Board Chairman Hon. Bernard Ahiafor, MP, assured shareholders that the company is firmly positioned to maintain its strong financial performance and deliver consistent dividends in the years ahead. His assurance follows an exceptional year in which SIC Insurance posted one of its strongest financial outcomes in more than a decade.
According to the Chairman’s Report, insurance revenue rose by 49.9% to GHS 559.5 million, profit after tax increased by 316.9% to GHS 53.4 million, and shareholders’ funds expanded by 40.1% to GHS 670.4 million, a performance he described as a clear demonstration of the company’s resilience and disciplined strategy execution.
“In recognition of this outstanding performance, the Board is recommending a dividend of GHS 0.0511 per share, amounting to approximately GHS 10 million.” the Chairman stated, reaffirming the company’s commitment to delivering consistent and competitive returns to shareholders.
Hon. Ahiafor emphasised that the strong results were achieved despite a challenging macroeconomic environment marked by inflationary pressures, currency depreciation, and the lingering effects of the Domestic Debt Exchange Programme (DDEP). He attributes the success to prudent underwriting, enhanced risk management, operational efficiency, and the dedication of management and staff.
The Chairman further highlighted the company’s successful implementation of IFRS 17, the strengthened Enterprise Risk Management framework, and ongoing digital transformation efforts as key pillars that will support future growth. He noted that Ghana’s insurance penetration rate, still around 1% and presents significant untapped opportunities that SIC Insurance is well-positioned to capture.
“With a robust capital base, a clear strategy, and a high-performing team, SIC Insurance PLC is ready to build on its momentum and continue delivering sustainable value to shareholders, customers, and the Ghanaian economy,” he said.
The Chairman expressed appreciation to shareholders, regulators, clients, partners, and staff for their unwavering support, acknowledging that their trust and collaboration have been central to SIC Insurance’s success.
About SIC Insurance PLC
SIC Insurance PLC is Ghana’s leading indigenous general insurance company, offering a broad range of non-life insurance solutions. With a nationwide network of over thirty business offices and a legacy spanning over 60 years, the company remains committed to innovation, customer satisfaction, and responsible corporate governance.
