SIC Insurance reports GH¢69.5m profit for 2025
SIC Insurance PLC recorded a 27.5 per cent increase in profit after tax to GH¢69.5 million for the year ended December 31, 2025, yet its financial statements reveal a sharp deterioration in its cash position and an extensive boardroom overhaul that saw 14 directors depart during the year.
The state-owned insurer, listed on the Ghana Stock Exchange, saw its cash and bank balances fall by 27 per cent to GH¢85.5 million from GH¢117 million in 2024, despite the improved profitability.
Net cash generated from operating activities turned sharply negative, recording an outflow of GH¢28.9 million compared with an inflow of GH¢131.1 million in the previous year.
Related Articles
We’ll pay investors back - SIC-FSL MD assures amid 20% salary cuts
Former SIC MD challenges termination in court
James Agyenim-Boateng appointed Managing Director of SIC Insurance
The company's unaudited financial statements, approved by the board in February 2026 and signed by Board Chairman Bernard Ahiafor, MP, show that insurance revenue rose to GH¢598.5 million, a 7 per cent increase from GH¢559.5 million in 2024.
Shareholders' funds grew to GH¢753.6 million from GH¢677.3 million, while earnings per share improved to GH¢0.3554 from GH¢0.2786.
Board turnover
The documents also revealed a turnover in board composition during 2025. Fourteen directors either retired, resigned, were replaced, or were appointed, including the positions of Chairman and Managing Director, both being replaced after a new government was elected.
Three independent non-executive directors were appointed on 27 November 2025, while two independent non-executive directors retired on the same day. The managing director position was replaced on January 24, 2025, followed by the Chairman on June 30, 2025.
The company secretary, Ms Cynthia M.E. Rockson, attested to the changes, which also included the resignation of two independent non-executive directors in June and July 2025.
In their quarterly report for the fourth quarter, the directors stated: "During the year under review, the Directors and Officers had no interest in any third party or entity responsible for managing any of the business activities of the company."
The company's net expense from reinsurance contracts held increased sharply to GH¢201.6 million from GH¢137.7 million in 2024, a 46 per cent rise. Fire and theft business generated the largest insurance revenue at GH¢210 million, followed by motor at GH¢178 million and bonds at GH¢113.5 million. The fire portfolio, however, recorded a negative insurance service result of GH¢670,689 after reinsurance expenses.
SIC Insurance reported spending GH¢1.27 million on corporate social responsibility activities in 2025, up from GH¢1 million in 2024, covering education, community development, health, environment, sport and festival sponsorship.
The company stated that it had applied IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments in preparing the statements. Directors confirmed the financial statements were prepared on a going concern basis "with the company expected to continue in operation for the foreseeable future."
Regarding regulatory compliance, the company reported a capital adequacy ratio of 262.03 per cent against the required 150 per cent, and an investment-to-assets ratio of 72 per cent against the 55 per cent minimum requirement.
"The unaudited Financial Statements of SIC Insurance PLC as indicated above were approved by the Board of Directors on and are signed on their behalf by," the document states, though the approval date was left blank. Handwritten signatures of the board chairman, acting managing director and a director appear with dates in January and February 2026.
The company's register of shareholders shows the Government of Ghana, through the Ministry of Finance, as the dominant shareholder with 78.3 million shares, representing 40 per cent. The Social Security and National Insurance Trust holds 23.1 million shares, or 11.8 per cent. Director Daniel Ofori holds 11.6 million shares, representing 5.9 per cent of the company.