SIC Insurance Plc, Ghana’s oldest and most experienced insurer, held its Annual General Meeting (AGM) where it revealed a strong performance for 2023, underscoring its resilience in the face of global geopolitical uncertainties and domestic economic challenges.
During the meeting, the company announced a dividend of GHC 0.0511 per share, delighting shareholders.
Chairman of the Board, Dr. Audu Rauf, expressed appreciation for the efforts of the company’s management and staff, which contributed to notable financial achievements. For the year, SIC Insurance posted a profit after tax of GHC 12.8 million, a 4.96% increase in insurance revenue, and a 29.54% rise in net insurance results. Total group assets increased by 27.15%, while shareholders’ funds grew by 20.09%.
Dr. Rauf also highlighted SIC’s ongoing commitment to adopting advanced technology to improve customer service, diversify product offerings, and strengthen key partnerships. He noted that the company had fully complied with International Financial Reporting Standards (IFRS 17), further enhancing transparency and operational efficiency.
In her address, Acting Managing Director Ms. Hollistar Duah-Yentumi thanked the company’s shareholders, employees, and partners for their continued support. She reiterated SIC’s focus on innovation and delivering customer-centric solutions, promising that the company would continue to drive growth and safeguard investor interests in the coming years.
Founded in 1955, SIC Insurance remains a cornerstone of Ghana’s financial sector, despite the increasing competition from new entrants. While its market share has been impacted, the company remains a viable and sustainable financial entity, with plans to reclaim its leadership position. Despite economic pressures, SIC is also committed to its corporate social responsibility initiatives, investing in education, healthcare, and disaster relief efforts across the country.
