Insurance companies in Ghana: ranking per 2024 insurance revenue
| Companies | 2024 insurance revenue (IFRS17) | 2023 turnover (IFRS4) | 2023-2024 evolution (1) | 2024 shares | ||
|---|---|---|---|---|---|---|
| GHS | USD | GHS | USD | |||
| Enterprise Insurance | 567 280 | 47 357 | 432 382 | 41 928 | 31.20% | 7.04% |
| Star Assurance | 434 121 | 36 241 | 231 232 | 22 423 | 87.74% | 5.38% |
| SIC Insurance | 428 540 | 35 775 | 370 524 | 35 930 | 15.66% | 5.32% |
| Hollard Insurance Ghana | 370 114 | 30 897 | 272 537 | 26 428 | 35.80% | 4.59% |
| Glico General Insurance | 353 802 | 29 535 | 252 145 | 24 450 | 40.32% | 4.39% |
| Vanguard Assurance | 278 036 | 23 210 | 213 351 | 20 689 | 30.32% | 3.45% |
| Ghana Union Assurance | 254 044 | 21 208 | 192 430 | 18 660 | 32.02% | 3.15% |
| Activa International Insurance | 215 084 | 17 955 | 164 575 | 15 959 | 30.69% | 2.67% |
| Phoenix Insurance | 150 334 | 12 550 | 99 030 | 9 603 | 51.81% | 1.87% |
| Prime Insurance | 118 812 | 9 918 | 86 684 | 8 406 | 37.06% | 1.47% |
| Quality Insurance | 118 389 | 9 883 | 85 503 | 8 291 | 38.46% | 1.47% |
| Sunu Assurance | 106 740 | 8 911 | 83 740 | 8 120 | 27.47% | 1.32% |
| Sanlam Insurance Ghana | 101 511 | 8 474 | 87 592 | 8 494 | 15.89% | 1.26% |
| Provident Insurance | 93 186 | 7 779 | 70 113 | 6 799 | 32.91% | 1.16% |
| Serene Insurance | 91 996 | 7 680 | 60 426 | 5 859 | 52.25% | 1.14% |
| Donewell Insurance | 81 616 | 6 813 | 63 176 | 6 126 | 29.19% | 1.01% |
| Allianz Insurance | 80 781 | 6 744 | 66 575 | 6 456 | 21.34% | 1.00% |
| Imperial General Assurance | 66 888 | 5 584 | 38 787 | 3 761 | 72.45% | 0.83% |
| Priority Insurance | 64 823 | 5 411 | 48 201 | 4 674 | 34.48% | 0.80% |
| Millennium Insurance | 56 310 | 4 701 | 38 649 | 3 748 | 45.70% | 0.70% |
| Coronation Insurance Ghana | 55 758 | 4 655 | 32 199 | 3 122 | 73.17% | 0.69% |
| Loyalty Insurance | 50 265 | 4 196 | 30 356 | 2 943 | 65.59% | 0.62% |
| Unique Insurance | 43 545 | 3 635 | 32 007 | 3 104 | 36.05% | 0.54% |
| NSIA Ghana Insurance | 35 613 | 2 973 | 29 057 | 2 818 | 22.56% | 0.44% |
| Bedrock Insurance | 5 920 | 494 | 1 994 | 193 | 196.89% | 0.07% |
| Best Assurance | 544 | 45 | 8 826 | 856 | -93.84% | 0.01% |
| Non-life total | 4 224 052 | 352 624 | 3 092 091 | 299 840 | 36.61% | 52.39% |
(1) Growth rate in local currency
Source: National Insurance Commission (NIC)
Life insurance companies in Ghana
In thousands
| Companies | 2024 insurance revenue (IFRS17) | 2023 turnover (IFRS4) | 2023-2024 evolution (1) | 2024 shares | ||
|---|---|---|---|---|---|---|
| GHS | USD | GHS | USD | |||
| Enterprise Life Assurance | 889 333 | 74 242 | 722 243 | 70 036 | 23,13% | 11,03% |
| StarLife Assurance | 676 367 | 56 463 | 537 900 | 52 160 | 25,74% | 8,39% |
| SIC Life Insurance | 656 092 | 54 771 | 541 333 | 52 493 | 21,20% | 8,14% |
| Prudential Life Insurance Ghana | 412 149 | 34 406 | 300 437 | 29 133 | 37,18% | 5,11% |
| MiLife Insurance | 296 876 | 24 783 | 203 207 | 19 705 | 46,10% | 3,68% |
| Glico Life Insurance | 265 169 | 22 136 | 207 661 | 20 137 | 27,69% | 3,29% |
| Old Mutual Assurance Ghana | 159 938 | 13 352 | 123 762 | 12 001 | 29,23% | 1,99% |
| Sanlam Life Insurance Ghana | 115 250 | 9 621 | 61 396 | 5 954 | 87,72% | 1,43% |
| Allianz Life Insurance | 92 585 | 7 729 | 71 249 | 6 909 | 29,95% | 1,15% |
| Metropolitan Life Insurance Ghana | 79 041 | 6 598 | 110 498 | 10 715 | -28,47% | 0,98% |
| Impact Life Assurance | 60 002 | 5 009 | - | - | - | 0,74% |
| Hollard Life Assurance | 48 521 | 4 050 | 38 180 | 3 702 | 27,08% | 0,60% |
| Quality Life Assurance | 36 432 | 3 041 | 29 052 | 2 817 | 25,40% | 0,45% |
| Donewell Life Insurance | 31 393 | 2 621 | 26 223 | 2 543 | 19,72% | 0,39% |
| Vanguard Life Assurance | 15 289 | 1 276 | 9 187 | 891 | 66,42% | 0,19% |
| First Insurance | 3 241 | 271 | 4 629 | 449 | -29,98% | 0,04% |
| GN Life Assurance | 1 037 | 87 | 1 804 | 175 | -42,52% | 0,01% |
| Ghana Union Assurance Life | - | - | 61 504 | 5 964 | - | - |
| Total vie | 3 838 715 | 320 456 | 3 050 265 | 295 784 | 25,85% | 47,61% |
(1) Growth rate in local currency
Source: National Insurance Commission (NIC)
Exchange rate as of 12/31/2024: 1 GHS = 0.06795 USD ; as of 12/31/2023: 1 GHS = 0.08348 USD
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