By Dr Timothy Kwabla ZILEVU
Ghana’s 13 active life insurers reported GHS 3.06 billion in 2025. But each company is selling a different product to a different customer. Enterprise runs on Whole Life. StarLife depends on Endowment for 71 per cent of its revenue. SIC Life is tied to Universal Life, the one product category that shrank. This is the product map the headline number hides.
Ghana’s life insurance industry reported GHS 3.06 billion in insurance service revenue in 2025, according to full year returns filed with the National Insurance Commission (NIC). Insurance service revenue is the income insurers recognize from their policies under current accounting rules (IFRS 17). It is different from premiums paid by customers, which may be higher or lower. The GHS 3.06 billion is 34 per cent more than the GHS 2.28 billion reported in 2024. Thirteen companies were active, up from twelve the previous year. Total industry assets reached GHS 13.3 billion.
These are strong numbers. But they describe the industry as if it were one business. It is not. A close look at what each company actually sells shows that Ghana’s life insurers operate in separate product markets with little overlap between them. No two of the top five companies depend on the same product for the majority of their income.
A Note on the Data
This analysis compares Q4 2025 (full year 2025) with Q4 2024 (full year 2024). Both periods use IFRS 17 reporting, which means revenue figures represent Insurance Service Revenue, not Gross Written Premiums.
Of the thirteen active companies in 2025, twelve also reported in 2024. The exception is SIC Life Insurance, which reported GHS 229 million in 2025 but did not file returns in 2024. SIC’s revenue accounts for 29 per cent of the year on year increase. On a like for like basis, excluding SIC, the industry grew by 24 per cent.
Two company names changed between the reporting periods. Donewell Life Insurance (Q4 2024) is now Pinnacle Life Insurance Ghana. Metropolitan Life Insurance Ghana (Q4 2024) is now listed as Emple Life Insurance Ghana in the Q4 2025 returns. This article uses the current names throughout.
Because IFRS 17 is still relatively new (2024 was the first full year of reporting under the standard), some year on year product shifts may reflect changes in how companies classify their products rather than changes in what they actually sell. Where this appears likely, the article says so.
Impact Life Assurance reported zero revenue in the Q3 2025 (nine month) returns but appears in the Q4 2025 (full year) returns with GHS 50 million. Impact was also active in Q4 2024 with GHS 30 million. The most likely explanation is that Impact filed its returns annually rather than quarterly, or filed late. Its Q4 2025 figures should be treated as full year data.
A note on company names: the NIC’s Q3 2025 file labelled Aster Life Insurance as formerly Donewell Life. The Q4 2025 file corrects this, labelling Aster Life as formerly GN Life and Pinnacle Life as formerly Donewell Life. This article follows the corrected Q4 2025 labelling.
What Ghana buys when it buys life insurance
The GHS 3.06 billion breaks down across 11 product categories. Two products dominate: Whole Life at 22 per cent of revenue (GHS 675 million) and Endowment at 21.4 per cent (GHS 654 million). Group Life follows at 18.7 per cent (GHS 571 million). Together, these three categories account for 62.1 per cent of all revenue.
Universal Life, which was the largest product category in 2024 at GHS 637 million, fell 46 per cent to GHS 345 million and now ranks fourth at 11.3 per cent. Term Life accounted for GHS 234 million (7.6 per cent). Credit Life and Microinsurance each contributed about 6 per cent.
Table 1: Industry Revenue by Product (Full Year 2025)
| Product | 2025 Revenue | Share | 2024 Revenue | YoY Change | Sellers |
| Whole Life | GHS 675m | 22.0% | GHS 432m | +56% | 9 of 13 |
| Endowment | GHS 654m | 21.4% | GHS 145m | +350% | 7 of 13 |
| Group Life | GHS 571m | 18.7% | GHS 361m | +59% | 12 of 13 |
| Universal Life | GHS 345m | 11.3% | GHS 637m | −46% | 9 of 13 |
| Term Life | GHS 234m | 7.6% | GHS 279m | −16% | 10 of 13 |
| Credit Life | GHS 182m | 5.9% | GHS 192m | −5% | 10 of 13 |
| Microinsurance | GHS 175m | 5.7% | GHS 51m | +241% | 7 of 13 |
| Inv. Linked | GHS 180m | 5.9% | GHS 154m | +16% | 3 of 13 |
| Unit Linked | GHS 28m | 0.9% | GHS 16m | +72% | 2 of 13 |
Source: NIC Q4 2025 and Q4 2024 Quarterly Returns. All figures are cumulative full year. SIC Life absent from 2024 data.
The direction is clear. Products with guaranteed or defined benefits (Whole Life, Endowment) are growing strongly. Group Life, which provides employer based protection cover, also grew 59 per cent. Products tied to investment returns (Universal Life) are shrinking. Endowment’s 350 per cent increase is the largest shift in the data, though part of this reflects the early years of IFRS 17 reporting where companies are still settling how they categorise products.
Thirteen Companies, Thirteen Different Strategies
Every major insurer depends on a different product for the bulk of its income. This is the central finding of the data.
Enterprise Life (GHS 754 million, 24.6 per cent market share) is a Whole Life company. It remains the largest insurer by market share, though its revenue fell from GHS 823 million in 2024 to GHS 754 million in 2025, a decline of 8 per cent. Enterprise earns 54.2 per cent of its revenue from Whole Life policies, or GHS 408 million. That is 60.5 per cent of the entire industry’s Whole Life revenue. Enterprise also controls 86.4 per cent of the Investment Linked market, which it shares with only two other companies.
StarLife (GHS 622 million, 20.3 per cent) is an Endowment company. Endowment accounts for 70.7 per cent of its revenue. StarLife wrote GHS 440 million in Endowment, which is 67.2 per cent of all Endowment revenue in the industry. No other company comes close. This level of product concentration is the highest among the top five insurers.
Prudential Life (GHS 427 million, 13.9 per cent) is the most diversified insurer in the market. Its revenue is spread across Whole Life (27.4 per cent), Endowment (25.1 per cent), Universal Life (23.2 per cent), and Term (12.6 per cent). No single product exceeds 28 per cent. Prudential sells seven of the eleven product categories.
SanlamAllianz (GHS 311 million, 10.2 per cent) reports a diversified product mix in the full year data: Microinsurance at 32.3 per cent, Group Life at 28.1 per cent, and Credit Life at 22.7 per cent. However, this requires a caveat. In the nine month (Q3 2025) returns, SanlamAllianz reported GHS 191 million in Microinsurance and nothing in Group Life or Credit Life. In the full year return, Microinsurance dropped to GHS 101 million while Group Life (GHS 88 million) and Credit Life (GHS 71 million) appeared for the first time. Since cumulative figures should only increase over the year, this means approximately GHS 90 million was moved from one product category to others when the company refiled its numbers. The company’s actual product mix may be more concentrated than the full year figures suggest.
SIC Life (GHS 229 million, 7.5 per cent) depends on Universal Life for 46.1 per cent of its revenue. Universal Life is the one major product category that shrank in 2025, falling 46 per cent year on year. SIC did not file returns in 2024, so its own year on year performance cannot be measured directly. But its primary product market is contracting.
Table 2: What Each Company Sells (Full Year 2025)
| Company | Revenue | Top Product | % of Revenue | No. Products |
| Enterprise Life | GHS 754m | Whole Life | 54.2% | 6 |
| StarLife | GHS 622m | Endowment | 70.7% | 4 |
| Prudential Life | GHS 427m | Whole Life | 27.4% | 7 |
| SanlamAllianz | GHS 311m | Microinsurance | 32.3% | 5 |
| SIC Life | GHS 229m | Universal Life | 46.1% | 7 |
| miLife | GHS 228m | Whole Life | 35.5% | 6 |
| Glico Life | GHS 156m | Group Life | 71.0% | 8 |
| Old Mutual | GHS 138m | Group Life | 50.4% | 5 |
| Emple Life* | GHS 59m | Unit Linked | 33.2% | 4 |
| Impact Life | GHS 50m | Group Life | 32.8% | 6 |
| Pinnacle Life | GHS 48m | Universal Life | 34.7% | 7 |
| Quality Life | GHS 36m | Universal Life | 31.7% | 7 |
| First Insurance | GHS 3m | Term Life | 100.0% | 1 |
Source: NIC Q4 2025 Quarterly Returns. *Emple Life was previously Metropolitan Life Insurance Ghana.
The Endowment Surge
Endowment was the fastest growing product category in 2025. Revenue increased from GHS 145 million in 2024 to GHS 654 million, a rise of 350 per cent. Endowment is now the second largest product in the market, just behind Whole Life.
StarLife drove most of this growth. It wrote GHS 440 million in Endowment, which is 67 per cent of the industry total. Prudential contributed GHS 107 million and miLife GHS 52 million. SIC Life, which did not report in 2024, added GHS 50 million.
Endowment policies promise policyholders a guaranteed lump sum at the end of a fixed term. These policies carry maturity obligations that must be met when contracts reach the end of their terms, regardless of the insurer’s financial position at that point. StarLife’s current claims ratio is 30.4 per cent, which is low. But this ratio will rise as its Endowment policies mature. A company that earns 71 per cent of its income from a product with guaranteed payouts needs to be certain that its reserves and investments can meet those future obligations.
Universal Life Contracts
Universal Life fell from GHS 637 million in 2024 to GHS 345 million in 2025, a decline of 46 per cent. It dropped from first place to fourth in the product ranking. The actual decline among companies that reported in both years is steeper: SIC Life, which was absent from the 2024 data, contributed GHS 106 million to the 2025 Universal Life total. Excluding SIC, Universal Life fell 63 per cent on a like for like basis.
The decline was spread across most companies that sell the product. SIC Life (GHS 106 million) and Prudential (GHS 99 million) are now the two largest Universal Life writers. Old Mutual contributes GHS 48 million and SanlamAllianz GHS 21 million. Universal Life typically offers flexible premiums with an investment component. Its contraction, alongside declines in Term Life (down 16 per cent) and Credit Life (down 5 per cent), suggests that products tied to investment performance are losing ground to products with savings guarantees (Endowment, Whole Life) and employer based group cover.
Microinsurance: Growing But Still Concentrated
Microinsurance revenue reached GHS 175 million in 2025, up from GHS 51 million in 2024. That is a 241 per cent increase, making it one of the fastest growing categories. However, Microinsurance still accounts for only 5.7 per cent of industry revenue.
SanlamAllianz is the largest writer at GHS 101 million, or 57.5 per cent of all Microinsurance. miLife is second at GHS 50 million (28.4 per cent). The remaining five sellers (Pinnacle, Quality, SIC, Glico, and Enterprise) share the last 14 per cent between them.
Six of thirteen active insurers sell no Microinsurance at all: StarLife, Old Mutual, Prudential, Emple Life, Impact Life, and First Insurance. Ghana’s insurance penetration rate is approximately 1 per cent of GDP, which means most of the population has no life cover. Microinsurance is the most direct way to reach lower income customers. But most of the industry does not sell it.
Table 3: Microinsurance Revenue (Full Year 2025)
| Company | Microinsurance Revenue | Category Share | % of Own Revenue |
| SanlamAllianz | GHS 100.6m | 57.5% | 32.3% |
| miLife | GHS 49.8m | 28.4% | 21.8% |
| Pinnacle Life | GHS 8.6m | 4.9% | 17.7% |
| Quality Life | GHS 8.0m | 4.6% | 22.0% |
| SIC Life | GHS 3.6m | 2.0% | 1.6% |
| Glico Life | GHS 3.5m | 2.0% | 2.3% |
| Enterprise Life | GHS 1.0m | 0.6% | 0.1% |
| 6 companies | GHS 0 | 0% | n/a |
Source: NIC Q4 2025 Quarterly Returns.
Dominant Positions Hidden in the Aggregate Data
Several product categories are controlled by one or two companies. These dominant positions are invisible in the overall market share figures.
Enterprise Life writes 60.5 per cent of all Whole Life and 86.4 per cent of all Investment Linked business. StarLife writes 67.2 per cent of all Endowment. SanlamAllianz writes 57.5 per cent of Microinsurance. Emple Life writes 68.7 per cent of Unit Linked, sharing the category with only Impact Life. Prudential is the sole provider of Total and Permanent Disability cover.
Only two categories have genuinely competitive structures. Group Life has 12 sellers and no company holds more than 20 per cent. Credit Life has 10 sellers with the largest holding 39 per cent. Every other product category is dominated by one firm.
Underwriting Performance: What the Expense Ratio Reveals
Under IFRS 17, the most complete measure of underwriting performance is the expense ratio: total insurance service expenses divided by insurance service revenue. This captures not just claims but also acquisition costs and other expenses directly tied to insurance contracts. An expense ratio above 100 per cent means the company’s core insurance operations are losing money.
The industry’s overall expense ratio is 72 per cent. But individual companies range from 9.4 per cent (First Insurance) to 138.9 per cent (SIC Life). The gap between the expense ratio and the narrower claims ratio (which counts only incurred claims) can be large. SanlamAllianz, for example, has a claims ratio of 26.6 per cent but an expense ratio of 86.7 per cent once acquisition and other insurance service costs are included.
Table 4: Underwriting Performance by Company (Full Year 2025)
| Company | Revenue | Expense Ratio | Claims Ratio | Ins. Result | Top Product |
| First Insurance | GHS 3m | 9.4% | 9.4% | GHS +2.7m | Term (100%) |
| Prudential Life | GHS 427m | 44.1% | 34.5% | GHS +239m | Diversified |
| Glico Life | GHS 156m | 55.2% | 33.6% | GHS +70m | Group (71%) |
| StarLife | GHS 622m | 61.9% | 30.4% | GHS +237m | Endowment (71%) |
| Enterprise Life | GHS 754m | 63.0% | 41.7% | GHS +279m | Whole Life (54%) |
| Old Mutual | GHS 138m | 75.4% | 51.7% | GHS +34m | Group (50%) |
| miLife | GHS 228m | 85.7% | 68.7% | GHS +33m | Whole Life (36%) |
| SanlamAllianz | GHS 311m | 86.7% | 26.6% | GHS +41m | Micro (32%) |
| Impact Life | GHS 50m | 89.0% | 28.7% | GHS +6m | Group (33%) |
| Quality Life | GHS 36m | 98.0% | 97.1% | GHS +1m | Univ. Life (32%) |
| Emple Life | GHS 59m | 100.2% | 43.2% | GHS −0.1m | Unit Linked (33%) |
| Pinnacle Life | GHS 48m | 109.3% | 94.7% | GHS −5m | Univ. Life (35%) |
| SIC Life | GHS 229m | 138.9% | 89.0% | GHS −89m | Univ. Life (46%) |
Source: NIC Q4 2025 Quarterly Returns. Expense Ratio = Insurance Service Expenses / Insurance Service Revenue. Claims Ratio = Total Incurred Claims / Revenue. Ins. Result = Insurance Service Result from Insurance Contracts Issued.
SIC Life’s expense ratio of 138.9 per cent means its total insurance service expenses far exceed its revenue. Its insurance service result is negative GHS 89 million, the largest underwriting loss in the industry. SIC reported a profit of GHS 248 million because its GHS 379 million in net investment income more than offset its underwriting loss.
StarLife presents the opposite pattern. Its underwriting produced a positive insurance service result of GHS 237 million. But StarLife reported a loss after tax of GHS 202 million, the largest overall loss in the industry. The gap is explained by GHS 664 million in accounting costs that reflect the growing value of what StarLife owes policyholders in the future on its Endowment contracts. These accounting adjustments can reverse in future periods if interest rates or assumptions change, so the loss may not represent a permanent decline in StarLife’s financial position. But it is a warning signal: the cost of the promises StarLife has made to policyholders is, at least for now, larger than the profits it earns from selling those policies.
SanlamAllianz’s low claims ratio of 26.6 per cent masks an expense ratio of 86.7 per cent. The 60 percentage point gap represents acquisition costs and other insurance service expenses that are high relative to revenue. Impact Life shows a similar pattern (claims ratio 28.7 per cent, expense ratio 89 per cent). The claims ratio alone can be misleading for companies with high distribution or commission costs.
Three companies have expense ratios above 100 per cent: SIC Life (138.9 per cent), Pinnacle Life (109.3 per cent), and Emple Life (100.2 per cent). All three are losing money on their core insurance operations.
The Contractual Service Margin: Who Has Locked In Future Profits?
Under IFRS 17, the Contractual Service Margin (CSM) represents the unearned profit that an insurer expects to recognise from its existing contracts over their remaining lifetime. A large CSM means a company has a pipeline of future earnings already locked in. A zero CSM means no such pipeline exists.
The CSM data in the NIC returns reveals a sharp divide. Enterprise Life holds the largest CSM at GHS 1.04 billion, equivalent to 35.7 per cent of its total assets. StarLife follows at GHS 977 million (30.3 per cent of assets). Prudential holds GHS 569 million (37.7 per cent of assets, the highest ratio in the industry). These three companies have substantial future earnings embedded in their existing books.
At the other end, SIC Life reports zero CSM. So do Old Mutual, miLife, Impact Life, and First Insurance. A company with zero CSM has no locked in future profits from its existing contracts under IFRS 17 measurement. For SIC Life, which also has a negative insurance service result and depends on investment income for profitability, the absence of CSM means there is no cushion of deferred earnings to draw on in future periods.
Table 5: Contractual Service Margin by Company (Full Year 2025)
| Company | CSM | Total Assets | CSM / Assets |
| Enterprise Life | GHS 1,044m | GHS 2,923m | 35.7% |
| StarLife | GHS 977m | GHS 3,225m | 30.3% |
| Prudential Life | GHS 569m | GHS 1,508m | 37.7% |
| Glico Life | GHS 162m | GHS 770m | 21.0% |
| Quality Life | GHS 27m | GHS 163m | 16.3% |
| SanlamAllianz | GHS 27m | GHS 329m | 8.3% |
| Pinnacle Life | GHS 20m | GHS 284m | 7.1% |
| Emple Life | GHS 0.7m | GHS 454m | 0.2% |
| SIC Life | Zero | GHS 1,889m | 0% |
| Old Mutual | Zero | GHS 745m | 0% |
| miLife | Zero | GHS 813m | 0% |
| Impact Life | Zero | GHS 144m | 0% |
| First Insurance | Zero | GHS 19m | 0% |
Source: NIC Q4 2025 Quarterly Returns. CSM = Contractual Service Margin under IFRS 17. Companies with zero CSM may use different measurement models (e.g. Premium Allocation Approach) that do not generate a CSM.
A note of caution: some companies report zero CSM because of the type of accounting method they use for short term contracts such as annual Group Life or Credit Life policies. A zero CSM does not always mean a company has no future earnings. However, for a company like SIC Life that writes substantial Universal Life and Endowment business, which are long term products that would normally produce a CSM, a zero figure warrants closer examination.
The Way Forward
The product data points to specific actions for three groups: the companies, the regulator, and policymakers.
- For the Companies
Enterprise Life controls 60.5 per cent of Whole Life and 86.4 per cent of Investment Linked business. Both are strong positions. But Enterprise’s revenue fell 8 per cent year on year, from GHS 823 million to GHS 754 million, and these two products represent 75 per cent of its income. If consumer preferences continue shifting away from Whole Life, Enterprise has limited alternatives. It should consider building an Endowment offering to compete with StarLife and entering Microinsurance, where its current revenue of GHS 968,000 is negligible.
StarLife has the highest product concentration among the top five, with 70.7 per cent of its revenue from Endowment. Despite strong underwriting (insurance service result of GHS 237 million), StarLife reported a loss after tax of GHS 202 million. The gap reflects the accounting cost of the promises StarLife has made to Endowment policyholders. These costs can reverse in future periods, but they highlight the financial weight of concentrating in a product with long term guaranteed payouts. The priority should be to build reserves, grow Term Life (where StarLife already has a presence) to create revenue without savings liabilities, and closely monitor the gap between operating performance and the cost of future obligations.
Prudential Life has the most balanced product portfolio in the industry. No product exceeds 28 per cent of revenue. This is a structural advantage. Prudential could strengthen it further by entering Microinsurance, where it currently has zero revenue, and by offering Total and Permanent Disability cover more broadly, a category it has entirely to itself.
SanlamAllianz reports a more diversified product mix in the full year data than it did at nine months, but as noted earlier, approximately GHS 90 million was reclassified between product categories during the year. The reclassification raises questions about how product categories are defined and whether the current classification will remain stable in future reporting periods. Until it does, SanlamAllianz’s true level of product concentration is difficult to assess from the published data alone.
SIC Life faces significant structural challenges. Its primary product, Universal Life, shrank 46 per cent across the industry in 2025 (63 per cent on a like for like basis). Its expense ratio is 138.9 per cent, the highest in the market. Its insurance operations lost GHS 89 million. It reports zero Contractual Service Margin, meaning it has no locked in future earnings from its existing book. SIC’s profit comes entirely from investment income, which is not guaranteed. SIC has GHS 1.9 billion in assets and a recognised brand, and its shift toward growing categories such as Endowment and Whole Life would align its product mix more closely with where the market is heading.
Glico Life and Old Mutual both depend heavily on Group Life (71 per cent and 50 per cent respectively). Group Life revenue depends on a small number of corporate clients. Losing one or two large accounts could cause a sharp drop in revenue. Both companies should consider broadening into Endowment or Whole Life.
Quality Life and Pinnacle Life have expense ratios of 98 per cent and 109 per cent respectively, meaning their insurance service expenses consume virtually all of their revenue (Pinnacle exceeds it). Both report zero or minimal CSM. These companies need to review their pricing and cost structures or consider whether they can remain viable as independent operations.
- For the Regulator
Monitor product concentration, not just company concentration. The NIC publishes company level market shares, which show a competitive market. But at the product level, single companies control 57 to 100 per cent of several categories. If any of these companies reduced or exited a product line, an entire category could disappear from the Ghanaian market. The industry would benefit from product level concentration tracking as part of the NIC’s regular oversight.
Watch the Endowment build up. Endowment revenue grew 350 per cent in one year. These are products with guaranteed payouts. If companies are writing Endowment aggressively without reserving adequately, the industry could face a wave of maturity claims in five to fifteen years. Stress testing Endowment books should be a priority.
Address dormancy. Aster Life, Hollard, and Vanguard reported zero revenue in 2025. Three licensed companies generating no income raises questions about whether they should retain their licences.
III. For Policymakers
Make it easier for more companies to sell Microinsurance. Only seven of thirteen active insurers sell any. Six sell none. Ghana’s mobile money ecosystem processes over GHS 3 trillion annually, according to Bank of Ghana data. Embedding Microinsurance into mobile money platforms would let insurers reach customers who will never visit a branch. One option would be for the NIC to develop standardised, pre approved Microinsurance templates (for example, a funeral cover and a hospital cash product), which would lower the cost for smaller companies to enter the market.
Treat the penetration gap as a structural problem. Ghana’s GHS 3.06 billion in life insurance revenue (measured as Insurance Service Revenue under IFRS 17, which differs from the Gross Written Premiums used in earlier penetration calculations), divided across approximately 35 million people, works out to roughly GHS 87 per person per year. Most of this comes from higher income customers buying Whole Life and Endowment policies. The effective coverage rate for the rest of the population is close to zero. Increasing that rate requires making simple, affordable products available through the channels people already use, particularly mobile money.
The Bottom Line
Ghana’s life insurance industry is growing. GHS 3.06 billion in revenue and GHS 13.3 billion in assets in 2025 are the highest figures the industry has recorded. But the aggregate numbers hide a fragmented market where each company depends on a different product, several product categories are controlled by a single firm, and the products that most of the population needs (affordable cover through Microinsurance) are sold by only half the industry.
The companies that will do well over the next decade are those that read the product data, not just the revenue totals. Consumer preferences are moving toward products with savings guarantees (Endowment, Whole Life) and employer based group cover, and away from investment linked products. Microinsurance is growing but remains concentrated. And the companies with the weakest positions are the ones most dependent on the products that are shrinking.
METHODOLOGY AND SOURCES
This analysis is based on quarterly returns filed by life insurance companies with the National Insurance Commission (NIC), Ghana’s statutory regulator (nicgh.org). The data covers Q4 2024 (full year 2024) and Q4 2025 (full year 2025). All figures are cumulative within each calendar year. The data is unaudited, as stated in the NIC’s reliance and limitation disclosures.
From 2024 onwards, insurers report under IFRS 17 (Insurance Contracts). Revenue figures represent Insurance Service Revenue, not Gross Written Premiums. Because IFRS 17 is still in its early years of implementation, some product level shifts may reflect changes in how companies categorise their business rather than changes in the underlying market. Confirmation of the trends identified here will require additional reporting periods under the standard.
SIC Life Insurance did not file returns in Q4 2024 and is therefore excluded from year on year comparisons. Metropolitan Life Insurance Ghana appears to have been renamed Emple Life Insurance Ghana between Q4 2024 and Q4 2025.
Key metrics used in this analysis.
Product diversification was measured using the Herfindahl Hirschman Index (HHI) of each company’s revenue distribution across product categories. The expense ratio is calculated as total Insurance Service Expenses divided by Insurance Service Revenue; it includes claims, acquisition costs, and other expenses attributable to insurance contracts and is a more complete measure of underwriting performance than the claims ratio (which includes only incurred claims). The Contractual Service Margin (CSM) represents unearned profit from existing contracts under IFRS 17; companies using the Premium Allocation Approach (PAA) for short duration contracts may legitimately report zero CSM for those contracts.
External sources.
Insurance penetration rate (approximately 1 per cent of GDP) is sourced from the Bank of Ghana’s 2024 Financial Stability Review and was originally calculated using Gross Written Premiums, not Insurance Service Revenue. The per capita figure of GHS 87 used in this article is based on Insurance Service Revenue and is therefore not directly comparable to the penetration rate. Mobile money transaction data (over GHS 3 trillion annually) is from the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report. Population estimate (approximately 35 million) is from the United Nations World Population Prospects 2024 revision.
The writer is with University of Professional Studies Accra – (Co-Ordinator Doctoral Programmes),Zilt Research (Lead Researcher)00233246287210
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