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Fuzzy classification of life insurance companies in Ghana using financial ratios


The dynamic nature of businesses across the world comes with increased risks. These risks are primarily shared through insurance and hence increase in insurance companies in the world and Ghana, a developing nation is not an exception. With the influx of insurance companies in Ghana, performance then becomes key in identifying which type of company can stand the test of time. Twenty-five (25) financial ratios are used to classify six (6) life insurance companies in Ghana; three being private and the other three (3) being publicly owned. Based on fuzzy clustering, the companies were grouped into seven (3) broad categories of financial performance. The results revealed of the 25 ratios, there are statistical significant differences public and private firms based on 18 of these ratios; giving indication of diverse practices in the public and privately owned firms.