About Provident Insurance

Corporate Philosophy

At Provident, we espouse a simple set of corporate philosophy which defines our positioning in the Ghanaian insurance industry. Our corporate philosophy is a critical element of our culture. Our decision making, drive and unity as a company hinges on it. It consists of our vision, mission and values:

Our profile

Provident Insurance Company (Provident) is a private Limited Liability company incorporated and was registered in Ghana in February 1981. It commenced business in October 1982 on the principle of providing our policyholders with near-perfect protection with professional service delivery as is humanly possible and doing so at the lowest possible cost.

The Company started from a humble beginning with a stated capital base of five thousand cedis (GHS 5,000). Provident has now been evaluated as one of the most solvent Insurance Companies on the market by the National Insurance Commission (NIC). Accordingly, its operating License is annually renewed by the NIC.

Provident insurance has a solid asset base of GHS 105m as of 31st December 2021, out of which investments in short-term security and statutory reserves made up approximately GHS 36m. The total assets of Provident had seen a 9% increase from 2020 when the Company's total assets were GHS 96m.

Provident Insurance had a capital of GHS 65m as of 31st December 2021 with a Capital Adequacy Ratio (CAR) of 321%, which was over the CAR of 150% recommended by the Regulator.

As of 31st December 2021, the Company has no outstanding financial obligations in terms of bank loans. Its liabilities are solely related to the technical reserves in the form of outstanding claims.

This achievement has been the application of sound, professional and efficient underwriting and investment practices over the years.