SIC Insurance PLC posts strongest results in over a decade

SIC Insurance PLC recorded a standout financial performance in 2024, with insurance revenue surging by 49.9 percent to GH¢559.5million, profit after tax rising by 316.9 percent to GH¢53.4million, and shareholders’ funds expanding by 40.1 percent to GH¢670.4million.

These results, described by the company as its strongest in more than ten years, were highlighted in the 2024 chairman’s report presented at its annual general meeting in Accra.

Board Chairman, Bernard Ahiafor, said the remarkable performance underscores the company’s resilience and disciplined execution of strategy. He assured shareholders that SIC Insurance remains firmly positioned to sustain profitability and deliver consistent dividends in the years ahead.

“In recognition of this outstanding performance, the board is recommending a dividend of GH¢0.0511 per share, amounting to approximately GH¢10million,” he announced, reaffirming the company’s commitment to providing competitive returns to shareholders.

Mr. Ahiafor noted that the company achieved these results despite a challenging macroeconomic environment marked by high inflation, currency depreciation and the lingering effects of the Domestic Debt Exchange Programme (DDEP).

He attributed the success to prudent underwriting, strengthened risk management, improved operational efficiency and the dedication of management and staff.

He further pointed to the successful implementation of IFRS 17, enhancements to the Enterprise Risk Management framework and ongoing digital transformation initiatives as key factors that will drive future growth.

Mr. Ahiafor also observed that insurance penetration rate—still around 1 percent—presents significant untapped opportunities the company is well-positioned to capture.

“With a robust capital base, a clear strategy and a high-performing team, SIC Insurance PLC is ready to build on its momentum and continue delivering sustainable value to shareholders, customers and the Ghanaian economy,” he said.

He expressed appreciation to shareholders, regulators, clients, partners and staff for their continuous support, noting that their trust has been central to the company’s sustained success.

 

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