SIC Insurance makes financial strides
Ghana’s foremost general insurance risk underwriter, SIC Insurance Company Limited, has recorded increase in its profit ratio. The company posted an unaudited profit after tax of GH¢9,530,103 in the year ending 2015. The SIC Insurance Company Limited also recorded a gross premium of GH¢139,107,473 in 2015 as against GH¢115,702,732 in 2014.
This represents a 20 per cent growth, thus maintaining its leadership position in the general insurance market.
According to the Acting Managing Director of SIC, Mr Kwei Mensah Ashidam, the success story of the company was the result of prudent underwriting, aggressive marketing strategies and the enforcement of the ‘No premium, No cover” policy introduced by the National Insurance Commission (NIC).
Mr Ashidam added that SIC Insurance was at an advanced stage with the implementation of its Enterprise Risk Management programme which had augmented internal controls and improved general operations.
He observed that these were very positive indicators for shareholders and expressed sincere appreciation to the company’s clients, shareholders and other business partners for their immense support, contribution and loyalty to SIC Insurance Company.
He also noted that investment income at the close of the 2015 financial year came to GH¢9,933,847, representing a growth of 9.6 per cent as against GH¢9,057,036 for the year 2014. The Acting Managing Director attributed this to the company’s strict adherence to its investment policy which underwent periodic review to reflect current trends.
He concluded that the value of shareholders’ funds increased from GH¢74,614,625 in 2014 to GH¢81,567,496 in 2015. The company’s total assets also grew by 13.6 per cent from GH¢175,392,972 in 2014 to GH¢199,326,967 in 2015.
SIC insurance, he said, would remain the nation’s largest preferred insurer with over five decades of expertise in delivering excellent quality insurance products and operating in over 22 business offices nationwide alongside its brokers and agents.