SIC Life records growth

The SIC Life Company Limited posted a profit after tax of GH¢15 million as against the GH¢12 million recorded in 2014.

The figure represents a 25.56 per cent increase for the year ending 2015.

Its total premium income also soared up higher to GH¢181 million, representing 14.49 per cent.

Challenging economy 

The Board Chairman of SIC Life, Prof. Joshua Yindenaba Abor, disclosed these at the 9th annual general meeting (AGM) of the company in Accra last week. 

He indicated that the board also approved a GH¢4 million total dividend to be paid to shareholders of the company during the year under review as against GH¢3 million for 2014.

Notwithstanding the numerous challenges in the life insurance industry coupled with the challenging economy, Prof. Abor said SIC remained resolute and proficient in its service delivery to its customers.

“In spite of all the challenges, we’ll continue to remain customer-focused and endeavour to deliver the best of services to our cherished customers,” he said.

He promised brighter future prospects for the company, noting that customers should expect more from the company.

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Prof. Abor also expressed profound gratitude to the working team, shareholders and customers of the company for their continued support.

Core Life and Sika Plan

In his address, the Chief Executive Officer of SIC Life, Mr Aaron Issa Anafure, stated that the premium income was mobilised from two major products of the company, namely the Core Life and Sika Plan.

That, he explained, was a clear indication that the products were doing well on the market.

He particularly mentioned that the Sika Plan had been the most patronised within the macro-insurance sector.

“The year 2015 saw an increase in the company’s net interest income from GH¢8 million in 2014 to GH¢11 million,” he said.

Operating expense 

Mr Anafure, however, added that during the year under review, the company experienced an increase in its operating expenses to the tune of GH¢8 as against the GH¢5 figure recorded in 2014.

“This impacted on the performance of the company with profit before tax falling slightly to GH¢2 million as against the previous year of GH¢3,” he added.