Non-life earnings look good in 1st quarter

Twenty-three out of Ghana’s 25 non-life underwriting companies closed the first quarter with an income of GH¢226.3 million.

The income was earned as the April 1 2014 deadline for the implementation of the “No Premium, No Cover” policy drew near.

The income of two non-life companies -- WAPIC insurance Ghana and Provident Insurance -- could not be obtained before going to press.

Top earners at the close of the first quarter still remained the top-five, which include SIC Insurance, Metropolitan Insurance Company. Vanguard Assurance, Star Assurance and Enterprise Insurance.

The top five non-life insurers earned about 64.4% of the total earnings in the first quarter, while the table turned amongst lower income earners.

Equity Assurance and Saham Insurance improved on their earnings in the first quarter.

Most insurers B&FT spoke to said they expect a dip in income in the second quarter. “We will only see the true picture of our earnings from the second quarter which ended in June,” said one insurance practitioner.

Non-Life Companies	Q1, 2014
Activa International Insurance Company Limited	12,012,406
Allianz Insurance Company Limited	2,778,350
Donewell Insurance Company Limited	5,494,366
Enterprise Insurance Company Limited	25,771,000
Equity Assurance Company Limited	7,122,806
Ghana Union Assurance Company Limited	8,444,377
Glico General Insurance Company Limited	9,880,096
Imperial General Assurance Co.Ltd	1,129,021
International Energy Insurance Company Limited	2,389,536
Metropolitan Insurance Company Limited	27,587,994
Millennium Insurance Company Limited	3,653,217
NEM Insurance Ghana Limited	1,994,515
NSIA Ghana Insurance Company Limited	2,035,249
Phoenix Insurance Company Limited	7,939,495
Prime Insurance Company Limited	1,132,024
Priority Insurance Company	1,001,518
Provident Insurance Company Limited	N/A
Quality Insurance Company Limited	4,525,598
Regency Alliance Insurance Ghana Limited	2,248,290
Saham Insurance Ghana Limited	4,901,166
SIC Insurance Company Limited	46,967,088
Star Assurance Company Limited	22,240,244
Unique Insurance Company Limited	1,960,453
Vanguard Assurance Company Limited	23,076,399
Wapic Insurance Ghana Limited	N/A
Total	226,285,208