SIC Insurance Company Limited increased its premium income to GHS115.7million in 2014 against GHS98.2million in the year before, representing a 17.85% growth. Net earned premium income after reinsurances grew by 12% to GHS73.5 million from 65.6million in the year 2013.
The Chairman of the Board of Directors of SIC Insurance, Mike Allen Hammah disclosed this at the company’s 8th Annual General Meeting (AGM), held in Accra on Friday July 31, 2014. He attributed this performance to the introduction of the “No Premium, No Cover” policy by the National Insurance Commission in April 2014 last year, the dedication and commitment of the Board, Management and Staff of Ghana’s largest insurer.
The Chairman added, the Board and Management owes an obligation to customers and shareholders to provide innovative, customer tailored and competitive top of the range insurance products and service as well as manage risk which remains the company’s core mandate. This he believes will ensure adequate returns on shareholders’ investment.
Mr. Mike Hammah expressed optimism that the company’s prospects in year 2015 are bright and the Board will work hard to ensure a much better performance in the ensuing years.