Products

Life Insurance Policy

Enterprise Life Assurance Company Ltd. (ELAC)

Corporate Profile
Enterprise Life Assurance Company Limited (ELAC) is a specialized Life Assurance Company, which started operations on 15th September 2001. It is the third specialist Life Assurance Company on the market.

Shareholders
The Company's shareholding structure comprises:
1.Enterprise Insurance Company - EIC is the oldest Insurance Company in Ghana established in 1924 and is the only Insurance Company listed on The Ghana Stock Exchange and is a leading insurer in Fire, Marine, Motor and General Accident. It is the largest Insurance Company in the private sector

2.African Life Assurance Company - AFLIFE is a South African based Life Assurance Group, which was established a century ago. It is listed on the Johannesburg Stock Exchange. It has partnership interest in six insurance companies in Africa.

3.International Finance Corporation - IFC is the Commercial wing of the World Bank with a net worth of over US$ 15.75 billion. It is based in Washington D. C. in the United States.

Directors
  • Mr trevor trefgarne-Chief Executive of Garro Securities in the United Kingdom
  • Mr. John Burbidge- Director, Executive Director (International) AFLIFE.
  • Mr. Douglas Lacey- Director, Deputy General Manager (International) AFLIFE.
  • Mr. Ken Ofori-Atta- Director, Executive Chairman of Databank Financial Services Limited.
  • Mr. George Otoo- Director, Managing Director of Enterprise Insurance Company Limited
  • Mr. Charles Paul Odei- Director, Retired Deputy Managing Director of Ghana Commercial Bank Limited.
Management:
  • Mr. C. C. Bruce Jnr. - General Manager
  • Mr. Kwaku Yeboah-Asuamah - Financial Controller
  • Mr. Fiifi Simpson - Corporate Risk Manager
  • Mr. Emmanuel Aryee - Business Development Manager
  • Mrs. Thelma Odonkor - Customer Service & Claims Manager
  • Mr. Kwabena Twum Barimah - Head - Information Technology
  • Mrs. Jacqueline Benyi - Head - New Business
Products (Individual & Group):
  • Individual Life Products
  • Funeral Finance Plan (FFP) - Covers the final expenses of Life and provides an opportunity to offer our loved ones a decent and dignified burial. It provides Funeral benefits to cover the member, spouse, children and parents.
  • LifeTime Needs Plan (LTN) - An insurance policy that caters for your finances at each stage of your life. It is an investment linked life Assurance product providing both life cover and savings benefits
  • Group Life Products
  • Group LifeTime Needs Plan - Provides a predetermined life cover with a corresponding investment account put together.
  • Group Funeral Plan- This plan is to insure that obligations of the employer in the unlikely event of an employee's death
Reassurers:
  • Ghana Reinsurance Company - Ghana
  • Hannover Reinsurance Company - South Africa
Actuaries:
  • Deloitte & Touch (Actuarial & Insurance Solutions - Botswana

FOUR YEAR FINANCIAL SUMMARY

2001 (000 cedis) 2002 (000 cedis) 2003 (000 cedis) 2004 (000 cedis)
Gross Premium 135 2,980 10,080 20,770
Net Premium Written 135 2,928 10,069 20,758
Net Premium Earned 135 2,928 10,069 20,758
Claims 44 315 1,181
Operational Expenses 1,432 2,491 4,684 8,528
Underwriting Profit 1,460 1,293 824 381
Investment Income 1,468 1,713 2,236 2,098
Pre-Tax Profit 21 539 1,430 2,479
Profit After Tax 21 539 1,395 2,417
Shareholders? Fund 7,521 8,060 11,290 17,645
Total Assets 7,955 10,023 18,489