The shareholders of Ghana Life Insurance Company Limited have injected new capital into the company to improve its financial position.

The injection of $2.25 million into the company brings the minimum capital of the company to GHC27.9 million, well above the current regulatory requirement of GHC15 million.

Dr Chief Cyril Ajagu, Core Investor of African Alliance PLC (the parent company of Ghana Life Insurance) disclosed this to journalists in Accra last week.

Dr Ajagu, who is also the Board Chairman of Ghana Life Insurance, said “The fresh capital injected into Ghana Life will help it to settle all outstanding claims.”

He said the objective of the Core Investors was to transform the company to become a leading life insurance company in the country.

“Our priority is to help resource Ghana Life Insurance Company Limited and position it to be among the top three life insurance companies in the country,” Dr Ajagu said.

The Board Chairman of Ghana Life Insurance Company, indicated that the shareholders were working assiduously to enable the company to meet the new minimum requirement of GHC50 million before the end of the year.

The National Insurance Commission (NIC), the regulator of the insurance industry in Ghana, has given all insurance companies up to December 31, 2021 to meet the new minimum capital requirement of GHC50 million,The Chairman of African Alliance Insurance PLC, Dr Anthony Okocha, on his part said the injection of fresh capital into Ghana Life demonstrated the confidence that the Core Investors of the company had in the Ghanaian insurance market.

He said they would continue to stand solidly behind Ghana Life Insurance Company Limited and resource it to become one of the best insurance companies in the country.

“We are working seriously to ensure that the challenges Ghana Life went through did not occur again,” he said.