Accra, June 19, GNA - Enterprise Insurance Company (EIC) made a net profit of 1.9 billion cedis in 1998 as against 1.432 billion cedis the previous year.

Mr Trevor Trefgarne, Chairman of the Board of Directors of the company announced this at the EIC annual general meeting of shareholders in Accra on Friday.

He said the company's gross premium income increased by 41 percent although profitability from insurance activities were lower as costs increased following a review of salaries during the year.

The chairman said as the market is changing rapidly, the company is handling more businesses and offering new products.

He commended the Kumasi, Takoradi, Tamale and Tema branches of the company for increasing their premium incomes.

A total dividend of 600 million cedis was recommended for payment to the shareholders.