SIC Insurance PLC profit up by 316.9% in 2024

The SIC Insurance PLC profit after tax for the year 2024 rose to GH¢53.4 million compared to GH¢15.1 million in 2023.

The figure represents a 316.9 per cent year-on-year increase.

The financial performance was driven by robust risk management, cost discipline and dedication of management and staff to sustainable value creation.

Mr Bernard Ahiafor, Chairman of SIC Insurance PLC, said this at its 18th Annual General Meeting in Accra.

The gross insurance revenue rose by 49.9 per cent to GH¢559.5 million, up from GH¢373.2 million in 2023, driven by strong demand for fire and accident insurance, improved customer retention and strategic partnerships.

Shareholders’ fund was GH¢670.4 million, up 40.1 per cent from GH¢478.5 million in 2023.

Earnings per share were GH¢0.2730 compared to 0.0655 in 2023, while return on shareholders’ funds was 7.9 per cent compared to 2.6 per cent in 2023.

Mr Ahiafor said, based on the financial performance, the Board of Directors of the company recommended a dividend of GH¢0.0511 per share, and it was approved by the stakeholders.

The move, he stressed, reflected the company’s commitment to delivering consistent and competitive returns to its shareholders.

He said the company’s significant milestone in 2024 was the full implementation of IFRS 17, the global accounting standard for insurance contract reporting.

The development has enhanced transparency, strengthened comparability with international peers, and provided deeper insights on performance and risk profile.

On risk management, he said the company had reinforced its Enterprise Risk Management framework to better address emerging threats, including cyber risks, credit exposures and microeconomic volatility.

Our proactive approach ensures that we remain agile, resilient, and capable of sustaining performance under varying economic conditions.

Touching on the way forward, the Board Chairman said ongoing government reforms, digital transformation initiatives, and increased public interest in inclusive insurance solutions offer a strong foundation for future expansion.

“The company is well positioned to build on its momentum and continue delivering sustainable value to shareholders, customers and the wider Ghanaian community,” he said.

Mr James Agyenim Boateng, the Managing Director, said despite the domestic and global economic uncertainties, the insurance industry demonstrated remarkable resilience.

He said the market saw some regulatory and industry collaboration to revise the minimum tariff for third-party motor insurance policies.

He said total claims paid amounted to GH¢69 million, saying the company remained committed to its motto, “Our promises are sacred.”

On investment income, Mr Agyenim-Boateng announced that the company’s current ratio improved to 1.55 from 1.27, reinforcing its financial strength.

He said the company continued to support educational institutions in the tertiary space and health and cultural initiatives such as the Ghana Blind Union and Child Cancer Awareness Month, among others.

Baker Tilly Andah Andah, the independent auditor’s report, said proper books of account have been kept by the group and the company.

“The group and the company’s financial statements are in agreement with the books of account,” the auditor’s report said.

Source: GNA

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