Ghana’s SIC Insurance PLC posted remarkable financial results for the first half of 2025, with profit before tax skyrocketing 1,156% to GH¢31.4 million compared to GH¢2.5 million in the same period last year.
The Accra-based non-life insurer, one of Ghana’s oldest insurance companies, saw insurance revenue jump 52% to GH¢283.6 million from GH¢186.7 million, demonstrating strong performance across multiple business segments despite challenging economic conditions.
Earnings per share surged dramatically from 0.0089 pesewas to 0.1124 pesewas, while shareholders’ funds strengthened to GH¢701.3 million from GH¢486.9 million. The company’s net profit margin expanded substantially to 7.76% from just 0.94% in the previous year.
Motor insurance emerged as the standout performer, generating GH¢70.9 million in revenue with an insurance service result of GH¢53.7 million. The bonds segment also delivered strong results with GH¢58.1 million in revenue and GH¢48.5 million in service results.
However, the fire insurance segment faced headwinds, posting a service loss of GH¢5.0 million despite generating the highest revenue of GH¢116.6 million. Marine and aviation also recorded a modest loss of GH¢394,000.
Total assets grew 30% to GH¢1.15 billion, with significant increases in property, plant and equipment, which nearly doubled to GH¢253.6 million. Investment properties also expanded substantially to GH¢120.9 million from GH¢65.4 million.
The company appointed new leadership during the period, with Hon. Bernard Ahiafor taking over as Board Chairman and James Agvenim-Boateng assuming the role of Acting Managing Director, both on June 30, 2025.
SIC Insurance maintains its position as “one of the leading providers of non-life insurance products in Ghana with an estimated market share of over 12%,” according to industry data. The company operates in a growing market, with Ghana’s insurance sector expected to achieve growth rates exceeding 17% through 2028.
The insurer’s capital adequacy ratio remained robust at 192.91%, though down from 326.65% in the previous year, still well above regulatory requirements. The current ratio improved to 1.54 from 1.25, indicating stronger liquidity management.
SIC Insurance increased its corporate social responsibility spending by 42% to GH¢552,770, focusing on education, health, community development and environmental initiatives. The company maintained its dividend suspension policy as it continues reinvesting profits for growth.
The strong performance comes as Ghana’s broader insurance market shows signs of recovery and expansion, with digital transformation and mobile wallet integration driving increased participation among informal workers.
