Ghana Re Makes Significant Progress

•   Mr. Molbila (left), presenting a cheque to Mrs Apenteng.             Photo: Hannah Nkrumah

• Mr. Molbila (left), presenting a cheque to Mrs Apenteng.
Photo: Hannah Nkrumah

THE Ghana Reinsurance Company Limited (Ghana Re) recorded a profit of GH¢30 million after tax for the year 2013, representing an increase of 50 per cent of the GH¢20 million recorded in 2012.

Its composite gross premium grew by 10.27 per cent from GH¢67,821,811 in 2012 to GH¢74,789,139 in 2013.

The company, however, recorded GH¢68.5 million as its gross premium in 2013, representing an increase of 8.3 per cent, as compared to GH¢63.2 million in 2012.

The board chairman of the company, Mr Lionel Molbila, announced these at the company’s annual general meeting (AGM) in Accra on Tuesday.

He disclosed that 67 per cent of its premium income was generated locally and 33 per cent was from markets outside Ghana.

Mr. Molbila said the company had shown growth and strength in a challenging financial year like 2013 and it remains focused on its vision to ensure a 60 per 40 market mix by 2015.

“The company’s direct payment to government totaled GH¢10,930,060, being GH¢3 million in dividend and GH¢7,930,060 in corporate taxes,” he said

The board chairman said last year, the company’s provision for bad and doubtful debts and debts written off amounted to GH¢19.25 million.

Mr. Molbila, stated that the company’s investment income of GH¢35.67 million and exchange gain of GH¢19.80 million resulted in a profit of GH¢37.79 million before tax.

“The investment income of the company grew to GH¢29.09 million in 2013 from GH¢0.94 million mainly as a result of improved yield, and enhanced net cash inflows, with an amount of GH¢4.25 million added to the life fund provision of the year,” he stated.

Mr. Molbila reiterated the company’s commitment to exhibit the highest standards of corporate governance, and strengthening their financial levels to expectation.

He said that the company was focused on strengthening its capital base and deepening its expansion on the African market and expressed gratitude to its shareholders and partners for their continuous support and continued patronage.

Mrs Magdalene Apenteng, Director of Public Investment at the Ministry of Finance commended the company for its impressive performance last year and hoped that 2014 would be a better year. By Linda Aryeetey

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