ANNUAL REPORT & FINANCIAL STATEMENTS 2012

NATIONALINSURANCECOMMISSION

ANNUAL REPORT& FINANCIAL STATEMENTS 2012

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NATIONAL INSURANCE COMMISSION

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CONTENTS Page

Foreword 3Chairman’s Report 6 THE NATIONAL INSURANCE COMMISSIONCorporate Information 8NIC’s Operations 9 THE INSURANCE MARKETEconomic Review 2012 16 Ghana Insurance Market Report (2008 – 2012) 18 Insurance Market Financial & Ratio Analysis 31

FINANCIAL STATEMENTS 67 APPENDICES

1. List of Registered Non-Life Insurance Companies 822. List of Registered Life Insurance Companies 853. List of Registered Reinsurance Companies 884. List of Registered Insurance Broking Companies 895. List of Registered Loss Adjusting Companies 966. List of Registered Reinsurance Broking Companies 96

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ForewordMICROINSURANCEThe National Insurance Commission in January 2013 issued a Market Conduct Rules relating to the sales of microinsurance products during the launch of the Microinsurance Regime. The rules spelt out significant provisions and criteria for the design and sale of microinsurance products in the country. These are;

1. Insurer may designate an insurance contract as a microinsurance contract

1. If a licensed insurer is satisfied that a form of insurance contract that it intends to sell meets the criteria for a microinsurance contract specified in paragraph 17 of the Market Conduct Rules, the insurer may designate the contract as a microinsurance contract.

2. Subject to subparagraph (3) and paragraph 16, if a licensed insurer designates an insurance contract as a microinsurance contract, the contract is treated for all purposes of the Rules as a microinsurance contract.

3. A licensed insurer may, at anytime, decide that an insurance contract shall not be designated as a microinsurance contract and the contract shall, from the date of the decision, cease to be treated as a microinsurance contract.

2. The Commission may issue a determination that an insurance contract is not a microinsurance contract

1. If the Commission considers that a contract designated by a licensed insurer as a microinsurance contract does not satisfy the criteria for a microinsurance contract specifies in paragraph 17 or that it does not comply with any of the requirements for a microinsurance contract, it may issue a written determination that the contract is not a microinsurance contract.

2. If the Commission issues a written determination under subparagraph (1), the insurance contract ceases to be a microinsurance contract with effect from the date of the notice or such later date as the Commission may specify in the notice.

3. Criteria for microinsurance contract

1. For the purposes of paragraph 15, the following are the criteria that a licensed insurer shall use for determining whether an insurance contract may be designated as a microinsurance contract:

a. The insurance contract must be designed and developed with the intention of meeting the needs of, and being marketed and sold to

i. low-income persons generally; ii. specific types or descriptions of low-income persons; or iii. low-income persons in a particular geographical area.b. The premiums charged under the insurance contract must be affordable for low-

income persons.

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c. The insurance contract must be accessible to those low-income persons for whom it was designed and developed.

2. Where a licensed insurer determines that an insurance contract is a microinsurance contract, it shall make a written record of the assessment that it has undertaken against the criteria, detailing the basis on which it has made the determination and how the insurance contract meets the criteria.

3. A licensed insurer shall retain each written record of assessment until at least three (3) years after the insurer ceases to market and sell the microinsurance product.

4. For the avoidance of doubt,

a. nothing in this paragraph shall be taken as preventing the purchase of a microinsurance contract by a person who is not a low-income person;

b. the purchase of a microinsurance policy by a person who is not a low-income person shall not affect its status as a microinsurance contract under the Rules.

4. The Commission’s approval and procedure and when approval is not required

1. A licensed insurer shall not issue, market or sell a microinsurance product that, for the insurer concerned, is a new form of insurance product within the meaning of section 45(1) of the Insurance Act, 2006 (Act 724), unless the Commission has given its prior written approval for the product.

2. Where the Commission’s approval is not required under section 45 of Act 724, a licensed insurer shall not issue, market or sell a new microinsurance product unless

a. it has provided the Commission with not less than four (4) weeks written notice of its intention to do so in accordance with subparagraph (3); and

b. it has received a written acknowledgement of receipt of the notice from the Commission; and

c. the Commission does not, within the 4 week period following the date of the written acknowledgement of receipt, issue a directive under subparagraph (4) prohibiting the marketing and sale of the product.

3. A licensed insurer shall provide the Commission with written notice of its intention to market and sell a new microinsurance product for which approval is not required.

4. A notice under subparagraph (3) shall be in, and contain the information specified in the approved form and shall be accompanied by

a. a copy of the proposed microinsurance contract;b. the insurer’s written record of assessment made in compliance with paragraph

17(2); andc. copies of the proposed marketing material, including the proposed Product

Summary produced in accordance with paragraph 7.

5. The Commission may, at any time within 4 weeks from the date of the written

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acknowledgement of receipt of notice of intention to market and sell a microinsurance product, provide the licensed insurer with a written directive

a. Prohibiting it from marketing or selling the product; orb. Imposing conditions on the marketing and sale of the product.

6. If the Commission issues a directive under subparagraph (4), the decision notice shall contain, or be accompanied by, a statement of the Commission’s reasons for the prohibition on the marketing and sale of the product or for the imposition of conditions.

5. Rating of microinsurance products

A licensed insurer may rate a microinsurance product on the basis of the risk profile of the community to which a policyholder belongs, without taking account of the specific risk profile of an individual policyholder.

6. Requirements applicable to microinsurance contracts

1. A licensed insurer shall take all reasonable steps to ensure that the policy document for a microinsurance contract

a. is written in a clear and straightforward manner, with no or minimal use of technical and legal wording; and

b. will be readily understood by the low-income persons to whom it is to be marketed and sold.

2. A microinsurance contract shall contain no, or few, exclusions.

7. Claims under a microinsurance contract

1. A claim under a microinsurance policy shall be accepted or rejected by a licensed insurer within 7 days of receipt of the claim by it or on its behalf and, where accepted, shall be settled within 10 days of the receipt of the claim.

2. Where a claim under a microinsurance policy is rejected, the policyholder shall be given written notice of the rejection of the claim within 10 days.

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Chairman’s ReportINTRODUCTION

The National Insurance Commission implemented various reforms in 2012. The Commission changed the financial reporting requirements of Insurance Companies from GAAP to IFRS and also adopted new prudential reporting requirements.

All the initiatives taken in 2012 were aimed at improving the operational efficiency of the insurance sector.

The draft Insurance Bill was submitted to Cabinet during the year. MICROINSURANCE DAY

The Commission in collaboration with the German International Cooperation (GIZ) celebrated for the first time, a Microinsurance Day. This was done to show the importance of microinsurance in the insurance industry in Ghana. A book on microinsurance, “Promoting Microinsurance in Ghana - Microinsurance as a means of Insurance Sector Development” was launched on that day. The book is a collection of papers presented at an International Microinsurance Conference organised at Movenpick Hotel in Accra.

Copies of the book and other books on microinsurance were given to insurance companies and insurance broking firms to encourage them to design and sell microinsurance products for low income persons in Ghana.

EMCB SUPPORT The Government of Ghana’s (GoG’s) Economic Management and Capacity Building (EMCB) project under the Ministry of Finance and Economic Planning (MoFEP) supported the NIC in implementing some of the major initiatives. These include the development of a web-based portal which is used by regulated entities in submitting annual and quarterly returns to the NIC electronically, the installation of a software for the financial analysis of returns from regulated entities, the development of an accounting manual in line with IFRS and a guide for completing the quarterly and annual returns.

RISK-BASED SUPERVISION

The Commission in collaboration with the Toronto Centre in Canada, continued the training on Risk-Based Supervision for its staff. The training focused on consolidated supervision, the concept of relationship managers and principles-based supervision. Relationship Managers have been assigned to specific regulated entities. A Relationship Manager is responsible for maintaining up to date data on risk assessment of the institution which is assigned to him or her.

Risk Based Supervision requires sound judgment for identifying and assessing risks. Sound judgement is also required to determine the most appropriate method to ensure that regulated entities effectively manage their risks.

INDUSTRY PERFORMANCE

Gross premiums for the insurance market recorded a 35.3% growth (Life and Non-Life) between 2011

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and 2012. In Cedi terms, the market recorded a total gross premium of GH¢850.7 million in 2012.

Table 1: Growth in Total Gross Premium Income (Non-Life and Life)Year Premium Income (GH¢) Growth Rate2008 278,255,336 -2009 342,973,719 23.2%2010 458,117,746 33.5%2011 628,528,775 37.2%2012 850,657,054 35.3%

Non-Life business maintained its lead in gross premium contribution. Non-Life business recorded GH¢494.8 million.

Life premiums increased from GH¢91.2m in 2008, more than doubled in 2010 and then to GH¢355m in 2012. There is still room for growth in this sector especially with the development of microinsurance and innovative distribution channels such as bancassurance.

Premium Income by Class of Business

Motor Insurance made a premium income of GH¢216.46m, representing 25.4% of the total market premium for 2012.

The performance of life insurance has been impressive with GH¢355m in 2012, representing 42% of the market share. Life Insurance has surpassed motor as a leading class of business in the market.

Fire Insurance premiums have tripled since 2008 to GH¢99m. This is due to the publicity on the Compulsory Fire Insurance. We believe that with the enforcement of the provisions of the law there will be tremendous premium growth for this class of business.

Marine Insurance business which has been stagnating over the years needs a boost. The recommendations of the Marine Insurance Committee would be implemented to address the dwindling fortune of this business. The practice of Customs, Exercise and Preventive Service (CEPS) levying 1% on imports as insurance before charging their duty should give way to proper insurance coverage.

Insurance Penetration

Insurance penetration which is defined as the contribution of total insurance premiums to Gross Domestic Product (GDP) is still less than 1.5%. The Commission is encouraging insurance companies to introduce more microinsurance and agric insurance products to increase the penetration.

There must be a progression from Weather Index Insurance to other agricultural policies for farmers.

CONCLUSION

The year 2012 was an eventful year. This was a year in which Microinsurance Day was celebrated for the first time. We still need to develop microinsurance products for the large informal sector in the Ghanaian economy in order to increase the low insurance penetration. The new Insurance Bill now has microinsurance provisions and we believe that after its passage into law, the Commission will have the legal backing to promote microinsurance in the country.

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The National Insurance CommissionCorporate InformationBoard of Directors: Mr. Frederick Quayenortey Chairman

Mrs. Nyamikeh Kyiamah Commissioner of Insurance

Other Directors Mr. Samuel Amankwah MemberMr. Justin Amenuvor MemberDr. Albert Gemegah MemberMs. Sarah Fafa Kpodo MemberMr. Emmanuel Baba Mahama Member

Secretary: Mrs. Emma Ocran

Management Team: Mrs. Nyamikeh Kyiamah Commissioner of InsuranceMr. Simon N. K. Davor Deputy Commissioner of InsuranceMrs. Emma Ocran Legal Services DirectorMr. Michael Kofi Andoh Head, SupervisionMr. Joseph Bentor Head, Finance & AdministrationMr. Isaac Buabeng Head, Marketing, Research & External RelationsMr. Martin Dornor Abayateye Internal Auditor

Auditors: AADS(Chartered Accountants)Republic House5th FloorAccra

Bankers: SG-SSB Bank (Ghana) LimitedMerchant Bank (Ghana) LimitedCal Bank LimitedGhana commercial LimitedHFC Bank (Ghana) Limited

Registered office: National Insurance CommissionNo. 67 Independent AvenueNorth RidgeP. O. Box CT 3456Cantonments, Accra

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NIC Operations

LICENSING

Insurance CompaniesOne non-life insurer, Priority Insurance Company Limited, was licensed in 2012.

Insurance Brokers The under-listed four (4) insurance broking companies were licensed in the year 2012;1. Baobab Brokers Limited2. Cardinal Insurance Brokers Limited3. UGroup Limited4. Liberty Insurance Brokers Limited

Corporate AgentsThree (3) bancassurance partnerships were approved during the year under review and are listed as follows;

1. Merchant Bank (Ghana) Limited - SIC Life Company Limited2. Barclays Bank (Ghana) Limited - Metropolitan Insurance Company Limited.3. UT Bank Limited - UT Life Insurance Company Limited

Tied AgentsThe year started with 3,300 active agents. During the year under review, 380 new agents were licensed bringing the end of year total to 3,680.

ACQUISITIONS OF MAJORITY SHARES

Leapfrog Financial Inclusion Fund was granted approval to acquire a majority equity share of 77.46% in Express Life Insurance Company Limited.

ON-SITE INSPECTIONS

In line with the Insurance Act, 2006 (Act 724), the Commission inspected 18 companies. These companies were made up of ten (10) non-life, seven (7) life and one (1) intermediary which were considered generally compliant with the Law.

REINSURANCE PREMIUM TRANSFER

Regulated entities arrange different types of reinsurance programs in a bid to mitigate their own risks. Premiums for these covers are approved by the Commission before they are transferred abroad. Approval was granted for the transfer of a total amount of US$7.32m, £6112, €53,588 and the dollar equivalent of GH¢1.413m in the course of the year under review.

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Table 2: PRODUCT APPROVALSCompany Product CategoryActiva International Insurance Co. Ltd Credit Protection Insurance Response Non Life

Colina Life Ghana Ltd

Term Life Plan LifeMortgage Protection Plan LifeChild Education Plan LifeUniversal Life Plan LifeGroup Term Life LifeGroup Credit Life Life

Enterprise Life Assurance Co. LtdBarclays Enhanced Funeral Finance Plan LifeSCB’s Educare Policy Wording Life

Express Life Insurance Co. LtdFarewell Plan LifeChild Support Plan/ Educational Plan Life

Ghana Agric Insurance Pool Weather Index Agricultural Insurance Micro insurance

Glico Life Insurance Co. Ltd

Glico Life Savings Plan LifeGlico Life Guaranteed Plan LifeGlico Education Endowment LifeGlico Investment Plan LifeGlico Partnership Group Life Plan Life

Metropolitan Insurance Co. Ltd

Barclays Hospital Cash Back Non LifeBarclays Accidental Hospital Cash Back Non LifeBarclays Private Motor Third Party Non LifeBarclays Private Motor Third Party Fire and Theft Non LifeBarclays Motor Comprehensive Non LifeBarclays Embedded Travel Insurance Master Policy Non Life

SIC Life Insurance Co. Ltd.Guaranteed Education Endow Plan LifeRepackaged Universal Life Plan Life

Star Assurance Co. Ltd Microinsurance Product - Akwanhyia Mmoa Non Life- Microinsurance

StarLife Assurance Co. LtdMicro Insurance Life - MicroinsuranceEdusave Insurance Policy/ name change LifeWealthmaster Plus Esteem Homecall Plan Life

UT Life Insurance Co. Ltd

MTN MI-Life Product Life - MicroinsuranceFuneral Expenses Plan LifeEducational Expenses Plan LifeSpecial Education Expenses Plan LifeTerm Assurance Plan Life

Vanguard Assurance Co. LtdVanguard Honorables’ Protection Non LifeDefault Insurance Non Life

Vanguard Life Assurance Co. Ltd Home Plan Life

OPERATIONS OF THE KUMASI, TAMALE AND TAKORADI OFFICES

During the year under review, the Legal Department continued to oversee the activities of the regional offices in Kumasi and Tamale.

The intention of the Regional Offices is to bring the activities of the NIC closer to the public and to encourage

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public patronage of insurance business.

The Tamale office caters for the Northern sector of the country whilst the Kumasi office serves the Middle Belt of the country. The two offices carried out their core activities mainly; to receive complaints from the general public and to resolve the complaints. Where complaints were beyond their capacity, they were referred to the Head Office in Accra.

The NIC in the year 2012 set up a new office in Takoradi. The Takoradi office is expected to serve the Western part of the country.

COURT CASES

The Legal Department followed up on two separate cases in court. The NIC, in fulfillment of its mandate of protecting policyholders, brought a civil action against Industrial and General Insurance (IGI) Non-life and Industrial and General Insurance (IGI) Life. The finances and management practices of the Companies had fallen below acceptable standards despite several efforts by the Commission to assist the Companies operate properly within the Insurance Act, 2006 (Act 724).

Suit No. AC/652/2012National Insurance Commission vrs Industrial & General Insurance (Ghana) (IGI)The NIC, as part of its enforcement functions to protect the interest of policyholders, brought an action against IGI at the Fast Track High Court. The action was to obtain a protection order from the court to protect the assets of the Company as prescribed under section 180 of the Insurance Act, 2006 (Act 724). On September 27, 2012, the court granted the NIC’s petition.

Following the granting of the order, the NIC applied to the court to appoint an Administrator to manage the Company.

Suit No. AC/654/2012National Insurance Commission (NIC) vrs IGI Life Insurance Company For the same reasons as above, the NIC brought an action against IGI Life at the Fast Track High Court. The action was also to obtain a protection order from the court to protect the assets of the Company and on September 27, 2012, the court granted the NIC’s petition.

Following the granting of the order, the NIC applied to the court to appoint an Administrator to manage the Company.

NEW LEGAL AND REGULATORY FRAMEWORK

The current Insurance Act, 2006 (Act 724) has significant loopholes and does not fully conform to the Insurance Core Principles (ICPs) of the International Association of Insurance Supervisors (IAIS) Standards which was issued in October 2011.

In order to bring the Insurance Law in line with international standards and to ensure effective and efficient supervision of the insurance industry, the NIC engaged a legal Consultant to assist in the review of Act 724. After the initial draft, the Commission organized stakeholder consultations on the draft Insurance Bill and the draft Insurance Regulations. The draft Insurance Bill was sent to Cabinet for consideration and approval.

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COMPLAINTS AND SETTLEMENTS BUREAU

In the year 2012, the Bureau continued to receive complaints from the public against some Insurance Companies.

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 areas of complaints from life policyholders were as follows:

• 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

Distribution of Complaints against Insurance CompaniesA total of 232 complaints were received from the public against some Insurance Companies during the year under review.

Out of the total complaints received, 165 were brought against Non-life Insurance companies and 67 were against Life Insurance companies.

Uninsured vehicle complaints received in the year totaled 83.

The distribution of the total complaints received is as follows:

Table 3: COMPLAINTS (NON-LIFE)Non-Life Insurance Companies No. of Complaints

1 SIC Insurance Company Limited 522 Unique Insurance Company Limited 203 Star Assurance Company Limited 164 Equity Assurance Company Limited 145 IGI (Ghana) Insurance Company Limited 116 Vanguard Assurance Company Limited 107 Provident Insurance Company Limited 108 Donewell Insurance Company Limited 99 Quality Insurance Company Limited 410 NSIA (Ghana) Insurance Company Limited 311 Enterprise Insurance Company Limited 2

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12 Glico Insurance Company Limited 213 Intercontinental Wapic Ins. Co. Limited 214 Phoenix Insurance Company Limited 215 International Energy Insurance (IEI) Co. Limited 216 Ghana Union Assurance Co. Limited 217 Allianz Insurance Company Limited 118 NEM Insurance Company Limited 119 Regency Alliance Insurance Co. Limited 120 Colina Insurance Company Limited 1

TOTAL 165

Table 4: COMPLAINTS (LIFE)Life Insurance Companies No. of Complaints

1 Metropolitan Life Insurance Company Limited 102 Enterprise Life Assurance Company Limited 93 GLICO Life Insurance Company Limited 84 SIC Life Insurance Company Limited 65 Star Life Insurance Company Limited 66 Colina Life Insurance Company Limited 57 Express Life Assurance Company Limited 48 Ghana Life Insurance Company Limited 39 Provident Life Insurance Company Limited 310 Quality Life Insurance Company Limited 211 Donewell Life Insurance Company Limited 212 Phoenix Life Insurance Company Limited 213 Vanguard Life Assurance Company Limited 214 Unique Life Assurance Company Limited 215 UT Life Insurance Company Limited 116 Capital Express Insurance Company Limited 117 IGI Life Insurance Company Limited 1

TOTAL 67

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STATUTORY FUNDS

Motor Compensation Fund The operations of the Motor Compensation Fund (MCF) continued to be overseen by the MCF Committee made up of Officers from the NIC and Insurance Companies which underwrite Motor Insurance business.

The Committee intensified its operations in the year 2012. The Committee also continued to pursue as one of its objectives, Publicity and Public Education on Motor Insurance in particular.

The Committee received applications involving; Hit and Run cases, and Uninsured vehicles. Other applications received stemmed from Breach of Policy Conditions such as Change of Ownership, Inappropriate driving license and driving without license which results in the repudiation of claims by Insurers.

In all, 116 applicants received approval from the Committee and were awarded GH¢249,706.00. The amount of GH¢2,153.00 represents the average figure paid per sitting.The Awards Sub-committee held 12 sittings during which it interviewed the 116 applicants.

A breakdown of Awards for the period 2009 - 2012 is as follows:

Table 5: MOTOR COMPENSATION AWARDS (2009-2012)Year No. of Awards Total Amount (GH¢) Average Claim Per Award

(GH¢)2012 116 249,706 2,1532011 164 254, 798 1,5542010 142 175,738 1,2382009 146 159,911 1,049

Client Rescue FundAs required under section 197 of the Insurance Act, 2006 (Act 724), the NIC set up a Client Rescue Fund (CRF) in the year 2012.

A seven-member Committee made up of members of the Insurance Industry and officials of the NIC was set up to administer the Fund. The objective of the Fund is to compensate clients of Insurance Companies that become bankrupt.

Fire FundIn line with section 185 of Act 724, the NIC established the Fire Fund under the Compulsory Insurance for Private commercial buildings, including those under construction.

A seven-member Committee was appointed to oversee the operations of the Fire Fund. The Committee is made up of officers of the NIC, the Ghana Insurers Association (GIA) and the Ghana National Fire Service (GNFS). All Non-life Insurance Companies are required to contribute into the Fire Fund.

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EFFORTS AT IMPROVING MOTOR INSURANCE CLAIM PROCESSES

In accordance with Section 44(4) of Act 724, the NIC in consultation with the Insurance Industry set up a committee to work and submit recommendations to the Commission on Motor Insurance Compensation (Injury and Deceased).

The Committee completed its work in the year 2012 and a draft document was forwarded to the GIA for their inputs before implementation.

GUIDELINES ON TIME LIMITS FOR HANDLING MOTOR INSURANCE CLAIMS AND CHANGE OF OWNERSHIP FORM

In view of the fact that delays in the settlement of claims and change of ownership were common areas of complaints, the NIC decided to issue Guidelines on the handling of Motor Claims and Change of Ownership.

The Guidelines provided timelines within which a claim must be processed and paid. The change of ownership form will be presented to policyholders for completion at the inception of new policies or at the renewal of expired policies.

A company which alleges “change of ownership” must show evidence by producing a completed Change of Ownership form by the insured or his/her representative.

Under the Motor Insurance Claim Guidelines, a claimant who submits all documents (Police and Medical reports, Letters of Administration etc.) will have the claim settled within 30 working days and payment effected within 30 working days.

All Motor Insurance claims are to be settled and paid within 60 working days upon receipt of all relevant documents.

Copies of the Guidelines on the handling of Motor Insurance claims were circulated to the Industry for immediate implementation.

PUBLIC EDUCATION

The NIC continued its public education on insurance in general and Motor Insurance in particular in the regional and district capitals of the country.

Areas covered in 2012 includes Kumasi, Dormaa Ahenkro, Berekum, Takoradi, Tarkwa, Savelugu and Navrongo

The public education activities highlighted the role and functions of the NIC and also the existence of various insurance products.

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The Insurance Market Overview

Economic Review 2012Following the challenges experienced in 2011, the global economy in 2012 continued to be largely fragile. The deepening of the recession in Japan, coupled with the US rising debt levels and looming fiscal cliff created uncertainties whilst the debt crises in the Euro Zone, particularly in Spain and Greece persisted. Austerity measures adopted to deal with these challenges are yet to achieve the desired impact. However, improved economic activities in the emerging markets like Brazil, India and China helped to ease economic pressures on the global front. Sub-Saharan Africa on the other hand maintained strong GDP growth, recording 4.8% as compared to 3.2%globally (2011: 3.9%).

The Ghanaian economy recorded a GDP growth of 7.9% in 2012 but could not replicate the strong growth of 14.4% in 2011 which came mainly on the back of oil production. Much of this growth in 2012 came from the services (10.2%) and industry (7%) sectors. The year ended with a fiscal deficit of GH¢8.7 billion, equivalent to 12.1% of GDP, almost double the budgeted figure of GH¢4.7 billion (6.7% of GDP).

Inspite of the economic turmoil in Asia, Europe and North America demand for gold and cocoa remained relatively strong. The average price of gold therefore rose from US$1,583.3 per ounce in 2011 to US$1,668.4 per ounce in 2012. The average price of cocoa on the other hand fell from £1,875.0 per tonne in 2011 to £1,539.0 per tonne in 2012. From an all-year high of $124.60 in the first quarter to a low of $95.9 in June, crude oil recorded an average of $111.7 per barrel in 2012. (2011: $111.1)

Interest RateFrom 10.7% in December 2011, the benchmark 91-day Treasury bill rate rose to 22.4% in June 2012, and increased marginally in the second half to close at 23.1% at the end of the year.

The 182-day bill on the other hand rose from 11.1% in December 2011 to 22.0% in June 2012, and increased to 22.7% in December 2012. Similarly, the 1-year fixed note went up from 11.3% in December 2011 to 22% in June and to 22.9% by December 2012 (2-year fixed note: 12.4% 2011 to 23% 2012).

The Bank of Ghana policy rate was raised by 250 basis points to 15% in June 2012 and was maintained for the rest of the year. Average lending rates hovered around 25.7%.

Exchange RateThe Ghana Cedi lost its ground against the three major currencies. A sharp depreciation of the Cedi by16.6% in the first half of 2012 was as a result of the uncertainties in the foreign exchange market. Policy measures, adopted by the Central Bank in the second half of 2012, led to the stabilization of the Cedi. Overall, the Cedi lost 17.5% year on year against the US Dollar.

InflationHeadline inflation inched up progressively over the first seven months of 2012 to a peak of 9.5% in July from 8.6% at the end of 2011. Thereafter, inflation declined steadily to close the year at 8.8% on account of improved food supply during the second half of the year.

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Developments on the Ghana Stock Market Impressive financial performance by most of the listed companies on the Ghana Stock Exchange (GSE), particularly in the second half of the year, pushed the index up in 2012.The GSE index ended the year at 1,447.7 points (a cumulative gain of 23.8 per cent). This compares favourably with an index level of 969 points (or a cumulative loss of 3.1 per cent) in 2011.

Similarly the GSE Financial Stocks Index closed 2012 at 1,039.9 points (or a cumulative gain of 20.5%), compared with 863.1 points (or acumulative loss of 13.7%) in 2011. Total market capitalization at the end of 2012 was up by 20.9% to GH¢57.3 billion.

Outlook for 2013Given the high level of deficit and arrears from 2012, 2013 is expected to be very challenging. It is expected that fiscal measures will be adopted to address the revenue shortfalls while expenditure rationalisation may be pursued vigorously. An increase in the price of petroleum products in the range of 20-50 % in the first quarter of 2013 with its attendant effect on transportation and food was likely to exert inflationary pressures. These will certainly add to the cost structure of businesses in addition to the already heightened exchange rate expectations.

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Ghana Insurance Market Report (2008 – 2012)

INTRODUCTION

The total number of licensed entities as at December 31, 2012 was as follows;

• Non-life - 25• Life - 18• Brokers - 57 (including 1 Reinsurance Broker and1 Loss Adjuster)• Reinsurers - 2

INDUSTRY PERFORMANCE

Gross premiums for the insurance market recorded a 35.3% growth (Life and Non-life) between years 2011 and 2012. This was however a decrease of 1.9% from the previous year’s growth of 37.2%. In Cedi terms, the market recorded a total gross premium of GH¢850.7m in 2012.

Table 6: Growth in Total Gross Premium Income (Non-Life and Life)2008 – 2012

Year Premium Income (GH¢) Growth Rate Insurance Penetration2008 278,255,336 - 1.58%2009 342,973,719 23.2 1.58%2010 458,117,746 33.5 1.89%2011 628,528,775 37.2 1.06%2012 850,657,054 35.3 1.16%

In line with previous trends, Non-life business maintained its lead in gross premium contribution. Whereas the Life business made GH¢356m, Non-life recorded GH¢494.8m. The difference in gross premiums between Life and non-life was GH¢88.1m and GH¢139.1m in year 2011 and 2012 respectively.

The insurance penetration rate almost got to 2% in 2010. With the commencement of the production of oil in commercial quantities in 2011 however, the GDP growth rate rocketed and thereby dwarfed the insurance penetration. The penetration rate improved slightly from 1.06% in 2011 to 1.16% in 2012.

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Gross Non-Life Premium IncomeGrowth in Non-life premiums was positive over the period under review (2008–2012) starting from 18% in 2008 to 38.1% in 2012 (Ref. Table 7 below).

Table 7: Growth in Gross Premium Income (Non-Life) 2008 – 2012Year Premium Income (GH¢) Growth Rate2008 187,010,274 -2009 220,710,940 18.02010 270,773,967 22.62011 358,352,702 32.32012 494,891,864 38.1

Gross Life Premium IncomeThe rate of growth in Life insurance premiums has been decreasing since 2010 after almost a 20% growth the previous year.

Life premiums increased from GH¢91.2m in 2008, more than doubled in 2010 and then increased to GH¢355m in 2012. There is still room for growth in this sector especially with the development of microinsurance and innovative distribution channels such as bancassurance.

Table 8: Growth in Gross Premium Income (Life) 2008 - 2012Year Premium Income (GH¢) Growth Rate2008 91,245,062 -2009 122,269,456 34.02010 187,343,779 53.22011 270,176,073 44.22012 355,765,190 31.7

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Tabl

e 9:

Com

pany

Per

form

ance

– G

ross

Pre

miu

ms

(Non

-Life

)N

O.

CO

MPA

NY

2008

2009

2010

2011

2012

(GH

¢)(G

H¢)

(GH

¢)(G

H¢)

(GH

¢)1

Activ

a In

tern

atio

nal In

sura

nce

Com

pany

Lim

ited

6,16

3,02

110

,057

,500

10,7

59,2

709,

670,

223

16,0

66,5

592

Allia

nz In

sura

nce

Com

pany

Lim

ited

4,75

7,14

510

,011

,751

14,2

22,1

263

Colin

a In

sura

nce

Com

pany

Lim

ited

64,7

409,

064

382,

833

1,61

2,50

24,

940,

299

4Do

new

ell In

sura

nce

Com

pany

Lim

ited

9,42

5,56

79,

026,

829

11,5

59,4

2912

,609

,482

12,5

45,9

825

Ente

rpris

e In

sura

nce

Com

pany

Lim

ited

19,8

86,0

0026

,403

,000

28,1

63,0

0034

,419

,000

43,1

78,4

096

Equi

ty A

ssur

ance

Com

pany

Lim

ited

552,

530

2,67

0,47

44,

268,

595

6,51

1,80

710

,792

,727

7G

hana

Uni

on A

ssur

ance

Com

pany

Lim

ited

7,59

6,91

07,

651,

922

8,94

2,74

19,

090,

973

14,5

19,9

888

Glic

o G

ener

al In

sura

nce

Com

pany

Lim

ited

7,18

7,19

55,

771,

464

10,0

17,7

5725

,298

,423

31,9

05,2

029

Indu

stria

l & G

ener

al In

sura

nce

Com

pany

Lim

ited

728,

263

802,

538

1,26

3,59

61,

389,

955

EA10

Inte

rnat

iona

l Ene

rgy

Insu

ranc

e Co

mpa

ny L

imite

d1,

008,

250

4,93

6,27

67,

103,

264

8,16

0,20

67,

814,

808

11M

etro

polita

n In

sura

nce

Com

pany

Lim

ited

15,1

16,7

9222

,683

,972

25,7

73,1

0832

,484

,813

44,4

05,5

1912

Mille

nniu

m In

sura

nce

Com

pany

Lim

ited

--

--

4,12

2,64

413

NEM

Insu

ranc

e G

hana

Lim

ited

-39

8,25

11,

658,

443

2,02

3,00

93,

750,

590

14NS

IA In

sura

nce

Gha

na L

imite

d 5,

336,

000

6,23

3,00

03,

377,

982

5,31

2,42

17,

234,

632

15Ph

oeni

x In

sura

nce

Com

pany

Lim

ited

6,04

7,78

46,

654,

036

9,04

1,99

214

,431

,147

20,9

08,8

9516

Prim

e In

sura

nce

Com

pany

Lim

ited

1,36

8,54

71,

794,

434

1,60

3,83

41,

764,

217

575,

000

17Pr

iorit

y In

sura

nce

Com

pany

Lim

ited

--

--

27,8

8818

Prov

iden

t Ins

uran

ce C

ompa

ny L

imite

d3,

697,

996

4,87

3,67

16,

336,

457

7,94

1,74

69,

842,

235

19Q

uality

Insu

ranc

e Co

mpa

ny L

imite

d5,

888,

546

5,28

0,69

77,

072,

253

10,7

10,1

9615

,520

,067

20Re

genc

y Al

lianc

e In

sura

nce

Com

pany

Lim

ited

341,

661

2,05

7,77

42,

534,

504

3,90

0,36

56,

323,

879

21SI

C In

sura

nce

Com

pany

Lim

ited

58,0

32,0

8156

,877

,215

64,0

42,7

6579

,690

,362

109,

965,

628

22St

ar A

ssur

ance

Com

pany

Lim

ited

15,8

88,6

1619

,132

,991

28,1

68,7

1035

,836

,316

60,8

95,3

5223

Uniq

ue In

sura

nce

Com

pany

Lim

ited

4,38

3,57

74,

092,

148

4,25

7,89

84,

679,

480

5,02

0,26

524

Vang

uard

Ass

uran

ce C

ompa

ny L

imite

d18

,296

,198

21,1

30,7

8324

,859

,828

32,5

23,8

1541

,776

,384

25W

apic

Insu

ranc

e G

hana

Lim

ited

-2,

175,

288

4,82

8,56

38,

280,

493

8,53

6,78

6TO

TALS

187,

010,

274

220,

710,

940

270,

773,

967

358,

352,

702

494,

891,

864

Not

e: *

EA –

Com

pany

und

er e

nfor

cem

ent a

ctio

n

21NIC


Tabl

e 10

: Com

pany

Per

form

ance

- G

ross

Pre

miu

m (L

ife)

NO

.C

OM

PAN

Y20

0820

0920

1020

1120

12(G

H¢)

(GH

¢)(G

H¢)

(GH

¢)(G

H¢)

1Ca

pita

l Exp

ress

Ass

uran

ce (G

h) L

imite

d-

90,1

3899

,152

109,

067

812,

057

2Co

lina

Life

Insu

ranc

e Co

mpa

ny L

imite

d-

-46

,541

41,7

2813

0,40

63

Done

well

Life

Insu

ranc

e Co

mpa

ny L

imite

d3,

596,

668

4,78

4,55

36,

351,

950

7,17

9,00

07,

164,

035

4En

terp

rise

Life

Ass

uran

ce C

ompa

ny L

imite

d15

,429

,897

23,3

10,7

4140

,104

,733

61,5

11,5

8889

,118

,307

5Ex

pres

s Li

fe A

ssur

ance

Com

pany

Lim

ited

-13

0,07

154

1,20

81,

165,

864

1,78

1,30

76

Gha

na L

ife In

sura

nce

com

pany

Lim

ited

2,74

2,08

93,

011,

222

3,89

2,88

01,

165,

864

8,27

8,23

47

Gha

na U

nion

Ass

uran

ce C

ompa

ny L

imite

d59

7,15

71,

238,

603

1,59

2,41

16,

180,

483

2,49

8,48

68

Glic

o Li

fe In

sura

nce

com

pany

Lim

ited

12,0

48,1

9316

,643

,126

21,0

63,0

1434

,421

,460

36,0

22,0

009

IGI L

ife In

sura

nce

com

pany

Lim

ited*

111,

448

138,

183

236,

887

260,

575

EA10

Met

ropo

litan

Life

Insu

ranc

e G

hana

Lim

ited

6,70

5,00

07,

222,

000

10,7

71,0

0013

,942

,000

19,6

42,0

0011

Phoe

nix

Life

Insu

ranc

e co

mpa

ny L

imite

d.

1,33

0,10

91,

900,

000

2,70

2,72

23,

730,

780

5,84

1,69

312

Pro

viden

t Life

Ass

uran

ce C

ompa

ny L

imite

d3,

600,

450

4,12

9,48

89,

008,

845

16,1

05,7

3315

,760

,743

13 Q

uality

Life

Ass

uran

ce C

ompa

ny L

imite

d1,

705,

802

2,57

6,07

13,

439,

827

4,71

5,19

55,

863,

825

14 S

IC L

ife In

sura

nce

com

pany

Lim

ited

27,7

51,0

0033

,869

,675

48,0

42,7

0372

,065

,616

100,

301,

526

15 S

tarlif

e As

sura

nce

Com

pany

Lim

ited

8,19

6,50

812

,331

,191

18,0

36,5

6227

,360

,244

39,8

06,4

9016

Uni

que

Life

Ass

uran

ce C

ompa

ny L

imite

d49

1,14

91,

282,

342

2,69

2,10

13,

323,

526

3,47

5,53

817

UT L

ife In

sura

nce

Com

pany

Lim

ited

1,14

3,65

996

4,99

01,

450,

978

2,71

2,46

86,

722,

840

18 V

angu

ard

Life

Ass

uran

ce C

ompa

ny L

imite

d5,

795,

933

8,64

7,06

217

,032

,849

13,7

48,7

2912

,545

,703

TOTA

LS91

,245

,062

122,

269,

456

187,

343,

779

270,

176,

073

355,

765,

190

Not

e: *

EA –

Com

pany

und

er e

nfor

cem

ent a

ctio

n

22 NIC


Reinsurance Premium Income

The performance of the reinsurers has been very erratic unlike the direct underwriters. Non-life premiums dipped from 6.3% in 2008 to -7% the following year. There was however a sharp increase in the growth rate from 6.3% in 2011 to 33.6% in 2012.

Table 11: Growth in Gross Premium Income - Reinsurance (Non-Life) 2008 – 2012

Year Premium Income (GH¢) Growth Rate (%)2008 53,383,694 -2009 56,780,084 6.32010 52,768,054 -7.02011 56,114,292 6.32012 74,975,650 33.6

For some reason, life reinsurance premiums experienced a much higher growth of 50% in 2012. There was however a sharp fall in growth rate between 2010 and 2011 of 42.1% between 2010 and 2011.

Table 12: Growth in Reinsurance Gross Premium Income (Life)2008 – 2012

Year Premium Income (GH¢) Growth Rate (%)2008 1,156,607 -2009 1,528,296 32.12010 2,521,068 64.92011 3,097,988 22.82012 4,649,741 50.0

Generally, life underwriters cede very small portions of their portfolios because of the long-term nature of the business. It is about time the local reinsurers improved their capacities to make their presence felt.

23NIC


Premium Income by Class of Business (2008 - 2012) Motor insurance made a premium of GH¢216.46m, representing 43.7% of total non-life premium (gross) but 25.4% of total market premium for 2012. Market share for this line of business has been falling since 2008. It was 32.8% at the start of the 5-year period but by 2012, it had decreased to 25.4%.

Accident insurance is an umbrella name for a number of lines including engineering, liability and personal accident. It therefore comes as no surprise that this line of business earned the second highest premium with GH¢106.1m and a market share of 12.5% for 2012.

Gross premium for Marine insurance was GH¢41.3m and a market share of 4.9%, an increase of 0.3% over the previous year’s. This line of business includes hull, cargo and aviation.

Marine insurance has seen some fluctuations in the growth of premiums starting the period with GH¢13.1m in 2008 and falling to GH¢9.9m just the following year. Premium increased to GH¢13.7m in 2010 and has been rising since.

Fire insurance has had its fair share of instability in market share although premium in money terms keeps increasing steadily. Premium for year 2008 was GH¢31m but had more than tripled in 2012 to GH¢99.9m. It is expected that the implementation of the compulsory insurance of all commercial buildings would bring about a positive impact on Fire Insurance.

The performance of Life insurance has been impressive with GH¢91.2m at the beginning of the period to GH¢355m in 2012.

24 NIC


25NIC


Tabl

e 13

: Pre

miu

m In

com

e D

istri

butio

n By

Cla

ss o

f Bus

ines

s 20

08 -2

012

CLA

SS20

08 (G

H¢)

%20

09 (G

H¢)

%20

10 (G

H¢)

%20

11 (G

H¢)

%20

12 (G

H¢)

%

Mot

or91

,446

,150

32.8

105,

697,

447

30.9

123,

564,

420

27.0

162,

419,

698

25.8

216,

466,

960

25.4

Accid

ent*

49,3

44,7

5617

.748

,847

,550

14.2

71,

850,

429

15.7

78,9

23,9

6512

.610

6,14

4,50

312

.5

Mar

ine

13,1

08,8

184.

89,

943,

457

2.9

13,7

29,3

803.

028

,813

,707

4.6

41,3

56,4

144.

9

Fire

31,0

61,2

0011

.250

,061

,172

14.6

55,

832,

813

12.3

77,7

50,4

7012

.499

,965

,590

11.8

Oth

ers*

*2,

049,

350

0.8

6,15

4,63

71.

75,

796,

930

1.3

10,4

44,8

621.

6030

,958

,397

3.6

Life

/Hea

lth

91,2

45,0

6232

.712

2,26

9,45

635

.718

7,34

3,77

940

.727

0,17

6,07

343

.035

5,76

5,19

041

.8

TOTA

L27

8,25

5,33

610

034

2,97

3,71

910

045

8,11

7,74

610

062

8,52

8,77

510

085

0,65

7,05

410

0

Not

es:

*Acc

iden

ts in

clud

es G

ener

al A

ccid

ent,

Wor

kmen

’ Com

pens

atio

n, P

erso

nal A

ccid

ent a

nd E

ngin

eerin

g.**

Oth

ers

incl

udes

trav

el in

sura

nce

and

bond

s

26 NIC


Table 14: Premium Income Distribution by Line of Business (Non-life)2012

No Class of Business Amount (GH¢) Market Share1 Motor 216,466,960 43.72 Fire, Burglary and Property 99,965,590 20.23 General Accident 60,947,588 12.34 Marine Hull, Cargo & Aviation 41,356,414 8.45 Engineering/CAR 33,233,515 6.76 Bonds 15,717,970 3.27 Others (incl. Travel) 15,240,427 3.18 Liability 11,963,400 2.4

Total 494,891,864 100

THE BROKER MARKET

Four new broking firms were licensed in the year bringing the total number of insurance brokers to 57.

27NIC


PER

FOR

MAN

CE

OF

THE

BRO

KIN

G C

OM

PAN

IES

Tabl

e 15

: Bro

kera

ge E

arne

d (2

008

– 20

12)

Com

pany

2008

2009

2010

2011

2012

(GH¢

)(G

H¢)

(GH¢

)(G

H¢)

(GH¢

)1

AG &

Ass

ociat

es**

-12

9,14

522

,311

44,4

0948

,850

2Ak

oto

Risk

Man

agem

ent L

imite

d19

0,26

324

2,44

634

7,61

337

3,31

645

8,83

83

All R

isks

Cons

ulta

ncy

Lim

ited

275,

864

524,

748

433,

917

427,

757

742,

283

4Al

lied

Insu

ranc

e Br

oker

s Li

mite

d19

,354

11,7

2744

,747

47,7

2759

,645

5Al

pha

Insu

ranc

e Br

oker

s Li

mite

d26

3,38

426

7,07

133

8,01

733

0,00

135

2,14

76

Apex

Insu

ranc

e Br

oker

s Li

mite

d **

40,6

4350

,330

94,3

8171

,197

78,3

167

Ark

Insu

ranc

e Br

oker

s Co

mpa

ny L

imite

d10

1,52

055

,178

73,5

6412

2,27

811

8,39

98

Asco

ma

Gha

na M

anag

emen

t Lim

ited

124,

884

108,

773

94,0

7310

8,77

341

6,58

79

Aste

rix In

sura

nce

Brok

ers

Lim

ited

7,34

434

,364

61,0

6166

,106

108,

911

10Ce

ris In

tern

atio

nal L

imite

d70

,596

100,

598

152,

850

432,

423

251,

312

11CL

AIM

Lim

ited

266,

957

323,

408

296,

044

309,

647

354,

390

12Co

rpor

ate

Trus

t Ins

uran

ce B

roke

rs L

td-

--

--

13Cr

own

Insu

ranc

e Br

oker

s 42

8,16

868

2,44

786

7,72

091

4,70

51,

016,

883

14Da

nniad

s Li

mite

d45

3,73

745

4,82

849

8,33

660

1,68

183

7,50

315

Doub

le D

& M

Lim

ited

73,1

8380

,501

54,3

0241

,755

15,5

6116

Dyna

mic

Insu

ranc

e Br

oker

s Li

mite

d60

,656

105,

718

183,

432

218,

067

281,

379

17Ed

war

d M

ensa

h, W

ood

& As

socia

tes

1,61

0,99

12,

052,

984

2,15

3,27

72,

859,

838

3,47

2,54

918

Eure

ka In

sura

nce

Brok

ers

Lim

ited

--

--

51,2

8919

Firs

t Anc

hor R

isk M

anag

emen

t Lim

ited

52,7

6614

0,46

226

4,63

341

4,22

658

8,82

220

Firs

t Cho

ice In

sura

nce

Brok

ers

Lim

ited

7,09

621

Gha

na In

tern

atio

nal In

sura

nce

Brok

ers*

*15

2,86

615

0,90

034

7,61

337

3,31

641

0,64

822

Glo

bal Im

pact

Insu

ranc

e Br

oker

s Li

mite

d57

,229

57,9

4857

,116

67,6

5896

,336

23G

ras

Savo

ye G

hana

Lim

ited

382,

505

584,

334

976,

702

1,42

7,36

01,

618,

102

24Ho

rizon

Insu

ranc

e Br

oker

s Li

mite

d27

3,90

654

0,60

360

5,72

178

2,85

71,

046,

989

25In

sura

nce

Cent

re o

f Exc

ellen

ce L

imite

d49

,695

59,9

6710

5,39

963

,786

102,

167

26In

sura

nce

Cons

ulta

ncies

Int.

Lim

ited

185,

279

224,

952

300,

975

335,

096

380,

056

27In

sura

nce

Solu

tions

Lim

ited

--

-21

8,66

225

2,46

6

28 NIC


28In

tern

atio

nal C

onso

rtium

Bro

kers

Ltd

40,7

1741

,418

22,5

1263

,997

-29

Inte

r-Afri

ca B

roke

rs L

imite

d ***

15,7

4723

,222

25,5

44-

-30

Jero

ck In

sura

nce

Brok

ers

Lim

ited

58,6

1661

,967

68,1

6474

,980

232,

427

31KA

V In

sura

nce

Brok

ers

Lim

ited

--

-18

,122

60,2

6132

KEK

Insu

ranc

e Br

oker

s Li

mite

d2,

756,

246

3,86

8,65

44,

600,

233

4,77

6,57

66,

812,

012

33KE

K Re

insu

ranc

e Br

oker

s Li

mite

d30

2,23

154

0,84

659

6,38

361

5,94

51,

020,

834

34Le

gacy

Pro

tect

Lim

ited

--

--

126,

255

35Li

berty

Bro

kers

Lim

ited

--

--

78,1

1736

Lord

ship

Insu

ranc

e Br

oker

s Li

mite

d13

5,99

112

0,03

817

2,38

426

4,70

127

2,57

937

Man

yo-P

lange

& A

ssoc

iates

28,5

0240

,196

44,2

15-

-38

Mar

ine

& G

ener

al Br

oker

s Li

mite

d21

7,18

621

3,48

627

8,83

736

3,40

743

6,77

039

Max

pal In

term

ediar

ies L

imite

d65

,901

86,9

1614

5,94

218

5,44

316

2,49

840

MID

AS In

sura

nce

Brok

ers

Lim

ited

38,9

6217

8,83

544

1,34

056

4,80

966

4,35

341

Prem

ier B

roke

rs &

Con

sulta

nts

Lim

ited

--

10,2

4013

,881

14,7

1542

Prog

ress

ive In

sura

nce

Brok

ers

Lim

ited

67,8

3316

7,66

425

5,33

832

6,23

450

7,37

943

Prud

ent I

nsur

ance

Bro

kers

Lim

ited

104,

058

122,

274

212,

321

243,

654

301,

714

44Ri

scov

ery

Lim

ited

--

--

40,1

0845

Risk

Man

agem

ent &

Adv

isory

Ser

vices

--

2,00

121

7,12

151

6,56

646

Risk

Sol

utio

ns L

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29NIC


The Table above shows commissions for the year under review totaling GH¢27.8m. Out of this amount, the top ten (10) companies contributed GH¢19.06m, representing 68.4%, which is about the same as the previous year. It is also important to note that the top five (5) companies contributed 51.8% of the total brokerage.

The top ten (10) companies were;

1. KEK Insurance Brokers Limited2. Edward Mensah, Wood & Associates Limited3. Gras Savoye (Ghana) Limited4. Tri-Star Insurance Services Limited5. Horizon Insurance Brokers Limited6. KEK Reinsurance Brokers (Africa) Limited7. Crown Insurance Brokers Limited8. Safety Insurance Brokers Limited9. Danniads Limited10. All Risks Consultancy Limited

Horizon Insurance Brokers Limited has joined the top 10 for the first time.

Table 16: Growth in Commissions Earned2008 – 2012

Year Commission Earned (GH¢) Growth Rate (%)2008 10,144,705 -2009 13,983,561 37.842010 16,907,668 20.912011 20,656,607 22.172012 27,828,043 34.71

30 NIC


Table 17: Contributions of Top 10 Companies2008 - 2012

Year Commission Earned (GH¢)

Earnings by Top 10 Companies Percentage Earnings

2008 10,144,705 7,316,093 72.1%2009 13,983,561 10,315,913 73.7%2010 16,907,668 11,939,132 70.6%2011 20,656,607 14,124,111 68.4%2012 27,828,043 19,060,875 68.4%

31NIC


Insurance Market Financial And Ratio Analysis

PERFORMANCE INDICATORS

LIFE COMPANIES

INTRODUCTION

The Life sector grew by 32% (as compared to 38% by the Non-Life sector) from 2011 to 2012, in terms of gross premium income. This is the first time in about Six (6) years that the non-life premiums have grown at a faster rate than the life premiums.

Table 18: Key Growth Indicators of the Life Insurance Industry (2011 - 2012)

Indicator 2011 (GH¢’ m)

2012 (GH¢’ m) Growth Rate

Premium Income 270.2 355.8 32%Total Assets 492 669.8 36%Total Investments 371.1 537.7 45%Actuarial Liabilities 345.8 464.9 34%Total Capitalisation 104.3 168.2 61%

Table 19: Life Industry Average Ratios (2010 - 2012)Life Ratios 2010 2011 2012Change in policyholder inflows (%) 40 36 32Policyholder Coverage 2.3x 3.2x 2.7xInvestments to Total Asset (%) 66 70 70Policyholder Benefit Cover (%) 124 105 168Retention Ratio (%) 98 97 97Investment Yield (%) 11 9 12Return on Equity (%) 7 3 19Return on Assets (%) 2 3 3Expense Ratio (%) 39 44 57Change in Capital and Surplus (%) 13 9 93

It is important to note that the ratio analysis exclude Donewell Life and Ghana Life as the two companies could not submit their audited returns in time to be included in the analysis.

32 NIC


CHANGE IN POLICYHOLDER INFLOW

This ratio provides an indicator of growth or contraction of the insurer’s total (both risk and investment) inflows from policyholders. Provident Life and Vanguard Life were the only life insurers that experienced contractions in their policyholder inflow. Comparatively, the current year’s growth rate of 32% shows a marginal decrease from the previous year’s growth rate of 36%.

Table 20: Change in Policyholder Inflows

CompanyPercentage (%)

2010 2011 2012Industry Average 40 36 32

Capital Express Assurance Ghana Limited 261 51 65Colina Life Ghana Limited 0 -10 213Donewell Life Insurance Company Limited 41 12 12Enterprise Life Assurance Company Limited 72 54 44Express Life Insurance Company Limited 416 215 53Ghana Life Insurance Company Limited 29 59 34Ghana Union Assurance Life Company Limited 29 1 53Glico Life Insurance Company Limited 27 62 5Met Life Insurance Ghana Limited 49 29 40Phoenix Life Assurance Company Limited -4 37 64Provident Life Assurance Company Limited 12 79 -2Quality Life Assurance Company Limited 34 37 25SIC Life Company Limited 42 50 39StarLife Assurance Company Limited 46 52 46Unique Life Assurance Company Limited 110 23 5UT Life Company Limited 57 77 158Vanguard Life Assurance Company 97 -19 -7

33NIC


POLICYHOLDER COVERAGE

This ratio calculates how the equity of the company compares to its actuarial liabilities. It is an indicator of how much capital the company has to support its technical provisions. Generally, when the actuarial provisions are more than 300% of the company’s equity, it is considered risky since the ability to absorb unexpected shocks is limited. This is however subject to the detailed capital adequacy requirements. Even though the Industry average eased slightly from 318% in 2011 to 280% in 2012, a significant number of companies have clearly gone beyond the 300% international standard.

Table 21: Policyholder Coverage



Capital Express Assurance Ghana Limited 35 43 45.16Colina Life Ghana Limited 0 12 10.84Donewell Life Insurance Company Limited -1703 -338 -347Enterprise Life Assurance Company Limited 252 193 208.19Express Life Insurance Company Limited 70 -2536 48.52Ghana Life Insurance Company Limited 297 180 289Ghana Union Assurance Life Company Limited 40 67 89.06Glico Life Insurance Company Limited 108 133 102.12Met Life Insurance Ghana Limited 355 488 677.6Phoenix Life Assurance Company Limited 150 177 301.67Provident Life Assurance Company Limited 280 705 449.56Quality Life Assurance Company Limited 421 459 368.12SIC Life Company Limited 370 479 550.88StarLife Assurance Company Limited 336 450 568.96Unique Life Assurance Company Limited 207 1367 1529UT Life Company Limited 219 240 91.33Vanguard Life Assurance Company 340 434 411.49

34 NIC


PROPORTION OF INVESTMENTS TO ASSETS

This is an asset quality ratio and is calculated as total investments divided by assets. It seeks to establish the percentage of the company’s assets that are in investment instruments as opposed to operational assets and depreciable assets. The higher the ratio, the better the quality of the company’s asset base. Generally, the Life companies have very good investment asset ratio because they are not affected by the premium debtors scourge. The low ratio of Express Life is due to the fact that most of its resources was in the form of cash as at the reporting date.

Table 22: Proportion of Investment Assets



Capital Express Assurance Ghana Limited 43 37 69Colina Life Ghana Limited 0 92 58Donewell Life Insurance Company Limited 25 49 78Enterprise Life Assurance Company Limited 91 90 87Express Life Insurance Company Limited 36 43 2Ghana Life Insurance Company Limited 54 51 48Ghana Union Assurance Life Company Limited 86 86 88Glico Life Insurance Company Limited 79 80 87Met Life Insurance Ghana Limited 73 73 96Phoenix Life Assurance Company Limited 78 75 65Provident Life Assurance Company Limited 80 76 63Quality Life Assurance Company Limited 76 80 86SIC Life Company Limited 75 80 77StarLife Assurance Company Limited 83 82 86Unique Life Assurance Company Limited 72 71 55UT Life Company Limited 32 49 63Vanguard Life Assurance Company 73 70 70

35NIC


POLICYHOLDER BENEFIT COVER

This is an investment adequacy ratio and it is calculated by dividing the total investments by the actuarial liabilities. It seeks to assess the adequacy of the company’s investments to cover the policyholder liabilities. 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. Phoenix Life, Provident Life, SIC Life, Unique Life and Vanguard Life do not have enough investments to cover their policyholder liabilities.

Table 23: Policyholder Benefit Cover




36 NIC


RETENTION RATIO

This ratio calculates the proportion of the premiums that are not ceded to reinsurers. Retention among life insurers in Ghana is generally high. This can be attributed to the high universal life products in the market and the rare nature of large risk business exposures.

Table 24: Retention Ratio




37NIC


INVESTMENT YIELD

This 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. Despite the increase in the Industry Average from 9% in 2011 to 12% in 2012, Capital Express, Colina Life, Unique life and Express Life experienced a decline in their investment yields whiles Star Life maintained a 7% yield rate which is below the Industry average.

Table 25: Investment Yield




38 NIC


RETURN ON EQUITY

This ratio calculates the return on shareholders’ funds over a period, usually, one year. A negative ratio implies the company experienced a loss during the period. Though the Industry average increased from 3% in 2011 to 7.5% in 2012, companies like Met Life, Express Life, Colina Life and Vanguard Life made losses and therefore recorded negative returns on equity.

Table 26: Return on Equity


2010 2011 2012Industry Average 7 3 7.5

Capital Express Assurance Ghana Limited -57 -24 -15Colina Life Ghana Limited 0 -3 -30Donewell Life Insurance Company Limited -65 -48 9Enterprise Life Assurance Company Limited 55 54 57Express Life Insurance Company Limited -108 1420 -31Ghana Life Insurance Company Limited 23 10 -29Ghana Union Assurance Life Company Limited 22 4 41Glico Life Insurance Company Limited 11 12 35Met Life Insurance Ghana Limited -1 -4 -65Phoenix Life Assurance Company Limited 8 15 7Provident Life Assurance Company Limited 38 16 31Quality Life Assurance Company Limited 26 25 29SIC Life Company Limited -5 19 20StarLife Assurance Company Limited 15 8 215Unique Life Assurance Company Limited 32 -312 33UT Life Company Limited 93 -45 7Vanguard Life Assurance Company 2 4 -14

39NIC


RETURN ON ASSET

This is a ratio of profit after tax to total assets. It seeks to measure the efficiency with which management utilizes the assets of the company to generate returns for various stakeholders. There was no improvement in the industry average as it maintained a ratio of 3%. A negative return on asset implies the company experienced a loss during the period.

Table 27: Return on Asset



Capital Express Assurance Ghana Limited -39 -14 -10Colina Life Ghana Limited 0 -2 -20Donewell Life Insurance Company Limited -5 -20 -4Enterprise Life Assurance Company Limited 16 16 17Express Life Insurance Company Limited -55 -51 -20Ghana Life Insurance Company Limited -4 3 -6Ghana Union Assurance Life Company Limited 14 -2 20Glico Life Insurance Company Limited 5 5 16Met Life Insurance Ghana Limited 0 -1 -8Phoenix Life Assurance Company Limited 2 4 1Provident Life Assurance Company Limited 10 -2 6Quality Life Assurance Company Limited 5 4 6SIC Life Company Limited -1 3 3StarLife Assurance Company Limited 4 1 31Unique Life Assurance Company Limited -10 -21 2UT Life Company Limited -25 -11 3Vanguard Life Assurance Company 0 1 -3

40 NIC


EXPENSE RATIO

This ratio calculates actual management expenses incurred as a percentage of total inflows received from policyholders. This is an efficiency ratio. It measures the proportion of the policyholder inflows that is expended as opposed to the proportion that goes into policyholder benefit reserves. The lower the ratio, the better for the interest of policyholders. High expense ratios lead to loses and deterioration in solvency. The industry average of 45% is very high considering the fact that the majority of the policies sold on the market are universal life products. The ratios of Ghana Union Life, Unique Life, UT Life, Phoenix Life and Metropolitan Life are significantly above the industry average. Capital Express, Colina Life and Express Life actually spent in excess of their net inflows from policyholders.

Table 28: Expense Ratio




41NIC


CHANGE IN CAPITAL AND SURPLUS

This 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 actuarial liabilities valuation policies and assumptions. Significant declines in capital and surplus affect the solvency of the companies and often trigger fresh capital injection. The period under review saw most of the companies injecting capital. This made the industry average increase from 9% in 2011 to 93% in 2012. Nevertheless, Vanguard Life, Unique Life, Phoenix Life and Ghana Union Life recorded very little or even negative changes in their Capital and Surplus.

Table 29: Change in Capital and Surplus



Capital Express Assurance Ghana Limited 3 -19 487Colina Life Ghana Limited 0 -3 137Donewell Life Insurance Company Limited -145 59 8Enterprise Life Assurance Company Limited 69 49 53Express Life Insurance Company Limited 123 -1320 13671Ghana Life Insurance Company Limited -17 67 4Ghana Union Assurance Life Company Limited 28 -3 12Glico Life Insurance Company Limited 49 14 51Met Life Insurance Ghana Limited 635 -4 14Phoenix Life Assurance Company Limited 25 17 7Provident Life Assurance Company Limited 1553 -14 110Quality Life Assurance Company Limited 24 24 62SIC Life Company Limited -16 15 20StarLife Assurance Company Limited 81 8 29Unique Life Assurance Company Limited -24 -76 -10UT Life Company Limited 5 410Vanguard Life Assurance Company 2 0 8

42 NIC


Table 30: AGGREGATED STATEMENT OF ASSETS AS AT 31ST DECEMBER, 2012 (LIFE)

2012 2011GH¢ GH¢

1. Cash 47,491,630 21,337,2002. Investments:

Government Securities 24,875,696 11,167,941Bank of Ghana Bonds & Securities 46,115,268 33,841,230Statutory Deposits 2,630,890 2,330,234Fixed Deposits 262,933,656 177,085,285Listed Stocks 42,061,015 30,059,545Unlisted stocks 30,675,519 30,999,572Mutual Funds 5,515,755 3,833,556Investment Properties 100,037,661 66,173,676Investment in Subsidiaries 12,289,920 12,337,776Other Investments 10,588,989 9,648,334Total Investments 537,724,369 377,477,149

3. Receivables:

Policy Loans 38,264,505 28,119,311Premium Debtors 2,652,885 2,074,937Staff Loans and Advances 2,058,115 1,761,984Due From Reinsurers 73,263 61,758Due From Related Parties 1,196,083 4,319,767Due from Agents and Brokers 1,297,778 2,878,484Reinsurance Share of Insurance liabilitiesTaxation 1,071,573 1,092,153Deferred Taxation 18,268Other Receivables 15,459,652 13,882,345Total Receivables 62,092,122 54,190,739

4. Property, Plant and Equipment

Lands and Buildings 11,803,548 6,474,050Plant and Equipment 689,026 833,851Computer Hardware and Software 1,251,037 1,512,563Motor Vehicles 4,309,615 2,975,368Furniture and Fittings 2,781,919 2,332,804Other Assets 797,659 572,885Total Property, Plant & Equipment 21,632,804 14,701,521

5. Intangible Assets

Deferred Acquisition Cost 102,847Others 873,831 713,549Total Intangible Assets 873,831 816,396TOTAL ASSETS 669,814,756 468,523,005

43NIC


Table 31: AGGREGATED STATEMENT OF LIABILITIES AND EQUITY AS AT 31ST DECEMBER, 2012 (LIFE)

2012 2011GH¢ GH¢

1. Technical Provisions Actuarial Liabilities 464,954,731 317,984,253

Investment Contracts Liabilities - -Other Provisions - -Total Technical Provisions 464,954,731 317,984,253

2. Payables

Bank Overdrafts and Loans 536,022 1,761,453Due to Reinsurers 1,351,781 977,182Due to Agents and Brokers 1,527,675 3,000,694Taxation 193,248 1,170,318Deferred Taxation 5,418,059 2,021,229Due to Related Parties 5,995,469 5,313,792Other Accruals & Payables 12,885,889 15,197,609Total Payables 27,908,143 29,442,277

3. Long Term Liabilities Bank Loans 8,775,000 9,300,000

Debentures - -Subordinated Debts - 3,387,120Other Borrowings - -Total Long Term Liabilities 8,775,000 12,687,120

4. EQUITY

Ordinary Share Capital 102,656,354 78,628,707Preference and Share Capital - -Contingency Reserves 9,431,053 5,327,840Income Surplus 43,381,789 21,544,012Capital Surplus 6,341,229 3,105,920Others - Specify 6,366,458 -197,123Total Equity 168,176,883 108,409,356

5. TOTAL LIABILITIES AND EQUITY 669,814,757 468,523,005

*The Statement of Asset and Equity & Liability figures shown above excludes that of Ghana Life and Donewell Life Insurance Company

44 NIC


PERFORMANCE INDICATORS

NON-LIFE COMPANIES

INTRODUCTION

The non-life business grew by 38% in terms of gross premium income. The various growth and performance indicators have been summarized in the tables below.

Table 32: Key Growth Indicators (NON-LIFE)(2011- 2012)

Indicator 2012 (GH¢’ m)

2011 (GH¢’ m) Growth Rate

Premium Income 494.9 358.3 38%Premium Debtors 158 152 4%Total Assets 787 668 18%Total Investments 385 310 24%Technical Provisions 252 193 31%Total Capitalisation 370 330 12%

Table 33: Industry Average Ratios (NON-LIFE)2010 - 2012

RATIO 2010 2011 20121 Change in Gross Written Premium (%) 42 29 382 Change in Net Written Premium (%) 45 34 433 Gross Insurance Risk Ratio 1.8x 2.1x 2.1x4 Net Insurance Risk Ratio 1.2x 1.4x 1.4x5 Change in Capital and Surplus (%) 38 12 256 Premium Debtors as a % of Equity 75 72 737 Premium Debtors as % of Total Assets 28 29 248 Premium Debtors as a % of Gross Premiums 44 39 359 Claims Reserve Ratio (%) 17 15 3110 Retention Ratio (%) 71 68 7111 Investments Yield (%) 10 9 1012 Return on Assets (%) 2 4 513 Return on Equity (%) 4 5 1214 Claims Ratio (%) 28 38 3315 Expense Ratio (%) 52 54 7816 Combined Ratio (%) 92 107 11117 Technical Reserves Cover (%) 170 172 16018 Investments to Total Assets Ratio (%) 46 45 49

45NIC


CHANGES IN GROSS WRITTEN PREMIUM

This ratio measures growth or contraction in the company’s gross premium relative to the previous year. In 2012, the industry average was 41% quite higher than the 2011 growth of 29%. While all the insurance companies experienced some appreciable growth in the year compared to the 2011 performance, the growth rates of Donewell and Unique were far lower relative to the Industry average. International Energy actually recorded negative growth rate. Colina is now gradually building up its premium base.

Table 34: Changes in Gross Written PremiumsPercentage (%)

Company 2010 2011 2012Industry Average 42 29 41

Activa International Insurance Company Limited 7 -10 66Allianz Insurance Company Limited 17860 110 42Colina Insurance Company Limited 1291 321 206Donewell Insurance Company Limited 28 9 6Enterprise Insurance Company Limited 7 22 25Equity Assurance Company Limited 60 53 66Ghana Reinsurance Company Limited 91 1 38Ghana Union Assurance Company Limited 17 2 60Glico General Insurance Limited 74 53 26Wapic Insurance (Ghana) Limited 122 71 21International Energy Insurance Limited 44 15 -4Mainstream Reinsurance Company Limited 9 41 15Metropolitan Insurance Company Limited 14 26 39Millennium Insurance Company Limited - - 0NEM Insurance Ghana Limited 216 22 85NSIA Ghana Insurance Company Limited -15 15 19Phoenix Insurance Company Limited 36 60 45Prime Insurance Company Limited 0 - -Priority Insurance Company Limited - - 0Provident Insurance Company Limited 30 25 24Quality Insurance Company Limited 35 50 45Regency Alliance Insurance Ghana Limited 23 54 62SIC Insurance Company Limited 13 24 34Star Assurance Company Limited 47 27 76Unique Insurance Company Limited 4 10 7Vanguard Assurance Company Limited 18 31 30

46 NIC


CHANGES IN NET WRITTEN PREMIUM

This ratio measures growth or contraction in the company’s net premium over the previous year. A high growth/contraction rate that does not appear to mirror the gross premium growth rate may indicate significant changes in the company’s reinsurance cover.

Table 35: Changes in Net Written Premiums

Company Percentage (%)2010 2011 2012

Industry Average 45 34 43Activa International Insurance Company Limited 34 74 32Allianz Insurance Company Limited 9159 -7 59Colina Insurance Company Limited 1109 112 200Donewell Insurance Company Limited 8 17 -10Enterprise Insurance Company Limited 14 27 32Equity Assurance Company Limited 62 55 68Ghana Reinsurance Company Limited 45 42 33Ghana Union Assurance Company Limited 5 16 36Glico General Insurance Limited 24 95 21Wapic Insurance (Ghana) Limited 141 60 16International Energy Insurance Limited 24 14 0Mainstream Reinsurance Company Limited 64 131 64Metropolitan Insurance Company Limited 14 14 46Millennium Insurance Company Limited - - -NEM Insurance Ghana Limited 280 7 130NSIA Ghana Insurance Company Limited 16 20 18Phoenix Insurance Company Limited 69 52 35Prime Insurance Company Limited - - -Priority Insurance Company Limited - - -Provident Insurance Company Limited 21 27 26Quality Insurance Company Limited 37 42 77Regency Alliance Insurance Ghana Limited 9 70 51SIC Insurance Company Limited 15 31 36Star Assurance Company Limited 37 9 70Unique Insurance Company Limited 6 17 8Vanguard Assurance Company Limited 38 29 35

47NIC


NET INSURANCE RISK RATIO:

This ratio measures the ability or capacity of the insurer’s capital and surplus to absorb unforeseen shocks. It is calculated by dividing the Net Written Premium by the Equity of the company. The higher the ratio, the less conservative the insurer, and hence, the greater the potential risk that the insurer cannot absorb shock losses. It is quite clear that International Energy cannot sustain its business if capital injection is not done. The ratios of Equity Assurance, Intercontinental Wapic and Quality Assurance are relatively high while Unique Insurance capital position is precarious and needs urgent capital injection.

Table 36: Net Insurance Risk RatioPercentage (%)


Activa International Insurance Company Limited 125 106 109Allianz Insurance Company Limited 91 94 127Colina Insurance Company Limited 37 70 132Donewell Insurance Company Limited 194 133 158Enterprise Insurance Company Limited 44 95 105Equity Assurance Company Limited 174 208 297Ghana Reinsurance Company Limited 45 42 50Ghana Union Assurance Company Limited 27 31 32Glico General Insurance Limited 58 106 107Wapic Insurance (Ghana) Limited 235 281 271International Energy Insurance Limited 165 1438 666Mainstream Reinsurance Company Limited 64 131 97Metropolitan Insurance Company Limited 127 133 164Millennium Insurance Company Limited - - 68NEM Insurance Ghana Limited 102 97 200NSIA Ghana Insurance Company Limited 84 96 83Phoenix Insurance Company Limited 167 194 138Prime Insurance Company Limited - - -Priority Insurance Company Limited - - -Provident Insurance Company Limited 77 118 102Quality Insurance Company Limited 246 269 235Regency Alliance Insurance Ghana Limited 121 231 184SIC Insurance Company Limited 56 71 129Star Assurance Company Limited 173 155 139Unique Insurance Company Limited 168 173 -184Vanguard Assurance Company Limited 210 224 195

48 NIC


GROSS INSURANCE RISK RATIO:

This ratio is similar to the Net Risk Ratio except that the Gross Written Premium, instead of the Net Written Premiums are used. Again International Energy’s Gross premium is so high relative to its capacity. The ratios of Metropolitan and Allianz are high but the risk appears to be managed through reinsurance as evidenced by relatively lower net risk ratios.

Table 37: Gross Insurance Risk RatioCompany Percentage (%)


Activa International Insurance Company Limited 535 234 304Allianz Insurance Company Limited 177 413 496Colina Insurance Company Limited 42 161 227Donewell Insurance Company Limited 250 159 227Enterprise Insurance Company Limited 75 157 166Equity Assurance Company Limited 205 241 340Ghana Reinsurance Company Limited 53 44 55Ghana Union Assurance Company Limited 65 67 80Glico General Insurance Limited 88 207 218Wapic Insurance (Ghana) Limited 246 315 270International Energy Insurance Limited 213 1876 831Mainstream Reinsurance Company Limited 91 118 115Metropolitan Insurance Company Limited 320 374 431Millennium Insurance Company Limited - - 78NEM Insurance Ghana Limited 113 122 204NSIA Ghana Insurance Company Limited 60 104 94Phoenix Insurance Company Limited 208 252 193Prime Insurance Company Limited - - -Priority Insurance Company Limited - - -Provident Insurance Company Limited 105 159 124Quality Insurance Company Limited 356 408 293Regency Alliance Insurance Ghana Limited 147 254 217SIC Insurance Company Limited 76 92 163Star Assurance Company Limited 251 264 237Unique Insurance Company Limited 228 222 -234Vanguard Assurance Company Limited 319 346 287

49NIC


CHANGE IN CAPITAL AND SURPLUS:

This 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 unrealised gains or losses on assets, or changes in the Technical Provision valuation policies. The surge in ratios for Regency, Star and Colina is as a result of the additional capital introduced during the period. International Energy’s position arose as result of a very modest improvement over the previous year’s position. Whereas the dip in SIC’s capital and surplus is as a result of the write off of some outstanding premium debtors, that of Provident results from after tax losses. Unique Insurance’s capital position is at its worst and needs an immediate capital injection.

Table 38: Change in capital and surplusPercentage (%)


Activa International Insurance Company Limited 27 105 37Allianz Insurance Company Limited -1 -10 18Colina Insurance Company Limited -15 11 113Donewell Insurance Company Limited 1 71 -9Enterprise Insurance Company Limited 71 -42 19Equity Assurance Company Limited 64 30 22Ghana Reinsurance Company Limited 16 20 49Ghana Union Assurance Company Limited -8 0 30Glico General Insurance Limited 414 7 20Wapic Insurance (Ghana) Limited 1 34 11International Energy Insurance Limited 6 -89 116Mainstream Reinsurance Company Limited - - 29Metropolitan Insurance Company Limited 8 8 23Millennium Insurance Company Limited - - 15NEM Insurance Ghana Limited 25 13 13NSIA Ghana Insurance Company Limited 117 5 30Phoenix Insurance Company Limited 28 31 32Prime Insurance Company Limited - - -Priority Insurance Company Limited - - -Provident Insurance Company Limited 10 -17 -12Quality Insurance Company Limited -25 30 72Regency Alliance Insurance Ghana Limited 38 -11 104SIC Insurance Company Limited 35 3 -22Star Assurance Company Limited 48 21 94Unique Insurance Company Limited -24 13 -222Vanguard Assurance Company Limited 12 21 37

50 NIC


PREMIUM RECEIVABLE AS A PERCENTAGE OF EQUITY

This ratio seeks to calculate Premium Debtors as a percentage of the company’s Equity. It measures the degree to which solvency depends on an asset that frequently cannot be converted to cash – outstanding premiums. In other words, it provides an answer to the question; if all the Premium Debtors on the Balance Sheet of a non-life insurer is written off, what will be the impact on the company’s net worth? The industry average of 73% is an improvement over the 76% in 2011. This means that if the Premium Debtors are written off, an average non-life insurer will only have 27% of its equity left. Enterprise has a very good ratio whiles Phoenix, Equity assurance, Quality, and Unique all have more Premiums Debtors than Equity. International Energy is certainly out of range.

Table 39: Premium Receivables as a percentage of EquityPercentage (%)


Activa International Insurance Company Limited 70 78 66Allianz Insurance Company Limited 15 19 40Colina Insurance Company Limited 31 75 89Donewell Insurance Company Limited 173 52 94Enterprise Insurance Company Limited 4 12 9Equity Assurance Company Limited 83 100 116Ghana Reinsurance Company Limited 31 26 21Ghana Union Assurance Company Limited 18 25 27Glico General Insurance Limited 40 71 74Wapic Insurance (Ghana) Limited 57 110 94International Energy Insurance Limited 142 945 461Mainstream Reinsurance Company Limited 67 70 62Metropolitan Insurance Company Limited 67 91 73Millennium Insurance Company Limited - - 25NEM Insurance Ghana Limited 39 31 66NSIA Ghana Insurance Company Limited 33 55 61Phoenix Insurance Company Limited 135 162 105Prime Insurance Company Limited - - -Priority Insurance Company Limited - - 0Provident Insurance Company Limited 32 55 30Quality Insurance Company Limited 207 165 102Regency Alliance Insurance Ghana Limited 66 103 63SIC Insurance Company Limited 57 58 44Star Assurance Company Limited 94 88 74Unique Insurance Company Limited 166 121 -85Vanguard Assurance Company Limited 104 110 57

51NIC


PREMIUM RECEIVABLES AS A PERCENTAGE OF TOTAL ASSETS

This ratio calculates Premium Debtors as a percentage of total assets. It is an indication of the quality of the assets on the company’s Balance Sheet. The higher the ratio, the more risky the company since premium debtors are not quality assets compared to investments when it comes to conversion to cash. Enterprise has a very good ratio. There has also been some significant improvement in the industry average of 24% compared to the 29% last year largely because of the current IFRS valuation and disclosure requirement that has actually affected total assets of some Companies.

Table 40: Premium Receivables to Assets ratioPercentage (%)


Activa International Insurance Company Limited 13 17 16Allianz Insurance Company Limited 9 5 13Colina Insurance Company Limited 13 24 27Donewell Insurance Company Limited 53 21 21Enterprise Insurance Company Limited 3 7 5Equity Assurance Company Limited 35 37 30Ghana Reinsurance Company Limited 19 16 12Ghana Union Assurance Company Limited 10 13 15Glico General Insurance Limited 23 33 33Wapic Insurance (Ghana) Limited 20 31 21International Energy Insurance Limited 54 48 45Mainstream Reinsurance Company Limited 37 40 43Metropolitan Insurance Company Limited 26 34 27Millennium Insurance Company Limited - - 16NEM Insurance Ghana Limited 25 20 29NSIA Ghana Insurance Company Limited 14 19 25Phoenix Insurance Company Limited 51 56 43Prime Insurance Company Limited - - -Priority Insurance Company Limited - - 0Provident Insurance Company Limited 19 26 15Quality Insurance Company Limited 46 48 30Regency Alliance Insurance Ghana Limited 38 44 25SIC Insurance Company Limited 19 34 21Star Assurance Company Limited 28 20 31Unique Insurance Company Limited 50 41 36Vanguard Assurance Company Limited 37 38 18

52 NIC


PREMIUM RECEIVABLE AS A PERCENTAGE OF GROSS PREMIUMS

This ratio calculates the portion of the company’s premium income that remains uncollected as at the end of the year. It is a good indication of the quality of the profits declared by the company. This is because if most of a company’s premium income for a year has not been collected from the policyholders, then any profits declared will only be paper profits as there will be no cash to back it. Even though the Industry average improved slightly from 39% in 2011 to 35% in 2012, a number of the companies still had very significant portions of their premium income uncollected as at end of 2012.

Table 41: Premium Receivable to Gross Premium RatioPercentage (%)



53NIC


CLAIMS RESERVE RATIO

This ratio is calculated as the Provision for Outstanding Claims divided by the Net Earned Premiums. It compares the relationship of Provisions for Outstanding Claims to net earned premiums, to determine if 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 30% and 50%. The implication of this is that there are generally some good efforts in making adequate provision for Claims. The very low ratios of Allianz, Colina, Star, SIC and Vanguard are clear indications of inadequate provision for claims. The ratios of Enterprise, Equity, International Energy, NEM and Phoenix are unacceptable.

Table 42: Claims Reserve RatioPercentage (%)


Activa International Insurance Company Limited 110 237 128Allianz Insurance Company Limited 38 61 13Colina Insurance Company Limited 88 125 17Donewell Insurance Company Limited 11 8 46Enterprise Insurance Company Limited 9 5 4Equity Assurance Company Limited 7 5 6Ghana Reinsurance Company Limited 30 46 24Ghana Union Assurance Company Limited 101 132 86Glico General Insurance Limited 31 40 45Wapic Insurance (Ghana) Limited 8 11 26International Energy Insurance Limited 2 21 12Mainstream Reinsurance Company Limited 28 24 10Metropolitan Insurance Company Limited 35 40 31Millennium Insurance Company Limited - - 35NEM Insurance Ghana Limited 0 1 8NSIA Ghana Insurance Company Limited 130 124 64Phoenix Insurance Company Limited 13 8 5Prime Insurance Company Limited - - -Priority Insurance Company Limited - - -Provident Insurance Company Limited 18 30 37Quality Insurance Company Limited 30 10 33Regency Alliance Insurance Ghana Limited 9 12 31SIC Insurance Company Limited 4 6 14Star Assurance Company Limited 23 14 14Unique Insurance Company Limited 3 8 71Vanguard Assurance Company Limited 0 2 15

54 NIC


RETENTION RATIO:

This is calculated as the Net Written Premium over the Gross Written Premium. It represents the portion of the risk that is not passed on to reinsurers. Even though high retentions are usually considered more risky, the tolerance level actually vary between the various lines of business. For example, motor business may have a higher retention than an industrial fire business largely because the former is less risky compared to the latter. The industry average retention ratio in 2012 grew slightly to 71%.

Whereas the ratio of Allianz, Activa and Metropolitan are too low, Donewell, NEM, Millennium, Equity, Ghana Re, Intercontinental Wapic, Nsiah and Regency Alliance appear to be retaining too much.

Table 43: Retention RatioPercentage (%)



55NIC


INVESTMENT YIELD:

This ratio gives a reasonable indication of the return of the investment portfolio. It is calculated by dividing the investment income by the total investments. All other things being equal, a good investment will yield a reasonably good return. The industry average grew marginally from 9% in 2011 to 10% in 2012. The ratios of Metropolitan and NSIA were high largely due to exchange gains and unrealized fair value gains respectively. The figures for Unique, International Energy, Provident and Allianz are too low.

Table 44: Investment YieldPercentage (%)


Activa International Insurance Company Limited 1 2 9Allianz Insurance Company Limited 8 3 5Colina Insurance Company Limited 16 0 11Donewell Insurance Company Limited 23 10 9Enterprise Insurance Company Limited 3 151 7Equity Assurance Company Limited 11 9 12Ghana Reinsurance Company Limited 13 8 14Ghana Union Assurance Company Limited 0 5 10Glico General Insurance Limited 6 7 6Wapic Insurance (Ghana) Limited 9 10 8International Energy Insurance Limited 22 6 4Mainstream Reinsurance Company Limited 17 27 8Metropolitan Insurance Company Limited 12 6 27Millennium Insurance Company Limited - - 13NEM Insurance Ghana Limited 9 12 9NSIA Ghana Insurance Company Limited 7 11 26Phoenix Insurance Company Limited 10 6 9Prime Insurance Company Limited 0 - -Priority Insurance Company Limited - - 5Provident Insurance Company Limited 4 12 4Quality Insurance Company Limited 20 39 15Regency Alliance Insurance Ghana Limited 5 5 9SIC Insurance Company Limited 3 3 12Star Assurance Company Limited 9 6 6Unique Insurance Company Limited 9 3 8Vanguard Assurance Company Limited 9 9 12

56 NIC


RETURN ON ASSET RATIO

This 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 2012 industry average rose slightly to 5% from 4% in 2011.

Table 45: Return on Equity RatioPercentage (%)


Activa International Insurance Company Limited 2 1 6Allianz Insurance Company Limited 0 -3 5Colina Insurance Company Limited -7 -16 1Donewell Insurance Company Limited -1 4 -2Enterprise Insurance Company Limited -1 73 7Equity Assurance Company Limited 8 3 12Ghana Reinsurance Company Limited 8 3 11Ghana Union Assurance Company Limited 5 1 8Glico General Insurance Limited 3 3 4Wapic Insurance (Ghana) Limited 1 7 3International Energy Insurance Limited 4 -35 5Mainstream Reinsurance Company Limited 5 6 6Metropolitan Insurance Company Limited 6 3 7Millennium Insurance Company Limited - - 8NEM Insurance Ghana Limited -5 7 5NSIA Ghana Insurance Company Limited -11 0 8Phoenix Insurance Company Limited 8 7 10Prime Insurance Company Limited - - -Priority Insurance Company Limited - - -1Provident Insurance Company Limited 7 10 -7Quality Insurance Company Limited -8 9 13Regency Alliance Insurance Ghana Limited 4 4 8SIC Insurance Company Limited 2 4 -6Star Assurance Company Limited 11 5 10Unique Insurance Company Limited -10 -8 -44Vanguard Assurance Company Limited 7 8 6

57NIC


CLAIMS RATIO

This 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, the fair treatment of customers 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 average ratio dipped from 38% in 2011 to 33% in 2012. The previous year’s 38% was largely due to the 2011 floods in Accra. This ratio is very low compared to the international acceptable standard, which ranges between 60% to 80%. Since the core obligation of an insurer is to pay claims, insurers must ensure that this ratio improves in order to win the confidence of the average Ghanaian in insurance. The ratios for Equity Assurance and IEI are unacceptably low. Priority Insurance is out of range because 2012 was its first year of operation.

Table 46: Claims RatioPercentage%



58 NIC


TOTAL EXPENSE RATIO:

The 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. It is clear that the ratios of Unique, SIC, and Colina are too high. The ratios of Allianz and Metropolitan even though high are largely because of their low retentions.

Table 47: Total Expense RatioPercentage%


Activa International Insurance Company Limited 108 85 68Allianz Insurance Company Limited 114 90 124Colina Insurance Company Limited 316 137 118Donewell Insurance Company Limited 93 62 74Enterprise Insurance Company Limited 64 44 56Equity Assurance Company Limited 55 48 78Ghana Reinsurance Company Limited 33 33 37Ghana Union Assurance Company Limited 45 53 78Glico General Insurance Limited 81 49 69Wapic Insurance (Ghana) Limited 71 55 72International Energy Insurance Limited 58 107 82Mainstream Reinsurance Company Limited 33 33 62Metropolitan Insurance Company Limited 91 82 87Millennium Insurance Company Limited 70NEM Insurance Ghana Limited 92 76 79NSIA Ghana Insurance Company Limited 130 71 70Phoenix Insurance Company Limited 59 57 66Prime Insurance Company Limited - - -Priority Insurance Company Limited - - -Provident Insurance Company Limited 74 71 67Quality Insurance Company Limited 88 62 67Regency Alliance Insurance Ghana Limited 64 88 68SIC Insurance Company Limited 63 64 100Star Assurance Company Limited 79 84 79Unique Insurance Company Limited 104 115 132Vanguard Assurance Company Limited 64 55 67

59NIC


COMBINED RATIO

The combined ratio is the summation of the claims ratio and the expense ratio. It is the single best measure of an insurer’s underwriting efficiency or profitability. 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, but this may not be the case for companies that make huge investment and other related earnings to boost their profitability. The industry average has worsened considerably from 92% in 2010 to 112% in 2012.

Table 48: Combined RatioPercentage (%)



60 NIC


TECHNICAL RESERVE COVER:

This 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 able to 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. The ratios of Unique, Donewell, Provident, Quality, SIC and Mainstream are too high. Ghana Union’s ratio is very high largely because only 4% of its investments are in liquid assets. The trend analysis of the industry average generally indicates that non-life companies do not have adequate liquid investments to back their technical provisions.

Table 49: Technical Reserves CoverPercentage (%)



61NIC


PROPORTION OF INVESTMENT ASSETS TO TOTAL ASSETS

This ratio is calculated as total investments divided by total assets. 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 Equipment, Furniture, and Receivables (i.e premium debtors). The Industry average has improved slightly from 45% in 2011 to 49% in 2012. However, the ratios of Mainstream, International Energy, Quality Assurance, Activa and Equity are still unacceptably low.

Table 50: Proportion of Investment AssetsPercentage (%)



62 NIC


RETURN ON EQUITY

This ratio measures the return on shareholders funds over a period. In practice, high ratios may not always be an indication of good performance as such factors as capital inadequacy can boost the ratio.

Table 51: Return on EquityPercentage (%)


Activa International Insurance Company Limited 11 4 27Allianz Insurance Company Limited 4 -11 15Colina Insurance Company Limited -17 -50 3Donewell Insurance Company Limited -3 9 -9Enterprise Insurance Company Limited -1 121 12Equity Assurance Company Limited 20 23 46Ghana Reinsurance Company Limited 13 5 12Ghana Union Assurance Company Limited 9 1 14Glico General Insurance Limited 5 7 8Wapic Insurance (Ghana) Limited 1 25 13International Energy Insurance Limited 1 25 54Mainstream Reinsurance Company Limited 9 10 9Metropolitan Insurance Company Limited 14 7 20Millennium Insurance Company Limited - - 13NEM Insurance Ghana Limited 7 12 12NSIA Ghana Insurance Company Limited -25 -1 21Phoenix Insurance Company Limited 22 21 24Prime Insurance Company Limited - - 9Priority Insurance Company Limited - - -1Provident Insurance Company Limited 12 21 -14Quality Insurance Company Limited -33 3 46Regency Alliance Insurance Ghana Limited 7 10 20SIC Insurance Company Limited 7 7 -13Star Assurance Company Limited 38 21 25Unique Insurance Company Limited -32 -23 103Vanguard Assurance Company Limited 21 24 20

63NIC


Table 52: AGGREGATE INDUSTRY STATEMENT OF ASSETS AS AT 31ST DECEMBER, 2012. (NON-LIFE)

2012 2011GH¢ GH¢

1 Cash 59,306,506 41,800,622 2. Investments:

Government Securities 44,445,782 39,182,721 Bank of Ghana Bonds & Securities 15,512,144 4,885,097 Statutory Deposits 5,964,756 6,189,784 Fixed Deposits 138,302,638 102,870,368 Listed Stocks 72,715,048 70,197,763 Unlisted stocks 9,981,632 8,882,237 Mutual Funds 2,312,310 52,000 Investment Properties 38,812,091 31,737,897 Investment in Subsidiaries 30,758,539 21,016,531 Other Investments 25,801,290 25,695,400 Total Investments 384,606,230 310,709,798

3. Receivables:

Premium Debtors 157,900,419 152,255,387 Staff Loans and Advances 6,297,853 5,453,703 Due From Reinsurers 33,384,932 36,785,163 Due from Other Insurers 4,738,138 6,807,133 Due from Agents and Brokers 5,680,783 211,167 Due from Related Parties 2,513,617 5,762,515 Reinsurance Share of Insurance liabilities 28,139,359 14,092,634 Taxation 1,635,919 1,975,954 Deferred Tax 3,473,242 3,060,775 Other Receivables 26,283,814 21,988,407 Total Receivables 270,048,077 248,392,838

4. Property, Plant and Equipment

Lands and Buildings 44,486,172 35,979,673 Plant and Equipment 3,428,942 3,267,483 Computer Hardware and Software 3,183,522 3,179,162 Motor Vehicles 5,203,844 4,782,603 Furniture and Fittings 2,326,167 2,119,649 Other Assets 1,505,674 8,717,441 Total Property, Plant & Equipment 65,138,199 63,087,665

5. Intangible Assets

Deferred Acquisition Cost 5,651,619 3,410,418 Others 1,994,086 843,422 Total Intangible Assets 7,645,705 4,253,840 TOTAL ASSETS 786,744,717 668,244,763

64 NIC


Table 53: AGGREGATE INDUSTRY EQUITY AND LIABILITIES AS AT 31ST DECEMBER, 2012(NON-LIFE)

2012 2011GH¢ GH¢

6. Technical Provisions

Unearned Premiums 162,179,699 119,783,893 Unexpired Risk Provision 1,513,042 - Outstanding Claims 71,575,493 62,754,051 IBNR Provision 10,691,402 6,933,249 Other Provisions 5,611,464 3,253,764 Total Technical Provisions 251,571,100 192,724,957

7. Payables

Bank Overdrafts and Loans 13,411,051 3,725,105 Due to Reinsurers 56,872,863 56,151,060 Due to Other Insurers 4,443,395 3,909,924 Due to Agents and Brokers 24,868,927 25,646,658 Taxation 15,767,761 14,716,741 Deferred Tax 5,347,197 4,464,662 Due to Related Parties 7,386,638 4,301,877 Other Accruals & Payables 23,585,458 30,278,971 Total Payables 151,683,290 143,194,998

8. Long Term Liabilities

Bank Loans 271,190 1,178,362 Debentures 12,917,138 - Subordinated Debts 0 0Other Borrowings 307,789 717,749 Total Long Term Liabilities 13,496,117 1,896,111

9. EQUITY

Ordinary Share Capital 150,453,033 119,672,121 Preference Share Capital 2,170,010 2,918,010 Contingency Reserves 88,553,470 71,688,255 Income Surplus 35,380,158 39,263,466 Capital Surplus 59,302,921 59,679,898 Others - Specify 34,134,618 37,206,947 Total Equity 369,994,210 330,428,697

10. TOTAL LIABILITIES AND EQUITY 786,744,717 668,244,76311. TOTAL LIABILITIES AND EQUITY MINUS TOTAL ASSETS 0 0

65NIC


Appendices1. List of Registered Non-Life Insurance Companies

2. List of Registered Life Insurance Companies 3. List of Registered Reinsurance Companies 4. List of Registered Insurance Broking Companies

5. List of Registered Loss Adjusting Companies

6. List of Registered Reinsurance Broking Companies

66 NIC


67NIC


2012Financial Reports

68 NIC


Report Of The DirectorsThe Directors submit their report together with the audited financial statements of the National Insurance Commission (Commission) for the year ended 31st December, 2012.

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 Commission and of the Operating Performance and Cash flow for that period. In preparing these Financial Statements, the Directors have selected suitable accounting policies and then applied them consistently, made judgments and estimates that are reasonable and prudent and followed International Accounting Standards and Ghana Accounting Standards.

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

Principal Activities

The object of the Commission is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance to protect insurance policyholders and the Insurance Industry in Ghana.

Financial Results (Highlights)

The Financial results of the Commission are as summarized below:

2012 2011(GH¢) (GH¢)

Excess of Income over Expenditure 687,503 970,872Total Assets 5,646,135 4,753,127Accumulated Fund 4,818,687 4,131,184

BY ORDER OF THE BOARD

………………………………………. DIRECTORS……………………………………….

Dated………………………………..30th April, 2013

69NIC


Independent Auditors’ Report TO THE MINISTER OF FINANCE AND ECONOMIC PLANNING

We have examined the Financial Statements of the National Insurance Commission for the year ended 31st December, 2012 which have been prepared under the historical cost convention and on the basis of the accounting policies set out on pages 70 and 81.

Respective Responsibilities of Directors and Auditors

The responsibility for the preparation of the Financial Statements of the Commission rests with the Directors. Our responsibility as auditors is to form an independent opinion based on the audit, on these Financial Statements and to report our opinion to you.

Basis of Opinion

We conducted our audit in accordance with International Standards on Auditing and Ghana Standards on Auditing. An audit includes examination, on test bases, of evidence relevant to the amounts and disclosures in Financial Statements. It also includes an assessment of the significant estimates and judgments made by the Directors in the preparation of the Financial Statements, and of whether the accounting policies are appropriate to the Commission’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the Financial Statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the Financial Statements.

Opinion

In our opinion, proper books of account have been kept by the Commission and the Financial Statements audited by us, which are in agreement therewith, present in all material respect, a true and fair view of the financial position of the Commission as at 31st December, 2012 and of the result of its operations and cash flows for the year then ended on the date, and comply with the Insurance Act, 2006 (Act 724) and the Ghana Accounting Standards.

70 NIC


Income And Expenditure Account FOR THE YEAR ENDED 31ST DECEMBER, 2012

Notes 2012 2011(GH¢) (GH¢)

INCOME 1 7,457,759 5,868,045EXPENDITURE 2 (6,770,256) (4,897,173)Excess of Income over Expenditure 687,503 970,872

ACCUMULATED FUNDBalance as at 1st January 4,131,184 3,160,312Excess of Income over Expenditure for year 687,503 970,872Balance as at 31st December 4,818,687 4,131,184

The accounting policies and notes on pages 73 to 81 form an integral part of these financial statements.

71NIC


Balance Sheet AS AT 31ST DECEMBER, 2012

Notes 2012 2011

(GH¢) (GH¢)Non-Current AssetsProperty, Plant & Equipment 3 1,198,470 1,043,053Equity Shares in GIC 4 40,000 40,000

1,238,470 1,083,053

Current AssetsAccounts Receivable 5 1,933,444 1,520,213Short Term Investments 6 1,409,803 1,335,445Bank and Cash Balances 12 1,064,418 814,416

4,407,665 3,670,074

Total Assets 5,646,135 4,753,127

Current LiabilitiesAccounts Payable and Accruals 7 476,259 245,319

476,259 245,319

Accumulated Fund and Deferred GrantAccumulated fund 4,818,687 4,131,184Deferred Grant 8b 351,189 376,624

5,169,875 4,507,808

Total Liabilities, Accumulated Fund & Grant 5,646,135 4,753,127

The Financial Statements on pages 70 to 81 were approved by the Board of Directors on April 30, 2013 and were signed on its behalf by:

………………………………………. DIRECTORS

……………………………………….

72 NIC


Cashflow Statement FOR THE YEAR ENDED 31st DECEMBER, 2012

Notes 2012 2011(GH¢) (GH¢)

Operating ActivitiesCash Generated from Operations 10 465,389 624,452Interest Received 1 26,610 25,273Net Cash Generated from Operating Activities 491,999 649,725

Cash flow from Investing ActivitiesPurchase of Property, Plant and Equipment 3 (413,040) (374,099)Proceed from the Sale of Assets 11 14,516 11,000Purchase of Investment 5 (74,358) (153,250)Investment Income Received 1 230,885 142,169Net Cash used Investing Activities (241,997) (374,180)

Net increase/(decrease) in Cash and Cash Equivalents 250,002 275,545

Movement in Cash and Cash EquivalentsAt Start of the Year 814,416 538,871Increase/(Decrease) in Cash and Cash Equivalents 250,002 275,545At end of the Year 1,064,418 814,416

The accounting policies and notes on pages 73 to 81 form an integral part of these Financial Statements

73NIC


Accounting Policiesa. Basis of Accounting

The financial statements have been prepared under the historical cost convention and accrual basis and comply with Ghana Accounting Standards.

b. Property and Equipment and Depreciation

All 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.

Office Furniture and Fittings 20% Motor Vehicles 20% Office Equipment 20% Office Building 3% Bungalow furniture & fittings 20% 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. Depreciating method, residual values and useful life are reassessed at the end of each financial year. Equipment less than GH¢ 500 are written off in the year of purchase.

c. Cash and Cash Equivalents

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

d. Investments

Investment securities are in the form of treasury bills, fixed deposits and non-negotiable certificates of deposits. Investments are quoted at cost.

e. Accounts Receivable

Accounts receivable are stated at a net of bad and doubtful debts and at cost.

f. Transaction of Foreign Currencies

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

74 NIC


g. Stocks

Stocks are ordered just for the year and are charged to the Income and Expenditure Account in the year of purchase.

However, the quantity of unused insurance stickers and PVC holders are reflected in the annual accounts as part of the notes.

75NIC


Notes To The Financial Statements FOR THE YEAR ENDED 31ST DECEMBER 2012

1. Income: GH¢7,457,759

This is made up as follows:

Notes 2012 2011(GH¢) (GH¢)

Levies on Life Insurers 1,128,606 905,698Levies on Non-Life Insurers 3,048,366 2,532,574Levies on Brokers 224,808 168,446Licensing/Renewal Income 116,680 102,810Investment Income 230,885 142,169Interest Received 1b 26,610 25,273Motor Contribution 1,474,421 1,128,968Fire Certificates 16,940 15,550Grant Income 8a 118,031 15,560Deferred Grant Income 8b 25,435 25,435Rent Income/Fees - IITC 144,398 138,481Mega Risk Income 865,546 487,929Penalties - 117,000Exchange Gains - 18,943Other Income 37,033 43,209

7,457,759 5,868,045

1b. Interest Received:

2012 2011(GH¢) (GH¢)

Call Accounts 25,154 22,967Current Accounts 1,456 2,306

26,610 25,273

76 NIC


1c. Other Income is made up of the following:

2012 2011(GH¢) (GH¢)

Gains on Sale of Assets 14,456 11,000Year Book Sales 4,570 7,145Interest on Loans 15,957 12,211Insurance Claims 1,847 -Others 203 12,853

37,033 43,209

2. Expenditure: GH¢6,770,256

Expenditure is made up as follows:

Notes 2012 2011(GH¢) (GH¢)

Training/workshop/conferences/seminars 444,872 334,787Directors’ Emoluments 910,767 634,329Electricity & Water 177,895 68,230General office expenses 369,544 329,606Medical Expenses 63,023 54,061Public Education 187,744 46,756Repairs & Maintenance 107,912 76,061Staff cost 3,692,914 2,691,467Sticker & Adhesive Cost 139,943 116,690Vehicle Running Cost 195,588 161,973Telephone 48,852 33,881Audit fees 9,075 8,861Depreciation 257,564 234,128Insurance Premium 65,121 45,144Internet Services/Subscription 42,581 22,712Security services 49,363 38,487Exchange loss 7,498 -

6,770,256 4,897,173

77NIC


3.

Prop

erty

, Pla

nt a

nd E

quip

men

t

Offi

ce

Bui

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2,86

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0,63

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1,06

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7,10

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2,77

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110

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,456

78 NIC


4. Equity Shares

2012 2011(GH¢) (GH¢)

Equity Shares In Ghana Insurance College 40,000 40,000

This represents 40% National Insurance Commission’s share holding in the Ghana Insurance College (GIC) acquired in 2006.

5. Account Receivable and Prepayment: GH¢ 1,933,444

2012 2011(GH¢) (GH¢)

Levies Due from Insurers and Brokers 1,048,921 731,692Mega Risk Receivable 71,193 71,193IITC Debtors 3,326 3,915Staff Advances 452,907 408,762Sundry Debtors 39,641 20,152Accrued Investment Income 26,239 23,461Withholding Tax Credit 6,755 6,755Receivable from Provident Fund - -Prepaid Insurance Expense 40,981 34,443Compensation Fund - -Penalties Receivable 127,000 137,000Consultancy Fees 74,175 73,840Others 42,306 9,000

1,933,444 1,520,213

6. Short Term Investments: GH¢ 1,409,803

2012 2011(GH¢) (GH¢)

Treasury Bills 791,932 467,362Fixed Deposits 617,871 771,720Non-negotiable Certificate of Deposit - 96,363

1,409,803 1,335,445Purchase of investments (Additions during the year) 74,358 153,250

Treasury Bills are debt securities issued by the Bank of Ghana for a term of three months, six months or a year and are classified as available for sale investments. Bills are carried at cost.

79NIC


7. Accounts Payable and Accruals: GH¢476,259


Notes 2012 2011(GH¢) (GH¢)

Accrued Expenses 13 106,998 124,074West African Insurance Institute 40,315 1,413Provident Fund & Other Payable 8,103 2,889Compensation Fund 16,838 32,959Motor Contributions Payable (Ecowas Brown Card) 13,470 -Motor Contributions Payable (GIA) 20,205 32,959Motor Contributions Payable (NHIA) 10,103 19,775Motor Contributions Payable (NRSC) 33,675 19,776Fire Certificate Payable 17,885 7,775Client Rescue Payable 132,634 -Fire Fund Payable 47,319 -GIZ/World Bank Seminar /Workshops 21,548 -Deferred Income 7,166 -Sundry Payable - 3,699

476,259 245,319

8a. Grant Income: GH¢ 118,031

2012 2011(GH¢) (GH¢)

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

118,031 15,560

8b. Deferred Grant Income: GH¢351,189

2012 2011(GH¢) (GH¢)

Balance at 1st January 376,624 402,059Transfer to Income and Expenditure Account (25,435) (25,435)Balance at 31st December 351,189 376,624

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.

80 NIC


9. Deferred Rent Income (GIC):

2012 2011(GH¢) (GH¢)

Balance at 1st January - 12,000Additions - -Transfer to Income and Expenditure Account - (12,000)Balance at 31 December - -

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

Notes 2012 2011(GH¢) (GH¢)

Excess of Income over Expenditure 687,503 970,872Amortisation of Capital Grant 8b (25,435) (25,435)Amortisation of Rent Income 9 - (12,000)Depreciation 3 257,564 234,128(Gain)/Loss on Disposal of Property and Equipment 3 14,456) (11,000)Interest Income (26,610) (25,273)Investment Income (230,885) (142,169)Increase/Decrease in accounts receivable and prepayment (413,231) (347,892)Increase / (decrease) in accounts payable and accruals 230,939 (16,780)Cash Generated from Operating Activities 465,389 624,451

11. Gain / (Loss) on Disposal of Fixed Assets


2012 2011 (GH¢) (GH¢)

Cost 165,755 73,220Accumulated Depreciation (165,695) (73,200)Net Book Value 60 -Proceeds 14,516 11,000(Loss) on Disposal 14,456 11,000

81NIC


12. Cash and Cash Equivalent

Changes during 2012 2011the year (GH¢) (GH¢)

Cash (268) 1,261 1,529Bank 250,270 1,063,157 812,887

250,002 1,064,418 814,416

13. Accrued Expenses: GH¢ 98,859 This is made up as follows:

2012 2011(GH¢) (GH¢)

Audit Fees 10,000 8,861Medical Expenses 2,562 3,468Repair and Maintenance 33,198 23,356Insurance 3,051 -Telephone 150 1,475Water and Electricity 232 18,558PAYE Payable 45,314 58,874SSF Payable 7,795 4,429 VAT 46 -Withholding Tax Payable 4,650 5,053

106,998 124,074

14. Unused Stickers

At the end of the year, the stock of unused stickers out of the quantity printed during the year was 7,736 booklets. Cost - GH¢50,284 (2011: 6,297 booklets - Cost - GH¢40,931).

15. Capital Commitments

There were no Capital Commitments as at 31st December 2012 (2011: Nil)

16. Contingent Liabilities

There were no contingent liabilities at 31st December 2012 (2011: Nil)

82 NIC


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258

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w

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No. 2

1 In

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AN

7509

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l: 63

3733

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953

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7573

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330,

227

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905

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6046

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men

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206

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defa

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ntre

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363

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: 304

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17, L

agos

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Ea

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egon

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kers

Lim

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CT

525

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6632

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Lim

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222

5, M

ampr

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l: 31

6851

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230

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ccra

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CT.

173

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7788

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152

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nsur

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Hous

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117

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Lim

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OS

1338

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irpor

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Brok

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Lim

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P. O

. Box

CT

6104

, Com

mun

ity 1

1, T

ema

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243

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mail

:

2nd

Floo

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Pres

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sura

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Brok

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P. O

. Box

CT

2868

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tonm

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ra

Tel:

2503

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2nd

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ccra

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pact

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s (G

h) L

td.

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713

0, A

ccra

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th

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2210

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1271

72

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221

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e-m

ail: g

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Opp

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8640

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mail

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15th

Flo

or, H

erita

ge T

ower

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bass

ador

ial E

nclav

e,

Ridg

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ccra

.

Horiz

on In

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Brok

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Lim

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P. O

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CS

8409

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TA

469,

Taif

a, A

ccra

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209

Geo

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Fax

: 420

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4023

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Clo

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venu

e,

Adab

raka

Max

pal In

term

ediar

iesP.

O. B

ox S

D 79

, Sta

dium

Pos

t Offic

e Ac

cra

Tel:

2327

95/2

4121

6 Fa

x: 2

3279

5 e-

mail

: max

palin

ter@

yaho

o.co

m

info

@m

axpa

linte

rmed

iaries

.com

B219

/10

B10

stre

et, A

wud

ome,

Kane

shie

MID

AS In

sura

nce

Brok

ers

Lim

ited

P. O

. Box

AN

1055

4, A

ccra

-Nor

th

Tel:

2551

68

Fax:

258

667

e-m

ail: m

idas

brok

ers@

yaho

o.co

.uk

info

@m

idas

insu

ranc

e.co

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Plot

No.

A10

, Aw

udom

e Ro

unda

bout

, Kan

eshi

e

94 NIC


Prem

ier B

roke

rs &

Con

sulta

nts

P. O

. Box

DS

1632

, Dan

som

an,

Accr

a.

Tel:

9151

11, 9

1801

1, 0

28 9

5402

70

Fax:

224

804

e-m

ail:p

rem

ium

brok

er@

gmail

.com

Mar

ble

Hous

e,

Sout

h in

dust

rial A

rea,

Acc

ra

Prog

ress

ive In

sura

nce

Brok

ers

Lim

ited

P. O

. Box

GP

1443

8, A

ccra

Cen

tral

Tel:

020-

2018

102/

9463

45Ba

nku

Junc

tion,

Ea

st L

egon

, Acc

raPr

uden

t Ins

uran

ce B

roke

rs L

imite

dP.

O. B

ox A

N 81

18, A

ccra

-Nor

th

Tel:

240

818,

240

882

Fax:

240

882

info

@pr

uden

tinsu

ranc

ebro

kers

gh.c

om

Hse.

No.

520

/4,

Jone

s Ne

lson

Stre

et,

Adab

raka

, Acc

ra

Risc

over

y Li

mite

dP.

O. B

ox C

T 38

17,1

3596

Can

tonm

ents

, Acc

ra

Tel :

026

8089

949,

026

8089

949

e-m

ail :

risco

very

ltd@

gmail

.com

309/

17 A

bava

na J

unct

ion,

Ko

toba

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Risk

Man

agem

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dviso

ry S

ervic

esP.

O. B

ox A

N 12

331,

Acc

ra- N

orth

Te

l. 81

6390

, 816

389,

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4158

34Fa

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1639

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mail

: rm

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.com

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fo@

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gh.c

om

No. 1

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Spin

tex

Rd,

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ea

Risk

Sol

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dPM

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20, K

anda

, Acc

ra.

Tel.

0302

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8820

e-m

ail:in

fo@

risks

olut

ions

gh

Near

Clu

b 10

, Kan

da, A

ccra

Safe

ty In

sura

nce

Brok

ers

Ltd.

P. O

. Box

OS

2912

, Osu

, Acc

ra

Tel.

7619

44, 7

8660

3, 0

2437

6965

Fa

x: 7

8660

2 e-

mail

: jad

ukofi

@af

ricao

nlin

e.co

m.g

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info

@sa

fety

insu

ranc

ebro

kers

.com

2nd

Floo

r, Bl

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hip

Build

ing

Shiel

d In

sura

nce

Brok

ers

Lim

ited

P. O

. Box

GP

1319

7, A

ccra

. Te

l: 05

4435

6888

, 953

055,

519

651

e-m

ail: i

nfo@

shiel

dins

uran

cebr

oker

s.co

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Kang

aroo

Hou

se,

Adjac

ent F

ly ov

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Man

et C

ourt

Savio

ur In

sura

nce

Brok

ers

& Co

nsul

tant

sP.

O. B

ox K

D 46

8, K

anda

, Acc

ra

Tel:

2245

59 /0

2774

2658

0 Ka

nda,

Eas

t Aya

was

o, A

ccra

Tran

s-Na

tiona

l Bro

kers

Lim

ited

P. O

. Box

178

41, A

ccra

Te

l/Fax

: 024

427

2060

, 020

9420

518

Fax

: 235

603,

949

803

e-m

ail: t

rans

natio

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rs@

yaho

o.co

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C154

/19

Tesa

no B

usin

ess

Cent

re

Adjac

ent A

ccra

Girls

Voc

atio

nal In

stitu

te

95NIC


Trin

ity In

sura

nce

Brok

ers

Ltd.

P. O

. Box

GP

1800

, Acc

ra

Tel.

7641

17, 7

6401

8 Fa

x : 7

6413

0 e-

mail

: in

fo@

trini

tyin

sbro

kers

.com

, tri

nity

insb

roke

rs@

gmail

.com

Cant

onm

ents

Rd.

O

ppos

ite S

t Tho

mas

Sch

ool,

Osu

Tri-S

tar I

nsur

ance

Ser

vices

Lim

ited

P. O

. Box

125

66, A

ccra

-Nor

th

Tel:

(233

-21)

2446

61, 2

5618

3, 2

2030

2 Fa

x: 2

2031

9 e-

mail

: inf

o@tri

star

ghan

a.co

m

No. 1

4, N

aa A

ta S

treet

, Te

sano

, Acc

ra

Unive

rsal

Insu

ranc

e Co

nsul

tant

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d.P.

O. B

ox C

T 11

7, C

anto

nmen

ts, A

ccra

. Te

l: 22

2076

/229

362

Fax:

233

944

e-m

ail:u

nicb

rok@

ghan

a.co

m

1st F

loor

, St

anda

rd C

harte

red

Bank

Bui

ldin

g,

Adab

raka

UGro

up In

sura

nce

Brok

ers

P. O

. Box

AN

1666

4, A

ccra

-Nor

th

Tel :

020

8245

3e-

mail

: w

ww.

ugro

up.c

om

Hous

e No

. C35

2,

Dom

e, A

ccra

.

96 NIC


APPE

NDIX

5:

List

Of R

egist

ered

Los

s Ad

justin

g Co

mpa

nies

Com

pany

Con

tact

Det

ails

Loca

tion

Man

yo-P

lange

& A

ssoc

iates

P. O

. Box

915

5, K

IA, A

ccra

Te

l: 31

3954

Fax:

304

977

e-m

ail: m

anyo

plan

gex@

yaho

o.co

m

40 A

dwad

u St

reet

, M

atah

eko,

Acc

ra.

Near

Kem

bs H

otel

APPE

NDIX

6:

List

Of R

egist

ered

Rein

sura

nce

Brok

ing C

ompa

nies

Com

pany

Con

tact

Det

ails

Loca

tion

KEK

Rein

sura

nce

Brok

ers

(Afri

ca) L

imite

d

P.

O. B

ox A

n 66

81,

Accr

a-No

rth

Tel:

7706

17, 7

6421

0, 7

6427

3 Fa

x: 7

6413

8 e-

mail

: ali

@ke

krein

sura

nce.

com

KEK

Insu

ranc

e Br

okin

g Ho

useN

o.

40/4

1 Se

nchi

Stre

et @

Avia

tion

Rd. A

irpor

t Res

iden

tial.

Area

, Ac

cra

National Insurance CommissionInsurance Place, Independence AvenueP. O. Box CT 3456, AccraTel: +233 302 238300/1Fax: +233 302 237248/246369Email: [email protected]: www.nicgh.org

Documents

ANNUAL REPORT & FINANCIAL STATEMENTS 2012