Ghana Reinsurance announces GHc253.37 million as gross premium income; pays dividend to gov’t
- Ghana Reinsurance Company Limited has paid GHc9 million as dividends to the government
- The company also recorded GHc253.37 million as its gross premium income for the year 2019
- In the preceding year, it had an income of GHc205.66 million
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YEN.com.gh has learned that Ghana Reinsurance Company Limited, also known as Ghana Re, has paid GHc9 million as dividends to the government.
This was after it recorded GHc253.37 million as its gross premium income for the year 2019.
The amount is a 23.2% increase compared to the preceding year in which the company recorded GHc205.66 million as its income.
Source: UGC
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The government commended the company for its strong performance during its 17th Annual General Meeting (AGM) held in Accra a week ago.
Per a report by thebftonline.com, the general business premium income recorded in 2019 was GHc230.85 million, while life premium income stood at GHc22.52 million.
According to the company’s board chairman, George Otoo, fire insurance contributed 62.42% of the general business premium income, while accident and motor insurance contributed 20.7% and 7.8% respectively to the portfolio.
He added that management expenses recorded for the same period were GHc41.43 million compared against GHc43.20 million in 2018. This represents a decrease from 21.9% in the year 2018 to 19.7% in 2019.
Information available shows that profit before tax for the period was GHc40.80 million, representing a 23.1% decrease on the figure of Ghc53.03 million for 2018. Profit after tax was GHc30.16 million compared against GHc38.63 million in 2018.
In other news, the Chamber of Petroleum Consumers (COPEC) has called on the government to subsidise fuel prices for commercial drivers in Ghana.
The call follows complaints of hardships that stemmed from the reduction in the number of passengers in commercial vehicles.
Following the outbreak of the coronavirus, commercial drivers were instructed to reduce the number of passengers they carry.
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Source: YEN.com.gh
