Vanguard Assurance Company (VAC), a household name in insurance, paid a claim of US$214,000 to P.W. Ghana Limited last week.
Mr. Gideon Amenyedor, Chief Executive Officer, VAC, said at the presentation that it is the policy of the company to pay genuine claims provided all the necessary documents needed to process claims are submitted.
He said it is noteworthy that over the years the company has developed a strategy which has reflected in its performance and made it consistent in prompt claims settlement
He encouraged Ghanaians to take insurance seriously. “As most of us always look to government when disasters like accidents and fire occur, insurance is the most time-tested way of protecting one’s self.”
Meanwhile, the company raked in GH¢10,388,218 as gross premiums for the first quarter as against GH¢7,301,814 for the previous year’s first quarter, representing an increase of 42.3%.
Net premium earned went up to GH¢5,401 874 in the first quarter as against GH¢3,886,026 in the previous year’s first quarter. Underwriting profit decreased to GH¢658,332 ending 31st March as against GH¢706,704 in March 2010, a marginal loss of 6.8%.
The total claims incurred for the first quarter rose to GH¢1,439,063 as against GH¢1,194,669 in the previous year’s first quarter. On the other hand, investment income decreased to GH¢231,436 in this year’s first quarter as against GH¢242,000 gained in last year’s first quarter performance.
Profit before Tax (PBT) shot up in the first quarter to GH¢1,054,313 from GH¢974,754 in last year’s first quarter results, while Profit after Tax stood at GH¢790,735 in the first quarter as against GH¢731,066 in the previous year’s first quarter performance.
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