Enterprise Group grows assets value by 15.7% YoY
Insurance group, Enterprise Group Limited (EGL) for the period ended June 2021 posted total assets value of Ghs 1.92 billion.
Compared to the Ghs 1.62 billion assets value recorded same period last year, this represents a 15.7 percentage point or Ghs 300 million year-on-year growth in assets value.
An examination of EGL’s Q2 2021 Financial Statement reveals that the growth in the company’s assets value is mainly attributable to gains made in the value of its investment securities.
The value of EGL’s investment securities on a year-on-year basis grew from Ghs 869 million in Q2 2021 to Ghs 1.25 billion in Q2 2021.
Other elements that contributed to the insurer’s total assets value include; deferred tax assets, trade and other receivables and deferred commission expense.
Registered net profit for the insurer for the review period was Ghs 66.2 million, a marginal increment of some Ghs 2.4 million from the Ghs 63.8 million recorded in Q2 2020.
The recorded profit for end-Q2 2021, however, marks a significant fall in the company’s recorded net income of Ghs 531 million recorded also at end-Q2 2021.
For equity holders of EGL, the posted profit of Ghs 66.2 million translates into earnings per share of 21 pesewas.
With regards to its liabilities, EGL witnessed a Ghs 222 million growth in its liabilities.
The insurer’s liabilities grew from Ghs 894 million in Q2 2020 to Ghs 1.11 billion in Q2 2021.
The insurer’s liabilities were driven mainly by increased contributions to its Life Fund which increased from Ghs 600 million to Ghs 783 million, unearned premiums which grew from Ghs 60 million to Ghs 82 million and monies due re-insurers which for the review period also grew from Ghs 12.9 million to Ghs 22.1 million.
Peruse details of financial statement below: