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Insurance companies in Ghana: ranking per 2024 insurance revenue

Insurance companies in Ghana: ranking per 2024 insurance revenue

Companies 2024 insurance revenue (IFRS17) 2023 turnover (IFRS4) 2023-2024 evolution (1) 2024 shares
GHS USD GHS USD
Enterprise Insurance 567 280 47 357 432 382 41 928 31.20% 7.04%
Star Assurance 434 121 36 241 231 232 22 423 87.74% 5.38%
SIC Insurance 428 540 35 775 370 524 35 930 15.66% 5.32%
Hollard Insurance Ghana 370 114 30 897 272 537 26 428 35.80% 4.59%
Glico General Insurance 353 802 29 535 252 145 24 450 40.32% 4.39%
Vanguard Assurance 278 036 23 210 213 351 20 689 30.32% 3.45%
Ghana Union Assurance 254 044 21 208 192 430 18 660 32.02% 3.15%
Activa International Insurance 215 084 17 955 164 575 15 959 30.69% 2.67%
Phoenix Insurance 150 334 12 550 99 030 9 603 51.81% 1.87%
Prime Insurance 118 812 9 918 86 684 8 406 37.06% 1.47%
Quality Insurance 118 389 9 883 85 503 8 291 38.46% 1.47%
Sunu Assurance 106 740 8 911 83 740 8 120 27.47% 1.32%
Sanlam Insurance Ghana 101 511 8 474 87 592 8 494 15.89% 1.26%
Provident Insurance 93 186 7 779 70 113 6 799 32.91% 1.16%
Serene Insurance 91 996 7 680 60 426 5 859 52.25% 1.14%
Donewell Insurance 81 616 6 813 63 176 6 126 29.19% 1.01%
Allianz Insurance 80 781 6 744 66 575 6 456 21.34% 1.00%
Imperial General Assurance 66 888 5 584 38 787 3 761 72.45% 0.83%
Priority Insurance 64 823 5 411 48 201 4 674 34.48% 0.80%
Millennium Insurance 56 310 4 701 38 649 3 748 45.70% 0.70%
Coronation Insurance Ghana 55 758 4 655 32 199 3 122 73.17% 0.69%
Loyalty Insurance 50 265 4 196 30 356 2 943 65.59% 0.62%
Unique Insurance 43 545 3 635 32 007 3 104 36.05% 0.54%
NSIA Ghana Insurance 35 613 2 973 29 057 2 818 22.56% 0.44%
Bedrock Insurance 5 920 494 1 994 193 196.89% 0.07%
Best Assurance 544 45 8 826 856 -93.84% 0.01%
Non-life total 4 224 052 352 624 3 092 091 299 840 36.61% 52.39%

 

(1) Growth rate in local currency
Source: National Insurance Commission (NIC)

Life insurance companies in Ghana

In thousands

Companies 2024 insurance revenue (IFRS17) 2023 turnover (IFRS4) 2023-2024 evolution (1) 2024 shares
GHS USD GHS USD
Enterprise Life Assurance 889 333 74 242 722 243 70 036 23,13% 11,03%
StarLife Assurance 676 367 56 463 537 900 52 160 25,74% 8,39%
SIC Life Insurance 656 092 54 771 541 333 52 493 21,20% 8,14%
Prudential Life Insurance Ghana 412 149 34 406 300 437 29 133 37,18% 5,11%
MiLife Insurance 296 876 24 783 203 207 19 705 46,10% 3,68%
Glico Life Insurance 265 169 22 136 207 661 20 137 27,69% 3,29%
Old Mutual Assurance Ghana 159 938 13 352 123 762 12 001 29,23% 1,99%
Sanlam Life Insurance Ghana 115 250 9 621 61 396 5 954 87,72% 1,43%
Allianz Life Insurance 92 585 7 729 71 249 6 909 29,95% 1,15%
Metropolitan Life Insurance Ghana 79 041 6 598 110 498 10 715 -28,47% 0,98%
Impact Life Assurance 60 002 5 009 - - - 0,74%
Hollard Life Assurance 48 521 4 050 38 180 3 702 27,08% 0,60%
Quality Life Assurance 36 432 3 041 29 052 2 817 25,40% 0,45%
Donewell Life Insurance 31 393 2 621 26 223 2 543 19,72% 0,39%
Vanguard Life Assurance 15 289 1 276 9 187 891 66,42% 0,19%
First Insurance 3 241 271 4 629 449 -29,98% 0,04%
GN Life Assurance 1 037 87 1 804 175 -42,52% 0,01%
Ghana Union Assurance Life - - 61 504 5 964 - -
Total vie 3 838 715 320 456 3 050 265 295 784 25,85% 47,61%

(1) Growth rate in local currency
Source: National Insurance Commission (NIC)

Exchange rate as of 12/31/2024: 1 GHS = 0.06795 USD ; as of 12/31/2023: 1 GHS = 0.08348 USD


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