Donewell Insurance Company Limited, one of Ghana’s renowned insurance brands recorded growth in gross premium revenue, an impressive claim to premium ratio and profit before and after tax in 2018. Presenting the company’s performance to shareholders, Mr. Aklasi; CEO of Donewell Insurance Company Ltd. shared the figures for the past five years and noted 160% growth over the period. Profit after tax data for 2018 also showed a 265% increase in performance over the previous year’s figure.
The CEO attributed the growth to the board and management’s innovative strategies initiated for the year under review. He stated, “the company continues to improve and report profit after tax; the results seen is due to the various strategies that have been put in place to aggressively grow the topline, manage claims and keep a close eye on operational expenses.
The Board Chairman, Prof. Ato Essuman presented the board’s recommendation to pay dividends confirming the company’s consistency in paying dividends each year from 2016. In 2016, the company paid dividends of GHS2,500,000.00; the highest paid by any insurance company that year but the 2018 dividend declared was GHS3,395,707.20; 36% higher than 2016.
With a commitment for growth sustainability, the company updated shareholders on current plans to meet the dynamic needs of its cherished clients and ultimately improve business. This includes the introduction of a new insurance software with advanced features to improve turnaround time, engaging professional garages to conduct assessments and repair client vehicles without delays and the refurbishment of the customer service center to improve customer experience at the corporate head office.
The corporate head office building was rededicated to the Glory of God after the AGM by Most Rev. Prof. Emmanuel K. Asante, a former Presiding Bishop of the Methodist Church of Ghana.
Donewell Insurance Company Limited is a private limited liability company owned by the Methodist Church of Ghana, Institutional Investors, Professional Trade Associations and other individuals. In its 26th year of operation, the company has grown consistently and improved its business and profits. In 2018, the company celebrated its Silver Jubilee anniversary with a range of corporate social responsibility projects including a blood donation drive to stock the national blood bank.
This was aimed at giving back to society and the community within which it conducts its business. In contributing to the development of the industry, it initiated and organized the 2018 Insurance Industry Symposium that served as a platform for all stakeholders to discuss and make recommendations for the advancement of the industry.