Star is a privately owned Insurance Company that was incorporated in August 1984 to carry out corporate and retail insurance businesses in Ghana. It commenced business in April 1985. Star, which started as a composite company hived off its life insurance operation by setting up a subsidiary company, StarLife Assurance. Star is 100% owned by Star Group, which is in turn owned by HODA Holdings Ltd, a business entity founded by Dr Kwabena Duffuor comprising insurance, banking, real estate, education and media subsidiaries. Star currently operates 28 branches in 7 regions in the country, reflecting a wide representation in the Ghanaian general insurance market.
The insurer’s medium-term strategy seeks to increase premium and asset growth while enhancing profitability. This is to be achieved through increased premium retention and acquisition of new business. Star has plans to expand the retail portfolio and has strategies in place to complement the retail growth agenda. The achievement of these goals will be supported by the use of non-traditional distribution channels like the mobile app, online platforms and bancassurance. The insurer will also work on strengthening relationships with intermediaries and top clients to increase the retention rate.
Despite being part of a wider financial services group, there are currently no consolidated group financial statements above Star. The analytical approach is therefore on a stand-alone basis, with potential risks stemming from other group relationships catered for in our management and governance assessment.
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