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03.06.2019 Business & Finance

Donewell Insurance Poised For Unprecedented Growth

By Staff Writer
Donewell Insurance Poised For Unprecedented Growth
JUN 3, 2019 BUSINESS & FINANCE

Performance figures presented at Donewell Insurance Company Limited's 20th Annual General Meeting (AGM) positioned the company to perform well by the end of year.

According to the Chief Executive Officer Mr. Seth Aklasi, as at the end of 2019 first quarter (March 2019), the company had already recorded a premium of over GHS34million, GHS4million less than the company's premium revenue for 2018 which stood at GHS38.8million. He attributed this growth to the board and management's innovative strategies initiated over the years including specific ones for this year.

He stated, “the company continues to improve and report profit after tax; the results seen is due to various strategies that have been put in place to aggressively grow the topline, manage claims and keep a close eye on operational expenses.

The company recorded growth in gross premium revenue, an impressive claim to premium ratio and profit before and after tax in 2018. Performance figures for the past five years also showed a 160% growth over the period.

The Board Chairman, Prof. Ato Essuman presented the board's recommendation to pay dividends confirming the company's consistency in paying dividends each year from 2016.

In 2016, the company paid dividends of GHS2,500,000.00; the highest paid by any insurance company that year but the 2018 dividend declared was GHS3,395,707.20; 36% more than 2016.

With a commitment to growth, sustainability and continuity, the company updated shareholders on current plans to meet the dynamic needs of its cherished clients and ultimately improve business.

This includes the introduction of a new insurance software with advanced features to improve turnaround time, signing of service level agreements with garages to conduct assessments, repair and service vehicles of motor insurance clients without delays and the refurbishment of the corporate head office and main underwriting hall to improve customer experience.

The corporate head office building was rededicated to the Glory of God after the AGM by Most Rev. Prof. Emmanuel K. Asante, a former Presiding Bishop of the Methodist Church of Ghana.

Donewell Insurance Company Limited is a private limited liability company owned by the Methodist Church of Ghana, Institutional Investors, Professional Trade Associations and other individuals. In its 26th year of operation, the company has grown consistently and improved its business and profits.

In 2018, the company celebrated its Silver Jubilee anniversary with a range of corporate social responsibility projects including a blood donation drive to stock the national blood bank. This was aimed at giving back to society and the community within which it conducts its business.

In contributing to the development of the industry, it initiated and organized the 2018 Insurance Industry Symposium that served as a platform for all stakeholders to discuss and make recommendations for the advancement of the industry.

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