After accounting for growth and sustainability levy and income tax expenses, the group posted profit after tax of GH¢273 million last year, an improvement over the GH¢174 million recorded in the previous year. 

The Group reported that insurance revenue increased from GH¢980 million in 2022 to GH¢1.2 billion, an increase of 23.8 per cent.

It also reported that investment income remained largely flat at GH¢288 million compared to GHS 283 million in 2022.

They also proposed dividends to be paid to its shareholders in line with its progressive dividend policy.

The Chairman of the company, Keli Gadzekpo, who made this known at the 14th Annual General Meeting for the Enterprise Group PLC in Accra, said the performance came on the back of a five-year strategic plan, which entered its final year this year. 

“Our focus was to continue expanding our footprints in Nigeria in a phased, disciplined manner, with emphasis on growing our Life Planner base to solidify our distribution,” he said.

The insurance group’s performance, he said, comes in spite of restating the company’s financial position to remove inherent risks in line with the International Financial Reporting Standards (IFRS) 17.

He said the Board of Directors recommended a final dividend pay-out of GH¢0.096 per share, a growth of about 30 per cent accounting for GH¢ 12million over prior year, subject to shareholders’ approval. 

Event 

The AGM discussed the financial statements of the company together with the reports of the Directors and the Auditors for the year ended December 31, 2023.

It was also to declare final dividend, re-elect retiring directors, approve directors' remuneration and authorise the directors to fix the remuneration of the auditors.

ESG

Mr Gadzekpo said from 2025, each operating entity within the Enterprise Group would integrate Environmental, Social and Governance (ESG) considerations into their business strategies.

He added that the group planned to align its ESG reporting with IFRS and Ghana Stock Exchange (GSE) standards in the near future.

Mr Gadzekpo said inclusive insurance took centre stage in the country as they had invested to build the systems and structures to develop the channel into the next growth driver. 

“ln 2024 we will craft another strategic plan which we expect to drive our activities for the next three to five years,” he added.

Top Line

In his report, the Group Chief Executive Officer (CEO) of Enterprise PLC, Daniel Larbi-Tieku, said the group recorded a good financial performance for 2023 with robust top-line growth across its subsidiaries. 

He attributed the performance to the excellent execution of the Group’s strategy, adding that, “Despite facing significant headwinds in a challenging operating environment, we achieved a very good growth in earnings per share, as a result of continued excellent execution of our integrated Group-wide strategies.”

Commitment

Mr Larbi-Tieku said they were committed to delivering the best possible performance each day to inspire trust and achieve the best possible outcomes for all their stakeholders. 

“EGL has a progressive dividend policy, and we plan to continue making attractive distributions to our shareholders. A final dividend of GHS 0.95 per cent share was proposed, reflecting a 30 per cent increase on prior year’s payment,” she said.