Insurance companies in Ghana: ranking per 2021 turnover

Magazine Issue:

Magazine date:

Jul 2022

Non-life insurance companies in Ghana

In thousands

Companies	2021 turnover		2020 turnover		2020-2021 evolution ⁽¹⁾	2021 shares
Companies	GHS	USD	GHS	USD	2020-2021 evolution ⁽¹⁾	2021 shares
Enterprise Insurance	335 170	54 234	259 686	44 149	29.07%	6.88%
SIC Insurance	276 224	44 696	242 689	41 260	13.82%	5.67%
Hollard Insurance Ghana	212 492	34 383	172 262	29 286	23.35%	4.36%
Star Assurance	192 372	31 128	146 980	24 988	30.88%	3.95%
Glico General Insurance	172 911	27 979	147 958	25 154	16.86%	3.55%
Vanguard Assurance	162 610	26 312	138 801	23 598	17.15%	3.34%
Ghana Union Assurance	140 910	22 801	113 813	19 349	23.81%	2.89%
Activa International Insurance	116 065	18 781	80 143	13 625	44.82%	2.38%
Phoenix Insurance	86 498	13 996	68 901	11 714	25.54%	1.77%
Sunu Assurance	66 620	10 780	59 292	10 080	12.36%	1.37%
Prime Insurance	65 023	10 521	51 417	8 741	26.46%	1.33%
Quality Insurance	63 259	10 236	46 142	7 845	37.10%	1.30%
Provident Insurance	53 110	8 594	40 649	6 911	30.66%	1.09%
Donewell Insurance	52 909	8 561	47 584	8 090	11.19%	1.08%
Saham Insurance Ghana	49 184	7 958	37 821	6 430	30.04%	1.01%
Allianz Insurance	47 964	7 761	55 875	9 499	-14.16%	0.98%
Serene Insurance	43 364	7 017	21 220	3 608	104.35%	0.89%
Millennium Insurance	41 779	6 760	26 860	4 566	55.54%	0.86%
Priority Insurance	40 906	6 619	27 966	4 755	46.27%	0.84%
Imperial General Assurance	25 079	4 058	16 005	2 721	56.69%	0.51%
Coronation Insurance Ghana⁽²⁾	24 597	3 980	20 263	3 445	21.39%	0.50%
Unique Insurance	24 148	3 907	17 780	3 023	35.82%	0.49%
NSIA Ghana Insurance	23 333	3 776	17 724	3 013	31.65%	0.48%
Best Assurance	20 853	3 374	22 321	3 795	-6.58%	0.43%
Loyalty Insurance	20 457	3 310	10 792	1 835	89.56%	0.42%
Bedrock Insurance	3 939	637	3 752	638	4.98%	0.08%
RegencyNem Insurance Ghana	-	-	40 042	6 807	-	-
Total non-life	2 361 776	382 159	1 934 738	328 925	22.07%	48.45%

Life insurance companies in Ghana

In thousands

Companies	2021 turnover		2020 turnover		2020-2021 evolution ⁽¹⁾	2021 shares
Companies	GHS	USD	GHS	USD	2020-2021 evolution ⁽¹⁾	2021 shares
Enterprise Life Assurance	608 800	98 510	521 270	88 621	16.79%	12.49%
SIC Life Insurance	476 033	77 027	401 646	68 284	18.52%	9.77%
StarLife Assurance	411 798	66 633	321 501	54 658	28.09%	8.45%
Prudential Life Insurance Ghana	223 408	36 150	157 743	26 818	41.63%	4.58%
Glico Life Insurance	179 510	29 046	148 934	25 320	20.53%	3.68%
Mi Life Insurance	134 301	21 731	80 703	13 720	66.41%	2.75%
Metropolitan Life Insurance Ghana	117 140	18 954	99 330	16 887	17.93%	2.40%
Old Mutual Assurance Ghana	103 769	16 791	83 184	14 142	24.75%	2.13%
Allianz Life Insurance	49 687	8 040	31 662	5 383	56.93%	1.02%
Phoenix Life Assurance	41 174	6 662	30 185	5 132	36.41%	0.84%
Saham Life Insurance Ghana	33 463	5 415	24 334	4 137	37.52%	0.69%
Quality Life Assurance	27 068	4 380	24 217	4 117	11.77%	0.56%
Donewell Life Insurance	24 037	3 889	19 778	3 362	21.53%	0.49%
Hollard Life Assurance	20 875	3 378	14 327	2 436	45.70%	0.43%
Vanguard Life Assurance	17 211	2 785	16 861	2 866	2.08%	0.35%
Ghana Life Insurance	16 761	2 712	-	-	-	0.34%
Ghana Union Assurance Life	14 003	2 266	11 762	2 000	19.05%	0.29%
Exceed Life Assurance	6 036	977	3 299	561	82.96%	0.12%
First Insurance	5 950	963	5 068	862	17.40%	0.12%
GN Life Assurance	2 324	376	2 987	508	-22.20%	0.05%
Total life	2 513 348	406 685	1 998 791	339 814	25.74%	51.55%

Source: National Insurance Commission (NIC)

⁽¹⁾ Growth rate in local currency
⁽²⁾ Ex. Wapic Insurance Ghana
Exchange rate as at 31/12/2021 : 1 GHS = 0.16181 USD ; at 31/12/2020 : 1 GHS = 0.17001 USD