At the Annual General Meeting of Ghana Reinsurance PLC (Ghana Re) held on Tuesday, October 7, 2025, the Government of Ghana commended the Board, Management and Staff of the Company for its remarkable performance for the 2024 financial year.
The Chairman of the Board, Mr. Samuel Kwadwo Sarpong, reporting on Ghana Re’s financial performance for the year ended December 31, 2024, stated that the Group’s insurance revenue for 2024 was GH¢1,049 million representing a growth of 53% over GH¢684.00 million recorded in 2023. General Business contributed about 96% of the Group’s insurance premium representing GH¢1,006 million in absolute terms and about 24% growth over the 2023 figure. The Life portfolio contributed the remaining 4% of the total insurance revenue which represents GH¢43 million. The largest contributor to this key achievement is the insurance revenue from Fire Business, which contributed about 46% to the total premium generated.
The Group’s insurance expenses recorded for the year 2024 was GH¢998.84 million compared to GH¢508.87 million in 2023, representing a 96% increase over the year 2023. This growth was largely driven by significant claims settled during the year. The timely payment of claims to Cedants confirmed the Company’s ability to honour its insurance obligations as they fall due, which is deemed critical for attracting more businesses in the future. The incurred claims rose from GH¢486.35 million in 2023 to GH¢680.55 million in 2024, representing an increase of 40% growth.
Management expenses for the period amounted to GH¢112.58 million in 2024, representing a 55% increase from the 2023 figure, largely due to macroeconomic factors such as votality of the exchange rate and inflationary situation. Despite this increase in the management expense in 2024, the management expense ratio stood at 12% in 2024 compared to 16% in 2023 due to the increase in insurance revenue in 2024.
The Group investment income of GH¢125.59 million in 2024 represented a 72% increase over GH¢72.91 million reported in 2023. This excellent performance in investment income reflects prudent investment decisions and strong bargaining power in negotiations.
Profit after tax declined by 63%, from GH¢224.90 million in 2023 to GH¢84.22 million in 2024, mainly due to higher claims and commissions, impairment charges, modification losses to Euro bonds, and increased management expenses.
Based on the assessment carried out by the Board on the Group’s financial performance for 2024, a dividend of GH¢13.0 million was paid to the sole Shareholder, the Government of Ghana. The Board and Management of Ghana Re is prioritizing stabilizing the Company’s profitability, growing its retained earnings and expanding the capital base to help improve the Company’s rating, attract business and increase profitability for an improved dividend payment in the future.
The Chairman indicated that the Group in the year 2024 contributed GH¢200,000.00 to the Legon Hall Alumni Association of the University of Ghana towards building the Legon Hall Annex D Project as part of its Corporate Social Responsibility.
Mr. Sarpong also stated that the Board continued to uphold the principles of accountability, fairness and transparency by holding quarterly meetings to oversee strategic and operational issues. He added that the previous Board resigned on January 6, 2025 and a new Board of Directors was appointed effective June 3, 2025.
He further indicated that for 2025, Ghana Re’s reinsurance revenue is projected at GH¢1,368.73 million and profit after tax is also targeted at GH¢126.95 million, representing a 50% increase over the profit realized in 2024.
Mr. Sarpong further stated that the Board of Directors, in collaboration with the Executive Management, remain resolute to work hard in ensuring that the goals and financial performance targets for the year 2025 are achieved. The Board Chairman submitted further that the Board is committed to pursuing strategies that will help increase profitability and further strengthen the financial position of the company, through excellent underwriting and mitigation of potential risk exposures to help ensure sustained growth of the Company. Ghana Re’s focus is to execute strategies that will reinforce our market leadership, strengthen our financial resilience and secure a long-term value for our shareholder.
Concluding his remarks, the Chairman, on behalf of the Board of Directors, thanked the Shareholder for its continued support, trust and confidence in the Board, Management and Staff. He also thanked the regulator, business partners and stakeholders for their unwavering support which has been instrumental in achieving the Company’s goals and objectives.
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