GLICO General Insurance Company (GLICO General) says per its review, it recorded remarkable achievements for the year 2011.
By the end of December, 2011, the company says it posted increased financial results, reflecting what it regarded as good business planning, management and customer service delivery.
Profit before tax rose to GH¢ 1,277,109 compared to the GH¢ 893,338 for the previous year, representing a 42% increase.
Gross premium shot up by 152% to GH¢ 25,298,423 more than the GH¢ 10, 017,758 figure for the previous year.
The company also noted there was a significant increase in current assets which was valued at GH¢ 18,582,617 over the previous year’s amount of GH¢ 12,676,101.
On claims, GLICO General says its has been commended for speedy processing and prompt payment.
Last year, the company paid out a total of GH¢ 5,184,792 in claims on various classes of insurance more than the total amount of GH¢ 2,117,949 paid in 2010.
Assessing the performance of GLICO Genral after the company’s Annual General Meeting (AGM), the Managing Director, Mrs.
Francisca Karikari, said “we have managed to achieve fruitful results in our business operations through hard work and a focus of excellent service delivery on the part of both Management and staff.
Since the inception of our operations five years ago, our profit margins keep increasing to enable us meet our financial commitments; this is encouraging”.
She also emphasized that, “we are operating in a competitive market so we cannot rest on our oars; we need to improve, exceptionally, our services to retain our existing customers and win new ones.
I wish to say thank you to all our numerous clients whose belief in us has brought us remarkable success.”