Enterprise Group records impressive growth in 2021

The Enterprise Group PLC has cemented its position as the foremost financial services company in the country with an impressive financial performance in 2021.

The group recorded a 37 per cent increase in net income growing from ¢847.7 million in the previous year to ¢1.164 million in 2021.

This was made known at the Group’s 12th annual general meeting held in Accra.

In his report, Group Chief Executive Officer of Enterprise Group, Keli Gadzekpo, said “during the fiscal year 2021, we grew our group net income at a double-digit rate of 37.3 per cent from ¢847.7 million in 2020 to GH¢1.164 billion in 2021.”

“Insurance revenue was the key driver of this performance registering a 28.78 per cent growth, from ¢651.39 million to ¢838.71 million.  Out of this amount, our life insurance businesses contributed 72.6 per cent, non-life 22 per cent, and health insurance 5.4 per cent respectively,” he said.

He added that, “the group also saw an uplift in funeral services revenue, increasing by 53 per cent from ¢10.1 million in 2020 to ¢15.5 in 2021. Pension fees grew by 29 per cent, whilst investment income increased by 83 per cent and rental income up by 134 per cent. However, our underlying Net profit after tax was ¢122.85million, a decrease of 16 per cent in the previous year. This was as a result of the increase in benefits and claims payments and reserving provisions made during the year.” 

Enterprise Group, also in the year under review, maintained its focus on leading with digital transformation by introducing a number of bespoke digital solutions.

The interventions included a Customer Feedback System for each operating business, enhancements to the Enterprise Advantage App and an omni-channel platform to present customer facing staff with a single place to access a customer’s communication history with Enterprise Group across the various touch points.

The financial year was also marked by business growth and expansion for the group.

After years of strategic planning, Enterprise Group finally opened the doors of Enterprise Life to the public in Nigeria, having successfully been granted an operational license by the insurance regulator in Nigeria (NAICOM).

The group also made a bold entry into the health insurance space with the strategic acquisition of Acacia Health Insurance in 2021.

The positive turn of the Ghana Stock Exchange in 2021 had a telling effect on Enterprise Group’s share on the exchange.

Enterprise Group PLC shares contributed to the growth recorded on the market with a 99 per cent growth from the ¢1.4 per share end of 2020 to ¢2.79 per share at the end of 2021.

The increase of 99 per cent in share price exceeded the 24 per cent growth in total assets at the end of the year.

The Board of Enterprise Group recommended a first and final dividend of ¢0.0744 per share for 2021, an increase of 20 per cent over the 2020 dividend per share paid.

The Group CEO, Mr Gadzekpo, outlined some initiatives taken by the company in supporting the community during the year under review.