accra.



99



20 Priority Insurance Company LimitedP. O. Box GP 13808, Accra-Ghana

Tel : 979498/979477

Priority Hs. No. 502/1, Avenor Junction, Adjacent to C. Woermann (Ghaana) Ltd. Nsawam Road

21 Quality Insurance Company Limited

P. O. Box MP 1252, Mamprobi, Accra

Tel: 258125/258127/258129/30

Fax: 220165/258135


www.qicghana.com

Quality House

Ring Rd. Central

22 Regency Alliance Insurance Ghana Limited (Now RegencyNem)

Tel: 769789, 768463, 778106

Fax: 782871


www.regencyallianceghana.com

65 Patrice Lumumba Road, Airport Residential Area, Accra

23 SIC Insurance Company Limited


Tel: 780600-9

Fax: 780615


www.sic-gh.com

Ring Road East, (Nyemetei House)

Osu

24Star Assurance Company Limited


Tel:242233/240632/247579

Fax:237156


www.starassurance.com

No. C551/4, Cola Street Kokomlemle, (Adj. ATTC)

25Unique Insurance Company Limited

P. O. Box AN 5721, Accra-North

248174-7/228176/241892/

Fax: 221430

e-mail:enquires@ uniqins.com

www.uniqueinsurance-gh.com

No. 86 North-Ridge, Ring Road Central, Former Office of KLM, behind Total Filing Station next to DHL Head Office


100



26 Vanguard Assurance Company Limited


Tel: 666485-7/782921-2

Fax: 668610


www.vanguardassurance.com

Independence Avenue near CAL Bank

LIST OF REGISTERED LIFE INSURANCE COMPANIES


1 African Life Assurance Company Limited

P. O. Box 16192, KIA

Accra

Tel : +233(0)302769666/769615/769581

e-mail :[email protected]

www.africanlifeghana.com

9 Cantonments Crescent, Cantonments, Accra

2 A-Plus Life Assurance Company Limited

P.O. Box AD 655, Adabraka-Accra

Tel : 0501450800

[email protected]

C618/3 Samosa Machel Road Asylum Down

9/1&9/2 Saxel Avenue Tesano, Accra

3 Capital Express Assurance (Gh) Limited (Now Avance Life)


Tel: 240409, 0289546118/0289546151

Fax: 247942


www.capitalexpressassurance.com

House No. 865A/3, Tackie Tawiah Ave., Kanda Highway, North Ridge

4 Donewell Life Insurance Company Limited


Tel: 763321, 763266, 772778

Fax: 763266

e-mail: donewelllife.com.gh

www.donewelllife.com.gh

F333/1, Karl Quist Street, Kuku Hill, Osu-Re



101



5 Enterprise Life Assurance Company Limited

Private Mail Bag, General Post Office Accra, Ghana

Tel: 689940,689943/45

Fax: 677073


3rd Floor

Enterprise House, 11 High Street, Accra

6 Esich Life Insurance Company Limited

P. O. Box CT 8309, Cantonments, Accra

Tel: 0302201980/201981

Fax: 250317


www.esichlife.com

C939/3 2nd Ridge Link

North Ridge Residential Area

7 First Insurance Company Limited

P.O. Box CT 10536, Cantonments-Accra

Tel: 0302231520, 231521/2


www.firstinsurance.net

#59 Ring Road Central, Asylum Down, Accra

8 Ghana Union Assurance Life Company Limited


Tel: 764674, 783021

Fax: 780647


F828/1Ring Road East, Osu

9 Glico Life Insurance company Limited


Tel: 246140/246142

Fax: 258210


www.glicogroup.com

Glico House, No. 47 Kwame Nkrumah Avenue.

10Ghana Life Insurance Company


Tel: 781118, 780543,771298

Fax: 769096

e-mail: ghanalifeinsurance.com

17 Aviation Rd.

Airport Residential, Accra


102



11 GN Life Assurance Company Limited

P.O. Box AN5879, Accra-North

Tel : 0302221885

Fax : 0302256344


www.gnlifeassurance.com

No.62 Kinshaha Avenue, East Legon

12 MetLife Insurance Ghana Limited


Tel: 633933

Fax: 685466, 685440


www.metropolitan.com.gh

1st & 2nd Floors, Omanye Aba Building, 28th February Road, Osu, Accra.

13 Millennium Life Insurance Company Limited

P.O. Box KA18210, Airport, Accra

Tel: 0302766633

Fax: 0302763323

e-mail: millenniuminsurance.com

No.4, Dr. Paul Acquah street

Airport Residential Area

14 Old Mutual Life Assurance Company Limited

P.O. Box 782, Accra

Tel: 252132/233938/230646


www.oldmutual.com.gh


15 Phoenix Life Insurance Company Limited


Tel: 911023

Fax: 222008


CDH Building, Opposite NIC, Independence Avenue, Accra

16 Provident Life Assurance Company Limited


Tel: 252132/233938





103



17 Prudential Life Insurance Company Limited

P.O. Box AN10476, Accra

Tel : 252487/0289555580/03022208877

Fax 250317


[email protected]

www.prudential.com.gh

House No. 35, North St. Tesano, opposite Hobats Clinic

18 Quality Life Assurance Company Limited

P. O. Box AD 14, Adabraka, Accra

Tel: 234016/258146-8/228833

Fax: 258150

Email: [email protected]

Peters House, Off Kwame Nkrumah Ave. Adabraka

19 Saham Life Ghana Limited

P. O. Box AD 190, Adabraka

Tel: 264552/224299

Fax: 260020


www.groupecolina.com

4th Floor, Sethi Plaza, Kwame Nkrumah Avenue

20 SIC Life Company Limited


Tel : 664756/666682/663431

Fax: 671072, 678125


www.siclife-gh.com

No.1 Jones Nelson Road, Adabraka/Freetown, Accra

21 Starlife Assurance Company Limited


Tel: 258943-6

Fax: 258947


Plot Z20B, Mankata Avenue Airport Residential Area, Accra

22

Unique Life Assurance Company Limited (Now Beige Assure)


Tel: 03022225572/0302225574

Fax: 248173

[email protected]

www.beigeassure.com

No.4 Samora Machel Road

Asylum Down, Accra


104



23 UT Life Insurance Company Limited


Tel : 249061, 245737, 228420

Fax: 250343


www.utlifeghana.com

91 Saxel Avenue, Opposite Tesano Police Station, Tesano.

24 Vanguard Life Assurance Company Limited

PMB CT 455, Cantonments, Accra

Tel: 253242, 235434/5

Fax: 235437


www.vanguardlife.com

Ako Adjei Interchange, No. 25 Osu Road, North Ridge.

LIST OF REGISTERED REINSURANCE COMPANIES


1. Ghana Reinsurance Company

P. O. Box AN 7509, Accra-North.

Tel: 633733

Fax: 633711


Plot 24, Sudan Road, Ambassador Hotel Area, Ridge, (next to Stanbic Bank Head Office)

2.GN Reinsurance Company Limited

P.O. Box AC17187, Accra

Tel : 0302542413/0302542417


ww.gnreinsurance.com

House No. 350, Ward E Block 2, Nima Court Avenue, Bridge Examination Loop Road, Accra

3. Mainstream Reinsurance


Tel: 788326/7011886/0244335711

Fax : 788325

Email: [email protected]

3rd Kuku crescent Osu

Accra



105

LIST OF REGISTERED REINSURANCE COMPANIES (CONTACT OFFICE)


1. Munich Mauritius Re (Liaison Office/Contact Office

P. O. Box GP 19389, Accra, Ghana

Tel: (0302) 507010

Fax: (0302) 507011


www.munichre.com

5th Floor, Gulf House

East Legon

2.WAICA Re Corporation Plc. (Liaison/Contact Office)

P.O. Box AN 5042, Accra-North

Tel : 0302631164, 0244734534


[email protected]

Suite No. 10, The Emporium Ambassador Hotel, 2nd Floor

LIST OF REGISTERED INSURANCE BROKING COMPANIES


1 AG Associates Limited

P. O. Box SK 26 Sakumono, Comm. 13

Tel: 0244731209


Agbogba, Accra

2 Akoto Risk Management Limited


Tel: 237573, 225330, 227813, 228905

Fax:246543


90 Kwame Nkrumah Avenue

3. All Risks Consultancy Limited

P. O. AN Box 11585, Accra

Tel: 2025544

Fax: 789912


www.alriskconsultancy.com

2nd Floor, Caledonian Kojo Thompson Road, Accra

4. AllStar Insurance BrokersP.O. Box CT 6104, Cantonments-Accra

Tel: 0302243690, 0244362432

Marbel Plaza, Behind Hotel President, Asylum Down, Accra

5. Allied Insurance Brokers Limited

P. O. Box RT 649, Accra Newtown, Accra

Tel: 233459, 027 2090137


15 Hill Street, New Town, Accra


106



6. Alpha Insurance Brokers Limited


Tel: 661572, 681156

Fax: 661572


Annex ‘B’, Room 109, First Floor, Republic House, Accra

7. Anchor Premier Brokers Limited

P.O. Box 05853, Osu, Accra

Tel : 0243029337/0244356397/0244326326


Ghana Procurement Agency Building

Kokommlemle Main Road

8. Arrow Class Insurance Brokers Company Limited

P.O. Box Box KN 4769, Accra

Tel : 433735/2330-3932005, 2330-3932006


www.arrowclassinsurance.com

2nd floor of L’aine Office, Kojo Thompson Road Complex, Adabraka-Accra

9. ARB Insurance Brokers Limited

P.O. Box CT 138 Cantonments-Accra

Tel : 0244822342

Fax : 0302-308598

e-mail : [email protected]/[email protected]

B235/25, 13 Akorlu Close Darkuman

10. Apex Insurance Brokers Limited

P. O. Box KN 3068, Kaneshie-Accra

Tel: 020 8226823/0277610368

Fax: 660650

e-mail:

House No. 58, Owusu Kofi Street, Darkuman, Accra.

11.Ark Insurance Brokers Company

P. O. Box 1609, Mamprobi-Accra

Tel./Fax: 662657

e-mail:

PZ Building, 15 Kwame Nkrumah Avenue, Behind Regency Alliance Insurance and Association Int. Sch. 65 Patrice Lumumba Rd, Airport Residential Area

12. Ascoma Ghana Management Limited

P. O. Box 206, Tradefair Centre, Accra

Tel : 0243690363

Fax : 304977


www.ascoma.com

33 Labone Crescent, North Labone

13. Asterix Brokers Limited

P. O. Box AD 50, Adabraka-Accra

Tel : 028 9523683/544060


No. 117, Lagos Avenue, East Legon

Opposite Zenith Bank



107



14. Baobab Brokers Limited

P. O. Box CT 525 Cantonments, Accra

Tel: 291977/0509-387602


www.baobabbrokers.com

4th Floor, Total House, 25 Liberia Road, Accra

15. Boaitey & Associates Insurance Brokers Limited

P.O. Box Tl 469, Taifa, Accra

Tel : 020-2018138/0302416853/0265155560

Darfuor House #47, Aflyee West Achimota, Nsawam Road

16. Byllwych Insurance Brokers Limited

P.O. Box AD 200, Adabraka-Accra

Tel : 0200114114/0269366666


1st Floor Ike Quartey House, B795/2 Oblogo Road, Kaneshie Zongo-Junction Accra

17. Cardinal Brokers Limited

P. O. Box 2225 Mamprobi, Accra

Tel: 316851, 313230

Fax:


[email protected]

House No. 49, Nii Mampong Okai Street, Dansoman

18 Ceris International Limited


Tel: 680925, 671330, 0244319862, 0208404264, 673778

Fax: 680926

e-mail:

Hse. No. 657/4 2nd Floor (opposite City Paints) Kojo Thompson Road, Accra

19. Claim Limited

P. O. Box CT. 1731, Cantonments,

Tel: 778829

Fax:760830


Trade Fair Centre (Pavilion ‘V’) La, Accra

20. Corporate Trust Insurance Brokers Limited

P. O. Box AC 663

Accra

Tel : 234260, 263447

Fax : 234321, 263214


Martco House, Kojo Thompson Road, Adabraka

21. Crown Insurance Brokers

P. O. Box 15282 Accra-North

Tel: 237568-9

Fax: 235739


House No. C418/2 Watson Avenue, Adabraka


108



22. Dezag Insurance Brokers

P.O. Box MP, 812, Mamprobi, Accra

Tel: 0302329558/967188/0244984615


House No. A 1015/14 Delonix Street, Dansoman, Last Stop (Ebenezer SHS)

23. Danniads Limited

P. O. Box 71, Trade Fair Centre, Accra

Tel: 251623/251625/227908

Fax: 233380

e-mail: [email protected], [email protected]

House No. D325/4, Brewery Road

Official Town, Adabraka

24. Double D & M Limited

P. O. Box 117, Mamprobi-Accra

Tel: 024-251167, 682414

e-mail:

Okoama Storey Buildings 71 Ring Road, South Industrial Area

25. Dynamic Insurance Brokers

P. O. Box PMB CT 98, Cantonments, Accra.

Tel: 713900, 713899

Fax:713882


Brigade Bus Stop, Off the Nungua-Teshie Road

26. Edward Mensah, Wood & Associates


Tel: 229349/224670/233078

Fax: 224809


Marydee House C124/3 Farrar Avenue

27. Eureka Insurance Brokers Limited

P. O. Box OS 1338

Accra

Tel : 0200798288, 967188, 2967189

Fax :

e-mail:

www.eurekabrokers.com

A643/16,11th Damba Street, Dansoman, behind GCB

28. Felin Insurance Brokers Limited

P.O. Box AH 1361, Achimota-Accra

Tel: 0302901519/024462257/0248260963


Hs. No. 10 Afram Lane, Asylum Down, Accra near Delta Security Services



109



29. First Anchor Risk Management


Tel: 770510/0244-94206

Fax: 770511


Christman House (formerly Aviation House)

3rd Floor, suite 105, Airport-Accra

30. Functions Risk Management Limited

P.O. BoxWJ 952, New Wieja, Accra

Tel: 0244272066/0302201488/0244662370

e-mail: info@functionsriskmanagement .com

No. F872/15th Close Ringway Estate Osu, Accra

31. Ghana International Insurance Brokers


Tel: 250384/0242759043/0242943450

Fax: 247633

e-mail: info@[email protected]

2nd Floor Copeland House

ADB, Off Kojo Thompson Road, Adabraka, Accra

32. Global Impact Insurance Brokers (Gh) Ltd.


Tel. 0244625080/0245069626

Fax: 221869

e-mail:

Opposite Burkina Faso Embassy, Asylum Down

33 GBL Insurance Brokers Limited

P. O. Box CT AF 1347,

Adenta-Accra

Tel: 0244438704


4th Floor Ghana House, behind Barclays Bank, Atta Mills High Street

34 Goldlink Insurance Brokers


Tel: 0302244714/244715/244478

Fax: 0302244713


No. 32 Farrar Avenue Adabraka,

Sikkins Paint Building

35 Goodwill Insurance Brokers Limited

P. O. Box KN 57 Kaneshie-Accra

Tel: 0244418495/0204330449


Virtues Trust Building, Off Burma Camp Road


110



36Gras Savoye Ghana Limited (Now Willis Tower, Watson Ghana Limited)

P. O. Box KIA 30708, Accra

Tel: 674465, 681600, 0244318548, 686400

Fax: 675489


15th Floor, Heritage Tower, Ambassadorial Enclave, Ridge, Accra.

37 Horizon Insurance Brokers Limited

P. O. Box CS 8409 Comm. 7 Tema

Tel: (0303) 208856, 208864, 208928, 200999


[email protected]

1st Floor, Suite No. 9 Kristal Plaza Comm. 4 Tema, Near Evergreen Supermarket

38Insurance Centre of Excellence

P. O. Box 30688, KIA-Accra Ghana

P. O. Box CT 6274, Cantonments Accra

Tel: 239 855/222427

Fax: 234 128


Location: H/No 14 Ridge Road,

NT Ridge (Opposite Accra High School

39 Insurance Consultancies International Limited

P. O. Box 4648

Tel: 231182-3, 0244320388, 054 5440763

Fax: 231184


Benefits Plaza, Ring Road Central

40Inter-Africa Brokers Limited

P. O. Box T89

Stadium Post Office, Accra

Tel: 027-7734385/255357


First floor, Palma House, Tudu, behind Catholic Book Centre

41 Insurance Solutions Limited

PMB CT 382

Cantonments-Accra

Tel. 0302 938112, 0243574690


Mariville Home, Manet Junction Spintex Road, Accra.

42 KAV Insurance Brokers Limited


Tel. 420111,

Fax : 420112


No. 14 Cairo Street, East Legon, Behind GT Bank



111



43 KEK Insurance Brokers Limited


Tel: 764023, 764573, 764390, 770614

Fax: 764138, 764210


Broking House No.40/41, Senchi St., Aviation Road, Airport Residential Area, Accra

44 Khols & Hols Insurance Brokers & Management Consultants

P. O. Box

Tel: 0266812600/0266335735


www.kholsinsurancebrokers.com

Nana Swiss House Plot No. 14 Community 16 Lashibi, Tema

45 Liberty Insurance Brokers Co. Limited

P. O. Box CT 8092, Accra

Tel : 020 8184215

Fax :


4th Floor of Dufie Towers, 1st Junction, Teshie-Nungua Estate

46 Lordship Insurance Brokers

P. O. Box 1144 Achimota Market

Tel: 781435/781774

Fax: 770432


www.lorshipin.com

F&D Court, H/N C140 Motorway Extension, Abelemkpe

47 M&G Insurance Brokers Limited

P. O. Box GP2913, Accra

Tel: 254647

Fax: 254649


5th Floor, Sethi Plaza

123 Kwame Nkrumah Avenue, Adabraka

48 Maxpal Intermediaries

P. O. Box SD 79, Stadium Post Office Accra

Tel: 232795/241216

Fax: 232795


[email protected]

B219/10 B10 street, Awudome

Kaneshie


112



49 Metrix Brokerage Limited

P. O. Box CT 3865 Cantonments

Tel: 0303932305/932308


www.metrixbrokerage.com

Behind the Trade Fair at the back of Goil Filling Station

50 MIDAS Insurance Brokers Limited


Tel: 255168

Fax: 258667


[email protected]

Plot No. A10, Awudome Roundabout, Kaneshie

51 Multinational Insurance Brokers

P. O. Box KA 30223 Airport, Accra

Tel: 0289013928


No. 13 Star Avenue, Kokomlemle

52 NDL Insurance Consult

P. O. Box GP 1388 Accra, Ghana

Tel: 0202019973/0302967330

Fax: 0302760404


F618/2 Anu Mensa Street, Near VRA Clinic, Osu

53 Novelty Insurance Brokers LimitedP. O. Box AF 1383 Adenta

Tel: 268002

Superior Oil Office Complex Ampomah Junction

54 Oak Insurance BrokersP. O. Box KN, 5111 Kaneshie, Accra

Tel: 0302230060

House No. 6, Obutu Road

Accra New Town

55 Premier Brokers & Consultants

P. O. Box DS 1632 Dansoman, Accra.

Tel: 915111, 918011, 028 9540270

Fax: 224804


Marble House, South Industrial Area, Accra

56 Progressive Insurance Brokers Limited

P. O. Box GP 14438 Accra Central

Tel: 237058, 020-2018102

Anum Yemoh Place, East Legon, Accra



113



57 Prudent Insurance Brokers Limited


Tel: 020-8157160,0244-767037, 0244-883991, 240818

Fax: 240882


[email protected]

Hse. No. 520/4, Jones Nelson Street, Adabraka, Accra

58 Riscovery Limited

P. O. Box GP 13596

Accra

Tel : 0244269936

Fax : 0268089949


309/17 Abavana Junction, Kotobabi

59 Risk Management and Advisory Services

P. O. AN 12331

Accra- North

Tel. 816390, 816389, 024415834, 0208128369


[email protected]

No. 120B Spintex Rd, Industrial Area

60 Safeguard Insurance Brokers Limited


Tel: 0302784829/784513/0206850886


6 Osu Duku Street, Osu, Accra

61 Safety Insurance Brokers Ltd.

P. O. Box OS 2912 Osu, Accra

Tel. 761944, 786603, 024376965

Fax: 786602


[email protected]

2nd Floor, Blue Chip Building

62 Shield Insurance Brokers Limited

P. O. Box GP 13197, Accra.

Tel: 0243761632, 0544356888, 953055, 519651

Fax: -


Kangaroo House, Adjacent Fly over, Manet Court


114



63 Saviour Insurance Brokers & Consultants


Tel: 224559 /0277426580

e-mail:

Kanda, East Ayawaso, Accra

64 Trans-National Brokers Limited


Tel/Fax: 024 4272060, 0209420518

Fax : 235603, 949803


C154/19 Tesano Business Centre Opposite Santana Market, Tesano

65 Trinity Insurance Brokers Ltd.

P. O. Box GP 1800

Accra

Tel. 764117, 764018

Fax : 764130


[email protected]

Cantonments Rd. Opposite St Thomas School, Osu.

66 Tri-Star Insurance Services Limited


Tel: (233-21)244861, 256183, 220302

Fax: 220319


No. 14, Naa Ata Street, Tesano, Accra

67 Universal Insurance Consultants Ltd.

P. O. Box CT 117, Cantonments, Accra.

Tel: 222076/229362

Fax: 233944


1st Floor, Standard Chartered Bank Building

Adabraka

68 UGroup Insurance Brokers

P. O. Box AN 16664

Accra-North

Tel : 02082453

e-mail :

www.ugroup.com

House No. C352, Dome, Accra.

69 Visal Insurance Brokers Limited

P. O. Box CT 4219

Tel : 0244644155


Plot No. 46, 48 Boundry Road, Near UBA Bank, America House, East Legon



115



70 World Wide Insurance Brokers

Tel: +233245501301


www.worldwidepartnersgh.com

1st Floor- QFS Building Community II, Tema- Ghana.

71 Strategic Insurance Consult Ltd.Tel: +233244664540, +233235664540


Gicel Estates, Weija DVLA Block A8/9.

72 K&A Insurance Brokerage Ltd.

P.O. Box 17366, Accra.

Tel: +233264310554


No. 7 Fifth, Abbosey Okai Link, Mataheko, Prime Care Medical Block

73 Ideal Insurance Brokers LimitedTel: +233501525704, 0302-234158


Broking House No. 137/5- Ring Road Central (New Nima Police Station)

74 Supreme Trust Insurance BrokersP.O. Box WY 1641, Kwabenya- Accra

Tel No. +233247200483, 0312298033

First Floor, RND Plaza, Baatsona Spintex Road

75 Insurance Management Service

C/O P.O. Box Gp 724, Accra.

Tel: 0303-967796


www.ims-gh.com

Goa House, 3 Afram Road, Asylum Down- Accra.

76 Risk Partner Limited

P.O. Box 561, Accra.

Tel: +233202011488, +233244848784


Number 24, 5 Crescent, Asylum Down- Accra.

77 Pacific Insurance Brokers Limited

P.O. Box CT 521, Cantoments- Accra

Tel: +233244788797


78 iRisk Management Limited

P.O. Box AF 574, Adenta

Tel: 0302-500168


www.iriskmanagement.net

Christian Service Centre, 11 Jungle Road / A&C Road East Legon.


116

LIST OF REGISTERED LOSS ADJUSTING COMPANIES


1. I AM Loss Adjusters (GH) Limited

P. O. Box GP, 22926 Accra-Central

Tel: 0261384828/0207960358/0249949311

Fax: 304977


3rd Floor, White House Plaza, Opposite Ebenezer Funeral Home, Aigbe Town Bus Stop, After West Hill Mall, Accra

LIST OF REGISTERED REINSURANCE BROKERS


1. KEK Reinsurance Brokers (Africa) Limited

P. O. Box An 6681 Accra-North

Tel: 770617, 764210, 764273

Fax: 764138


KEK Insurance Broking HouseNo. 40/41 Senchi Street @ Aviation Rd. Airport Residential. Area, Accra



117

Notes

NIC | THE INSURANCE SUPERVISOR 27

Insure them against fire, burglary and natural disasters.

NATIONAL INSURANCE COMMISSIONFor More Information, Contact Any Licensed Insurance Company, Broker Or Agent.

INSURANCE AND ITS BENEFITS

Insurance brings the smiles back and helps you stand on your feet again when disaster strikes.

Do you know that the house and properties you

have acquired through much effort and over a

period of time could be lost within a minute?

Insure them against fire, burglary and natural disaster.

desi

gn &

prin

t: Bu

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ress

Ltd

| +2

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02 4

0806

1

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