Kofi Duffuor, Managing Director of Star Assurance
Star Assurance, one of the foremost insurance companies in Ghana, has posted impressive financial performance in the last financial year.
In 2013, Star Assurance raked in a gross premium income of GH¢58 million. The company also recorded an asset base of GH¢71 million, representing 15% rise over the previous year.
In its annual report, the company said the state-of-the-art technology, distinctive services and focus on customer needs made Star Assurance one of the best general insurers in Ghana last year.
Star Assurance has recorded a strong and steady growth over the last five years with total assets increasing from GH¢24million in 2008 to GH¢ 71 million in 2013, representing an average growth of 25% year-on-year.
This growth in total assets is principally driven by gross premium income, which also recorded an average growth of 33% year-on-year over the same five year period, thus making Star Assurance one of the fastest growing insurance companies in Ghana.
Shareholders fund however has recorded a tremendous year-on-year growth rate of an average of 38% since 2008.
‘Star Assurance is poised to establish itself as a clear market leader in the Small and Medium-sized Enterprises (SMEs) market, as it sees Ghana’s large SME sector as a key driver of growth in the industry. The insurer also plans to consolidate its position in the industry through continuous investments in IT infrastructure and human capital,’ a press release from the company stated.
‘The story started 29 years ago when the insurer began the race to be at the forefront of the insurance business in the country,’ it added.
The privately-owned company was incorporated in August 1984 and licensed to carry out corporate and retail insurance business in Ghana. It commenced operations in April 1995.
Star Assurance started business as a composite insurance company and had to hive off its life operations by setting up a subsidiary company, StarLife Assurance even before a new law was enacted in 2006 to separate its life insurance business from the non-life business.
As a result of these structural changes, a new business strategy was implemented.
Star Assurance improved its financial status, upgraded its operational infrastructure, improved the skills of its over 150 professionals among others.
The business further extended its national presence and invested in technology and product distribution to enhance its operations and deepen penetration of insurance products and services to the Ghanaian market.
Star Assurance currently has 17 branches in seven regional capitals of the country.
The insurer also has over 150 agency offices located across the country. As part of their plans to increase penetration of insurance products and services in the market, as well as take insurance closer to the insuring public, Star Assurance is planning to open more branches before the end of the year.
‘We are becoming bigger, better and more competitive,’ stated Kofi Duffuor, Managing Director of Star Assurance.
‘It has contributed to bringing insurance products and services closer to the people and businesses in Ghana. Since its establishment back in 1984, the company has improved all of its performance indices,’ the statement said.
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