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 figure of GHS 9,530,103 in the year ending 2015, representing a 14% increase over the 2014 figure of GHS (8,303,403)
The insurance giant also recorded a whopping gross premium of GHµ139,107,473 in 2015 against GHS 115,702,732 in 2014 representing a 20% growth thus maintaining its leadership position in the general insurance market.
This impressive performance, according to the Acting Managing Director, Mr Kwei Mensah Ashidam, was as a result of prudent underwriting, aggressive marketing strategies and the enforcement of the ‘No premium, No cover” policy introduced by the National Insurance Commission.
Mr. Ashidam added that SIC Insurance is at an advanced stage with the implementation of its Enterprise Risk Management programme which has augmented internal controls and improved general operations. He added that these are 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 GHS 9,933,847 representing a growth of 9.6% against GHS 9,057,036 for the year 2014. The Acting Managing Director attributed this to the company’s strict adherence to its investment policy which undergoes periodic review to reflect current trends.
He concluded that the value of shareholders’ funds increased from GHS 74,614,625 in 2014 to GHµ81,567,496 in 2015. The Company’s total assets also grew by 13.6% from GHS 175,392,972 in 2014 to GHS199,326,967 in 2015.
SIC insurance remains the nation’s largest preferred insurer with over five decades of expertise in delivering excellent quality insurance products and operates in over 22 business offices nationwide alongside its Brokers and Agents.