Insurance companies in Ghana: ranking per 2020 turnover

Magazine Issue:

Insurance in Africa, a reshape dynamic [3]

Magazine date:

Mar 2022

Life insurance companies in Ghana

In thousands

Companies	2020 turnover		2019 turnover		2019-2020 evolution ⁽¹⁾	2020 shares
Companies	GHS	USD	GHS	USD	2019-2020 evolution ⁽¹⁾	2020 shares
Enterprise Life Assurance	521 270	88 621	436 674	76 405	19.37%	13.25%
SIC Life Insurance	401 646	68 284	354 583	62 041	13.27%	10.21%
StarLife Assurance	321 501	54 658	260 937	45 656	23.21%	8.17%
Prudential Life Insurance Ghana	157 743	26 818	116 133	20 320	35.83%	4.01%
Glico Life Insurance	148 934	25 320	120 454	21 076	23.64%	3.79%
Metropolitan Life Insurance Ghana	99 330	16 887	70 110	12 267	41.68%	2.53%
Old Mutual Assurance Ghana	83 184	14 142	82 113	14 367	1.30%	2.11%
Mi Life Insurance	80 703	13 720	48 636	8 510	65.93%	2.05%
Allianz Life Insurance	31 662	5 383	18 557	3 247	70.62%	0.80%
Phoenix Life Assurance	30 185	5 132	18 977	3 320	59.06%	0.77%
Saham Life Insurance Ghana	24 334	4 137	19 850	3 473	22.59%	0.62%
Quality Life Assurance	24 217	4 117	18 013	3 152	34.44%	0.62%
Donewell Life Insurance	19 778	3 362	16 155	2 827	22.43%	0.50%
Vanguard Life Assurance	16 861	2 866	17 459	3 055	-3.43%	0.43%
Hollard Life Assurance	14 327	2 436	6 823	1 194	109.98%	0.36%
Ghana Union Assurance Life	11 762	2 000	10 518	1 840	11.83%	0.30%
First Insurance	5 068	862	3 119	546	62.49%	0.13%
Exceed Life Assurance	3 299	561	1 893	331	74.27%	0.08%
GN Life Assurance	2 987	508	9 715	1 700	-69.25%	0.08%
Ghana Life Insurance	NA	NA	21 167	3704	-	-
Total life	1 998 791	339 814	1 651 886	289 031	21%	50.81%

⁽¹⁾ Growth rate in local currency
⁽²⁾ Ghana Oil and Gas Insurance Pool

Non life insurance companies in Ghana

In thousands

Companies	2020 turnover		2019 turnover		2019-2020 evolution ⁽¹⁾	2020 shares
Companies	GHS	USD	GHS	USD	2019-2020 evolution ⁽¹⁾	2020 shares
Enterprise Insurance	259 686	44 149	207 059	36 229	25.42%	6.60%
SIC Insurance	242 689	41 260	211 514	37 009	14.74%	6.17%
Hollard Insurance Ghana	172 262	29 286	123 560	21 619	39.42%	4.38%
Glico General Insurance	147 958	25 154	113 795	19 911	30.02%	3.76%
Star Assurance	146 980	24 988	121 653	21 286	20.82%	3.74%
Vanguard Assurance	138 801	23 598	104 730	18 325	32.53%	3.53%
Ghana Union Assurance	113 813	19 349	92 491	16 183	23.05%	2.89%
Activa International Insurance	80 143	13 625	74 353	13 009	7.79%	2.04%
Phoenix Insurance	68 901	11 714	52 694	9 220	30.76%	1.75%
Sunu Assurance	59 292	10 080	47 528	8 316	24.75%	1.51%
Allianz Insurance	55 875	9 499	38 040	6 656	46.88%	1.42%
Prime Insurance	51 417	8 741	33 816	5 917	52.05%	1.31%
Donewell Insurance	47 584	8 090	58 439	10 225	-18.57%	1.21%
Quality Insurance	46 142	7 845	44 352	7 760	4.04%	1.17%
Provident Insurance	40 649	6 911	27 669	4 841	46.91%	1.03%
RegencyNem Insurance Ghana	40 042	6 807	30 162	5 277	32.76%	1.02%
Saham Insurance Ghana	37 821	6 430	34 092	5 965	10.94%	0.96%
Priority Insurance	27 966	4 755	17 403	3 045	60.70%	0.71%
Millennium Insurance	26 860	4 566	16 929	2 962	58.66%	0.68%
Best Assurance	22 321	3 795	13 153	2 301	69.70%	0.57%
Serene Insurance	21 220	3 608	6 130	1 072	246.17%	0.54%
Wapic Insurance Ghana	20 263	3 445	23 290	4 075	-13.00%	0.52%
Unique Insurance	17 780	3 023	13 555	2 372	31.17%	0.45%
NSIA Ghana Insurance	17 724	3 013	13 816	2 417	28.29%	0.45%
Imperial General Assurance Co. Ltd.	16 005	2 721	10 689	1 870	49.73%	0.41%
Loyalty Insurance	10 792	1 835	8 137	1 424	32.63%	0.27%
Bedrock Insurance	3 752	638	2 313	405	62.21%	0.10%
Heritage Insurance	NA	NA	24 140	4 224	-	-
Multi Insurance	NA	NA	2 073	363	-	-
GOGIP ⁽²⁾	NA	NA	266 929	46 705	-	-
Total non life	1 934 738	328 925	1 834 504	320 983	5.46%	49.19%

⁽¹⁾ Growth rate in local currency
⁽²⁾ Ghana Oil and Gas Insurance Pool
Exchange rate as at 31/12/2020 : 1 GHS = 0.17001 USD ; at 31/12/2019: 1 GHS = 0.17497 USD