Ghana Reinsurance Company Limited paid dividends to its sole shareholder, government of Ghana, to the tune of GH¢ 9 million for the 2018 financial year.
The payment took place at its 16th Annual General Meeting held in Accra.
Composite gross premium income for 2018 stood at GH¢ 205.66 million, up from GH 193.01 million recorded in 2017. General business, premium income increased from GH¢ 181.70 recorded in 2017 to GH¢ 187.16 million for the year under review.
Premium income for the life business also increased from GH¢ 11.31 million in 2017 to GH¢ 18.50 million for 2018.
George Otoo, Board Chair Ghana Re, noted that the board was committed to ensuring sustainable growth and profitability to enable the reinsurer continue to support the country’s development.
He added that the board will pursue its strategy of expansion of the company’s international operations in selected markets to position Ghana Re’s brand among the top ten African reinsurers.
Accordingly, Ghana Re will seek to increase its participation and special emerging risks as wells as restructuring its investment vision and strategy.
“Ghana Re’s subsidiary in Kenya will deepen effort in the East African market while its Cameroon branch will enhance business relationships and seek out new prospects in Francophone Africa to further boost the business performance of the company”, he added.
The chairman concluded that in accordance with Ghana Re’s expansion and growth objectives, the company will continue to strengthen beneficial strategic alliances and form new partnerships to enable it take advantage of reinsurance opportunities in both local and international markets.
The Managing Director of Ghana Re, George Mensah indicated that the company had being increasing its stated capital over the years to strengthen its capital base and also in anticipation of the recapitalization directive of the regulator.
“In all honesty, the NIC has been hinting about an eminent increase in capitalization for a long time and we took advantage of that and started preparing towards raising our capital base”, he said.
He said the board will seek the approval of its shareholder to increase its stated capital periodically to help the company undertake big ticket transactions and grow its international business.
The sole shareholder representatives at the meeting commended Ghana Re’s efforts in its international operations and urged the company to open more international offices.
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