The Minister of Finance,
"Given the high level of competition and GRCs limited presence in targeted markets and sole dependence on internally generated funds, there is the need for the company to embark on expansionary drive into targeted markets in
Chaired by Mr
Mr Ofori-Atta observed that the implementation of the African Continental Free
"As an international reinsurer, competing with regional insurers who operate under charters such as Africa Re,
He urged the new board members to work hard to enhance operational excellence and shareholder value by increasing return on equity from the current 14.8 per cent to 20 per cent by 2024.
Mr Ofori-Atta said the new Insurance Act, 2021 (Act 1061), which sought to strengthen the regulatory framework of insurance business in
He said the law was expected to position the insurance industry to meaningfully contribute to the agenda of strengthening the financial sector and deepening financial market, improve governance practices and increase the competitiveness of the insurance industry.
"It is therefore, incumbent on the Board together with the
The Board Chairman,
He said the company currently had a market share of 45 per cent and working very hard to increase it to about 55 per cent for General Business and maintain it at 80 per cent share for Life Business in the next three years.