GN Re shows impressive growth

June 27, 2017
Source: thebftonline.com/Ghana
GN Re shows impressive growth

GN Reinsurance Company has emerged as a profitable Reinsurer by posting an underwriting profit of GH¢2.4 million in the 2016 financial year.

The reinsurer also grow its premium income by 57.1 percent from GH¢ 12.8 million in 2015 to GH¢ 29.8 million in 2016.

Joseph Teiku, Chief Executive Officer of GN Re, in an interaction with B&FT attributed the premium income growth to a deliberate approach to create sustainable value and a focus implementation of the company's business strategy.

He said the company witnessed a positive growth in all its financial indices in the year under review.

Also, underwriting and management expenses went up by 27.8 percent from GH¢ 12.7 million to GH¢ 17.6 million in 2016.

Profit after tax (PAT) stood at GH¢ 16.0 million, from GH¢ 6.3 million representing a 60.1 percent growth.

The CEO said the company has witnessed a phenomenal growth over the last two years, stating that its operations and financial performance, over the years have seen consistency in growth and expansion during the period.

"We have improved every year and our 2016 operating results also show very impressive results in line with the shareholders vision," he added.

As at the end of last year, total assets and liabilities of the company stood at GH¢ 127.9 million, with the CEO further assuring its cedants that GN Re was in a better position to handle all their reinsurance needs.