Ghana Reinsurance company ltd has announced it will be topping up its capital base with GH₵15 million bringing it to a total of GH₵100 million.
This is ahead of an anticipated announcement in of a new capital requirement for insurance companies by the regulator, the National Insurance Commission.
The Board Chairman of Ghana Reinsurance, George Otoo, said the move was part of the company’s expansion plans.
The increment of the capital is expected to allow the company to take advantage of reinsurance opportunities in the local and international markets.
“We all know that the oil and gas sector is heavily capital based so by increasing our capital and the capital of the market generally, we are collectively able to take a little more before the rest of the money goes out of the country,” Mr Otoo said.
The decision to increase the company’s capital was reached at the Annual General Meeting of the company held in Accra.
According to a report read at the meeting, the company made a profit before tax of GH₵49.43 million while profit after tax was GH₵34.03 million.
Ghana Reinsurance paid a dividend of GH₵9 million to the sole shareholder, the government of Ghana. This represents a 50 per cent increase over the 2016 dividend payment.
Mr Otoo said the board was committed to ensuring sustained growth and profitability to enable Ghana Reinsurance to continue to contribute to the country’s development.
Ghana Reinsurance also committed to expanding its presence on the continent by operating a fully-fledged subsidiary in Kenya as well as an office in Cameroon to strengthen its foothold on the continent.
Source: Ghana | Shiela Tamakloe | JoyBusiness
