The Ghanaian insurance sector has witnessed remarkable growth and structural evolution in 2024. Leveraging National Insurance Commission (NIC) data, Accra Street Journal presents a comprehensive review of industry performance across profitability, asset accumulation, revenue, and claims, highlighting both life and non-life segments.
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1. Industry-Wide Profit Trends (PAT 2020–2024)
The Ghanaian insurance industry has achieved strong bottom-line growth, with aggregate Profit After Tax (PAT) rising from GHS 293 million in 2020 to GHS 1.24 billion in 2024, representing a compound growth of 324% over five years.
Sector Contributions (2024)
- Life Insurance Sector: GHS 709 million (57% of total PAT)
- Non-Life Sector: GHS 532 million (43% of total PAT)
Key Insights:
- Life sector remains dominant but the gap with non-life insurers is narrowing.
- Non-life growth of 43% (GHS 317M → GHS 532M) shows stronger underwriting and investment efficiency.
- Life sector growth of 37% (GHS 512M → GHS 709M) reflects IFRS 17 implementation and improved Contractual Service Margin (CSM) reporting.
Top Profit After Tax Performers (2024):
Non-Life: Enterprise Insurance – GHS 17M | SIC Insurance – GHS 56M | Hollard – GHS 53M
Life: StarLife Assurance – GHS 310M | Enterprise Life – GHS 196M | Prudential Life – GHS 139M
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2. Total Assets Rankings by Accra Street Journal (2024)
Asset concentration highlights market power and underwriting capacity.
Life Insurance Sector
- Top 5 life insurers control 77% of sector assets
- Top 10 account for 97% of total assets
Top 10 Life Insurers by Assets:
- StarLife Assurance – GHS 2.793B
- Enterprise Life Assurance – GHS 2.142B
- SIC Life – GHS 1.424B
- Prudential Life – GHS 986M
- Glico Life – GHS 653M
- Old Mutual Life – GHS 587M
- MiLife – GHS 550M
- Metropolitan Life – GHS 356M
- SanlamAllianz Life – GHS 277M
- Pinnacle Life – GHS 253M
Non-Life Insurance Sector
- Top 5 non-life insurers control 50% of sector assets
- Top 10 account for 73%
Top 10 Non-Life Insurers by Assets:
- Star Assurance – GHS 1.060M
- SIC Insurance – GHS 915M
- Enterprise Insurance – GHS 721M
- Ghana Union Assurance – GHS 651M
- Hollard Insurance Ghana – GHS 427M
- Vanguard Assurance – GHS 420M
- Glico General Insurance – GHS 399M
- SanlamAllianz – GHS 359M
- Activa International Insurance – GHS 303M
- Phoenix Insurance – GHS 211M
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3. Revenue Performance Ranking by Accra Street Journal (2024)
Total industry revenue in 2024 reached GHS 7.34 billion, up 31% from GHS 5.32 billion in 2023.
- Non-Life Sector: GHS 5.01B (68% of total, 28% growth)
- Life Sector: GHS 2.33B (32% of total, 33% growth)
Top Revenue Generators:
Non-Life: Enterprise, SIC, Glico, Hollard, Star Assurance – generating 77% of sector revenue
Life: Enterprise Life, StarLife, Prudential, Salam Alliance, SIC Life – generating 97% of sector revenue
Insight: Life sector consolidation is high, but mid-tier players are expanding distribution channels.
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4. Claims & Policyholder Benefits Ranking by Accra Street Journal (2024)
In 2024, total claims and benefits exceeded GHS 2.5 billion, reflecting operational credibility and public trust.
Non-Life Claims Paid
- Total: GHS 1.45B
- Top 5 contributors: Activa, Star Assurance, Enterprise, Hollard, Vanguard – 67% of total
Top 5 Non-Life Claims Payouts:
- Activa International Insurance – GHS 227M
- Star Assurance – GHS 217M
- Enterprise Insurance – GHS 201M
- Hollard – GHS 172M
- Vanguard – GHS 157M
Life Policyholder Benefits Paid
- Total: GHS 1.05B
- Top 3 contributors: StarLife, SIC Life, MiLife – 75% of total
Top 3 Life Benefits:
- StarLife Assurance – GHS 379M
- SIC Life – GHS 226M
- MiLife – GHS 174M
Insight: Concentrated payouts reflect mature product portfolios and strong claims-processing capacity.
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5. Strategic Observations by Accra Street Journal
- Claims and PAT growth indicate increasing financial resilience.
- Asset concentration in life sector highlights market dominance but also systemic implications.
- Revenue growth across both sectors demonstrates sustained double-digit expansion.
- Market balance: Non-life shows competitive depth; life remains highly consolidated.
- Public trust depends on claims efficiency and payout reliability.
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