Allianz Life Insurance Ghana has met and exceeded the minimum capital requirement of GH¢50 million for insurance companies operating in Ghana as announced by the National Insurance Commission in June 2019.
The new minimum capital requirement for life and non-life companies was increased from GH¢15 million to GH¢50 million and all Insurance companies in were required to recapitalize by June 2021. This deadline has since been extended to 1st January 2022 as a result of the economic impact of the COVID-19 pandemic on businesses.
A capital injection from its mother company Allianz SE, Germany, raised Allianz Life Ghana’s stated capital to GHS107,809, 926, which is more than double the NIC requirement.
This capital injection, the company said, is a clear indication of the vote of confidence that the Allianz Group has in its Ghana operations.
Adjudged the fastest growing Insurance company for 2019 at the Ghana Insurance Awards, Allianz Life Ghana was recognized for growing its Gross Written Premiums (GWP) by 1,337% between 2018 and 2019, just a year after it launched its operations in Ghana.
In the face of an extremely challenging business environment in 2020 as a result of COVID-19 and its attendant challenges, Allianz Life Ghana demonstrated resilience and recorded a GWP of GH¢31.7 million, as compared to the 2019 figure of GH¢18.6 million.
It is worthy to note that since its inception in 2018, Allianz Life Ghana has paid claims amounting to GH¢2, 987,173.76 as at April 2021.
Allianz Life Ghana is a part of the Allianz Group, a global financial services provider which has been in existence since 1890 with services predominantly in the insurance and asset management business.
Over 100 million retail and corporate clients in more than 70 countries rely on Allianz’s knowledge, global presence, financial strength and solidity. In the 2020 fiscal year, over 150,000 employees worldwide achieved total revenues of 140.5 billion euros and an operating profit of 10.8 billion euros. Also, third-party assets under management (AuM) increased by 26 billion euros to 1,712 billion euros in 2020.
There is no doubt that Allianz Life Ghana has the financial strength and stability to uphold its brand purpose and its claims promise of securing the future of all Ghanaians by finding every possible reason to pay claims.