Insurance companies in Ghana: ranking per 2022 turnover

Magazine Issue:

Atlas Magazine, 20 years of publication [3]

Magazine date:

Apr 2023

Non-life insurance companies in Ghana

In thousands

Companies	2022 turnover		2021 turnover		2021-2022 evolution ⁽¹⁾	2022 shares
Companies	GHS	USD	GHS	USD	2021-2022 evolution ⁽¹⁾	2022 shares
Enterprise Insurance	432 382	41 928	335 170	54 234	29.00%	7.08%
SIC Insurance	370 524	35 930	276 224	44 696	34.14%	6.07%
Hollard Insurance Ghana	272 537	26 428	212 492	34 383	28.26%	4.47%
Glico General Insurance	252 145	24 450	172 911	27 979	45.82%	4.13%
Star Assurance	231 232	22 423	192 372	31 128	20.20%	3.79%
Vanguard Assurance	213 351	20 689	162 610	26 312	31.20%	3.50%
Ghana Union Assurance	192 430	18 660	140 910	22 801	36.56%	3.15%
Activa International Insurance	164 575	15 959	116 065	18 781	41.80%	2.70%
Phoenix Insurance	99 030	9 603	86 498	13 996	14.49%	1.62%
Sanlam Insurance Ghana	87 592	8 494	49 184	7 958	78.09%	1.43%
Prime Insurance	86 684	8 406	65 023	10 521	33.31%	1.42%
Quality Insurance	85 503	8 291	63 259	10 236	35.16%	1.40%
Sunu Assurance	83 740	8 120	66 620	10 780	25.70%	1.37%
Provident Insurance	70 113	6 799	53 110	8 594	32.01%	1.15%
Allianz Insurance	66 575	6 456	47 964	7 761	38.80%	1.09%
Donewell Insurance	63 176	6 126	52 909	8 561	19.41%	1.03%
Serene Insurance	60 426	5 859	43 364	7 017	39.35%	0.99%
Priority Insurance	48 201	4 674	40 906	6 619	17.83%	0.79%
Imperial General Assurance	38 787	3 761	25 079	4 058	54.66%	0.64%
Millennium Insurance	38 649	3 748	41 779	6 760	-7.49%	0.63%
Coronation Insurance Ghana	32 199	3 122	24 597	3 980	30.91%	0.53%
Unique Insurance	32 007	3 104	24 148	3 907	32.55%	0.52%
Loyalty Insurance	30 356	2 943	20 457	3 310	48.39%	0.50%
NSIA Ghana Insurance	29 057	2 818	23 333	3 776	24.53%	0.48%
Bedrock Insurance	1 994	193	3 939	637	-49.38%	0.03%
Best Assurance	ND	ND	20 853	3 374	-	-
Total non-life	3 083 265	298 984	2 361 776	382 159	30.55%	50.51%

Non-life insurance companies in Ghana

In thousands

Companies	2022 turnover		2021 turnover		2021-2022 evolution ⁽¹⁾	2022 shares
Companies	GHS	USD	GHS	USD	2021-2022 evolution ⁽¹⁾	2022 shares
Enterprise Life Assurance	722 243	70 036	608 800	98 510	18.63%	11.83%
SIC Life Insurance	541 333	52 493	476 033	77 027	13.72%	8.87%
StarLife Assurance	537 900	52 160	411 798	66 633	30.62%	8.81%
Prudential Life Insurance Ghana	300 437	29 133	223 408	36 150	34.48%	4.92%
Glico Life Insurance	207 661	20 137	179 510	29 046	15.68%	3.40%
MiLife Insurance	203 207	19 705	134 301	21 731	51.31%	3.33%
Old Mutual Assurance Ghana	123 762	12 001	103 769	16 791	19.27%	2.03%
Metropolitan Life Insurance Ghana	110 498	10 715	117 140	18 954	-5.67%	1.81%
Allianz Life Insurance	71 249	6 909	49 687	8 040	43.40%	1.17%
Ghana Union Assurance Life ⁽²⁾	61 504	5 964	14 003	2 266	339.22%	1.01%
Sanlam Life Insurance Ghana	61 396	5 954	33 463	5 415	83.47%	1.01%
Hollard Life Assurance	38 180	3 702	20 875	3 378	82.90%	0.62%
Donewell Life Insurance	26 223	2 543	24 037	3 889	9.09%	0.43%
Vanguard Life Assurance	9 187	891	17 211	2 785	-46.62%	0.15%
First Insurance	4 629	449	5 950	963	-22.20%	0.07%
GN Life Assurance	1 804	175	2 324	376	-22.38%	0.03%
Exceed Life Assurance	-	-	6 036	977	-	-
Ghana Life Insurance	-	-	16 761	2 712	-	-
Phoenix Life Assurance	-	-	41 174	6 662	-	-
Quality Life Assurance	-	-	27 068	4 380	-	-
Total life	3 021 213	292 967	2 513 348	406 685	20.21%	49.49%

⁽¹⁾ Growth rate in local currency
⁽²⁾ In February 2022 Ghana Union Assurance Life merges with Phoenix Life Assurance

Source: National Insurance Commission (NIC)

Exchange rate as at 31/12/2022 : 1 GHS = 0.09697 USD ; as at 31/12/2021 : 1 GHS = 0.16181 USD