Enterprise Group PLC wishes to provide clarification regarding recent public commentary referencing a reported GH¢10 million payment during the COVID-19 period.
In March 2020, at the onset of the pandemic, the Ministry of Health (MoH), Ghana sought insurance protection for frontline health workers. A formal Request for Quotation was issued through an appointed broker for a Special Group Life, Critical Illness and Total Temporary Compensation policy. Enterprise Life responded and was appointed Lead Insurer of a consortium of nine licensed life insurance companies in Ghana.
The policy (No. GLP0184/20) was effective from 30 March 2020 to 29 March 2021. The total gross premium payable under the policy was GH¢10,309,919.94. The total sum assured for death benefits under the scheme was GH¢3,500,000,000.00 (exclusive of Critical Illness and Total Temporary Compensation benefits).
For clarity, the policy was issued by Enterprise Life Assurance Company Limited, not Enterprise Insurance. The amount referenced represents insurance premium paid for defined risk cover provided to eligible frontline health personnel during the pandemic.
The policy was not issued by Enterprise Life alone. The cover was underwritten by a consortium of nine licensed life insurers, with Enterprise Life participating as Lead Insurer with a 30% share. Claims under the policy were duly assessed and paid in accordance with agreed contractual terms.
This transaction was a regulated insurance premium for risk cover during a national emergency conducted within established contractual, industry and regulatory frameworks under the supervision of the National Insurance Commission. It was not a grant, gift, or discretionary transfer to any single entity.
Enterprise Life is a member of Enterprise Group PLC, which remains a listed Company of the Ghana Stock Exchange with over 3,700 different shareholders. The Company is a regulated institution operating under established governance structures and continues to honour all its obligations to policyholders and stakeholders.
We trust that this statement provides the necessary context and clarity regarding the matter.
