miLife, Ghana’s leading inclusive insurer, has announced the retirement of CEO Kwaku Yeboah-Asuamah after nine years of dedicated service.
Under his leadership, miLife has grown annual premiums by over 20x to more than GHS 400 million, in doing so expanding access to affordable, high-quality insurance for millions of Ghanaians.
Mr Yeboah-Asuamah joined the company in January 2016 and has led a transformation that has seen the company expand its distribution channels, leap forward with technology and drive better outcomes for its 1.3 million customers.
This is evidenced by the strength of the company’s customer-first strategy, where annual new business policies have grown more than 30x to nearly 400,000 last year.
These results are also reflected in the company’s bottom line, where miLife has delivered top-quartile underwriting and operating profits.
The Board of Directors have selected Walters Yeboah Adofo, current Chief Financial Officer, as the incoming Chief Executive Officer, pending regulatory approval.
He brings 18 years of experience in the insurance industry, including nine years at miLife, where he has been instrumental in driving sustained growth, financial resilience, and operational excellence.
Mr Walters Adofo will lead the company in its next stage of growth, with a continued focus on inclusive innovation, customer centricity and social impact.
“As I take a bow, I remain very optimistic about the future of miLife. The company is in capable hands, led by a new generation of dynamic, brilliant, and tech-savvy leaders.
“I have full confidence in Walters and the current management team to build on our momentum. I expect to see even more efficient service delivery and sustained profitability under their leadership,” said Kwaku Yeboah-Asuamah.
Steve Kyerematen, Board Chairman at miLife, said, “Looking back now, choosing Mr Yeboah-Asuamah almost 10 years ago has proven to be one of the most important decisions we have made at the company, and we are thankful for his stewardship, which has established miLife as a market leader in the life insurance sector.”
Michael Joyce, Board member at miLife and shareholder representative at LeapFrog Investments, said, “Working alongside Mr Yeboah-Asuamah, over the past decade to transform miLife has been a deeply rewarding experience for us at LeapFrog.
“We are immensely grateful for his visionary leadership during this period, and we are confident that Mr Walters will build on the strong foundations already in place to help miLife rise to even greater heights.”
He leaves behind a company with deep roots and wide reach and ready for the future because of the foundation he built.
Mr Kwaku Yeboah-Asuamah’s legacy goes beyond miLife, he has left a lasting mark on Ghana’s insurance industry and on the lives of millions who now have the security and peace of mind that only insurance can bring.
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