Economy

UT Life Insurance records first profit

UT Life Insurance Company has recorded its first profit, barely two years of becoming a subsidiary of the UT Group.

The company, formerly Golden Life Assurance, recorded a profit margin of Gh¢700,000 for 2012.

This was disclosed at the maiden UT Annual Sales Conference in Kumasi.

UT Life made a premium of Gh¢6.7 million in 2012, representing 143 percent increase over the previous year’s figure of Gh¢2.7 million.

The Company also paid claims of almost one million Ghana Cedis.

Managing Director, Tiibu Aziz Rayamah described the performance as significant and attributed the success to the dedication of the sales team as well as the prompt and timely payment of claims.

Mr. Rayamah told Luv FM the business will grow by similar margin in 2013, noting that UT Life does not see any competition in Ghana’s insurance industry.

He explained: “If one percent of the population is insured, I don’t see the competition; the competition only happens when you do things the same way as everybody else does. So we believe that there is actually no competition in the industry because we do things differently from everybody else and that is accounting for the growth that we’re seeing in our business”.

UT Life has the goal to become one of the best insurance companies on the African continent.

Outstanding sales executives were awarded at the UT Sales Conference 2013, which was under the theme: “Innovation and Personal Branding: Your Key to Career Development”.

Gold Award winner, Drayi Mensah Worlasi of the Hohoe branch enjoined young people to be committed to save and invest to secure their future.

Tags: