Recent improvements in the economy such as declining inflation, have led to a growth in the insurance industry.
According to the CEO of Enterprise Group, Keli Gadzekpo, the development has also translated into increased profits for last year.
Speaking to Citi Business News on the sidelines of the company’s AGM, Mr. Gadzekpo announced that Enterprise Group’s income went up from 420.5 million cedis to 542.7 million cedis within one year.
He stated that the group grew by 29 percent between 2016 and 2017.
Mr. Gadzekpo attributed the growth to a surge in Insurance Premium as well as interests earned on investments for the period.
“Whenever you have a stable macro economy, it means that one can plan well, so when you hear us talking about going into health and other countries like Nigeria, it’s because we now have the confidence to say our cedi is relatively stable, inflation is under control, we are beginning to see programs that indicate growth in our GDP” he clarified.
He observed that the group is optimistic of the future, as it puts in innovative measures to grow more.
“So our business confidence or sense of business is becoming stronger. We are planning for years because we have a good sense of macro stability,” he added.
Mr Gadzekpo made these remarks at the sidelines of the Group’s Annual General Meeting (AGM) Conference in Accra.
Meanwhile the group also reported a pre-tax profit of 90.4 million cedis for the 2017 financial year compared to the pre-tax profit of 75.8 million cedis for 2016.
In all, the group’s total assets for 2017 was 1,034,967 cedis compared to the 812,085 cedis recorded in 2016.
By: Jessica Ayorkor Aryee/citibusinessnews