The Enterprise Group recorded a strong performance in its 2019 financial year to exceed the insurance industry average in terms of growth. This was revealed at the Group’s Annual General Meeting (AGM) held at the Advantage Place in Accra on Tuesday July 7,2020
Speaking at the AGM, Chairman of the Enterprise Group, Trevor Trefgarne, said he is particularly proud of the Group’s achievements over the years.
“I am proud of the Group’s success during the 5-year period to 2019 and I am happy to report that our Net Income grew from a 2014 base of GHS 288.37 million to GHS 714.1 million in 2019. This represents a 5-year CAGR of 19.9 per cent. Which exceeds the insurance industry average of 19 per cent”, Mr. Trefgarne said.
He further noted that “A number of other successes were achieved including but not limited to the following: fully operational funeral services (Transitions); development and commissioning of our investment property (Advantage Place); five Enterprise Markets across the country; preparatory works concluded for our Nigeria entry; a number of new and enhanced products were launched (Personal Pension, Funeral Finance Flan Unlimited, enhanced ‘Educare’ and Same Day Claim process, etc.); talent management and leadership programs deployed; successful launching of partnership with leapfrog/prudential; and raising capital of $50 million to support our expansion drive”
Group Chief Executive Officer of Enterprise Group Limited, Keli Gadzekpo, in his remarks noted that regardless of the pressures imposed on the business by the COVID-19 pandemic, the Group has put in place critical measures to ensure that the business is able to execute its mandate successfully, without exposing our staff and valued customers to the risk of the COVID-19 pandemic.
“As insurers, we understand how unpredictable shocks like pandemics can disrupt our very existence. While we did not predict such a momentous disruption as COVID-19, the Enterprise Leadership Team took it very seriously right at the beginning of the crisis and took necessary actions to protect employees, customers and the interest of our stakeholders”
“We have set an ambitious and clear path for the years ahead. We revitalized the Enterprise Group Limited in 2019 and I am confident that 2020 will be another year of progress in building our product offering even in the mist of COVID-19 and its attendant impact”, Mr. Gadzekpo added.
The Enterprise Group Limited is the holding company of five subsidiary companies namely Enterprise Insurance, Enterprise Life, Enterprise Trustees, Enterprise Properties and Enterprise Funeral Services (Transitions). The 2020 AGM was held virtually due to the restrictions imposed by COVID-19.