Enterprise Group PLC recorded a 49 percent decline in group profit for the first quarter ended March 31, 2026, as a sharp surge in net insurance finance expenses overwhelmed strong gains in its core underwriting operations, according to unaudited financial statements filed with the Ghana Stock Exchange (GSE).
Group profit after tax fell to GH¢71.3 million from GH¢140.1 million in the same period a year earlier. The decline was driven almost entirely by a dramatic increase in net insurance finance expense, which jumped from GH¢4.5 million in Q1 2025 to GH¢101.8 million in Q1 2026, reflecting the impact of changes in financial market conditions on the valuation of the group’s insurance contract liabilities.
The result is particularly striking because the underlying underwriting business performed considerably better year on year. The insurance service result after reinsurance improved to GH¢122.4 million from GH¢61.7 million in the prior year period, driven by a significant reduction in insurance service expenses from GH¢318.0 million to GH¢235.7 million. Insurance revenue held relatively steady at GH¢419.4 million compared with GH¢441.2 million in Q1 2025.
The net insurance service result, which captures the combined effect of underwriting performance and insurance finance costs, swung to a loss of GH¢20.6 million from a profit of GH¢57.2 million, illustrating how financial market volatility has offset genuine operational progress.
At the holding company level, the parent Enterprise Group PLC reported a profit of GH¢5.7 million for Q1 2026, a recovery from a loss of GH¢214,000 in Q1 2025, supported by higher investment income of GH¢7.8 million compared with GH¢2.9 million in the prior year.
Group total assets grew to GH¢5.31 billion from GH¢4.31 billion a year earlier, while investment securities expanded to GH¢3.44 billion from GH¢2.67 billion, reflecting continued deployment of capital into financial instruments. Group total equity rose to GH¢1.90 billion from GH¢1.71 billion. Cash and bank balances at the group level strengthened to GH¢607.2 million from GH¢443.7 million.
Earnings per share on a group basis declined to GH¢0.310 from GH¢0.495 in Q1 2025. The financial statements were signed by Group Chief Executive Officer Daniel Larbi-Tieku and Director Fiifi Kwakye.
Enterprise Group PLC operates across life and non-life insurance, pensions, health insurance, real estate, and funeral services in Ghana, Nigeria and The Gambia through subsidiaries including Enterprise Life, Enterprise Insurance, Acacia Health, Enterprise Trustees and Enterprise Properties.
