ENTERPRISE LIFE GROWTH RATE SURGES (PAGE 29, JULY 9, 2010)

Despite the worldwide economic conditions, the total assets of Enterprise Life Assurance Company (ELAC) experienced a high growth rate of GH¢33.3 million in 2009 as against GH¢22.8 in 2008 representing 46 per cent growth rate.
The gross premium income of the company also grew by 51 per cent from GH¢15.4 in 2008 to GH¢23.3 in 2009.
Mr C. C. Bruce Jnr, Executive Director of ELAC made this known at the presentation of the company’s accounts for 2009 to the public in Accra.
He said apart from the life insurance policy which still remained the flagship of the company, two other products had been introduced into the market.
He said the new products included risk, funeral and education products since Ghanaians were eager to educate their children, as well as provide dignified burial for their departed relatives.
The executive director said the Educare policy fared better than the family income protection plan which this year would be repackaged and re-introduced to the public.
He said the company had plans to expand its businesses to the rural sectors, as well as to the northern parts of the country where many people could be assisted to take insurance as savings for any eventualities.
Mr Bruce said ELAC had already opened an office in Tamale and when the operations were stabilised, new offices would be opened at Bawku and Bolga next year.
He said the company was also studying the pension opportunities under the pension reforms in the country to come out with products that would serve the need of the aged in the country to assist in making life bearable for them while on retirement.
Mr Bruce said the company had also designed macro insurance policy to suit the financial needs of people in the informal sectors of the economy who had been marginalised for a long time even though they produced the bulk of the nation's wealth.
Mr Ken Ofori-Atta, Chairman of the Board of Directors of ELAC, said the hosting of public accounts hearing for the company was a testament to the culture of transparency and openness in the conduct of business by ELAC.
Mr Ofori Atta appealed to the Commissioner of Insurance to have a second look at the new solvency regime which would make it difficult for insurance companies to pay dividends to shareholders since profits had to be ploughed back in order to meet the 50 per cent solvency threshold.