It said although its sister company, GN Bank, was compelled to opt for a savings and loans status, the insurance firm remained robust, with sound ability to meet its liabilities as they fell due, especially regarding the payment of claims.

The Chief Executive Officer (CEO) of the company, Mr Albert Eyeson-Ghansah, said although GN Insurance was a subsidiary of the Groupe Nduom (GN Group), the new entrant into the insurance space operated under a different regulatory regime separate from its sister financial institutions.

“GN Insurance operates several accounts with different banks and, therefore, challenges with one financial institution does not have any bearing on our operations,” he told the Daily Graphic in an interview.

The CEO was speaking to the Daily Graphic to clarify concerns in the public space which suggested that once GN Savings and Loans Limited was facing liquidity challenges, its sister companies were suffering from the effect.

GN Insurance remain strong

GN Insurance, Mr Eyeson-Ghansah said, had a strong and efficient management structure that worked assiduously with the regulator (National Insurance Commission) to ensure that the company operated in accordance with the law.

He observed that the company, which started operations in April last year, had since delivered superior services to clients through prompt claims payment and innovative product offerings.

According to him, the management of the company was determined to ensure that it offered the right kind of protection for its customers in the country.

Clarification

The CEO explained that GN Bank was not downgraded to savings and loans company as speculated in the media, but the bank opted for that window on its own volition, which the Bank of Ghana (BoG) approved.

“Let us face the fact, most financial institutions in the country are facing liquidity challenges and so we believe that the liquidity issue with GN Savings and Loans will be resolved soon for the company to regain its past glory,” he added.

Future plans

Mr Eyeson-Ghansah reiterated plans by management of GN Insurance to list part of the company on the Ghana Stock Exchange (GSE) in the near future to enable Ghanaians to own part of the insurance company.

Asked how the future looked like for GN Insurance, the CEO said it looked prospective as the company positioned itself to roll out innovative products and services to its customers.

“We want to introduce a number of innovative products and services to revolutionise the insurance industry; let’s all watch the space,” he added.