SIC Insurance PLC recorded a significant turnaround in 2024, posting a profit after tax of GH¢53.4 million, a sharp rise from GH¢15.1 million in 2023.
The performance reflects a 316.9 percent year-on-year increase, marking one of the company’s strongest results in recent years.
Board Chairman, Mr. Bernard Ahiafor, announced the figures at the company’s 18th Annual General Meeting in Accra, attributing the impressive performance to strengthened risk management, strict cost control, and sustained efforts by management and staff to deliver long-term value.
Gross insurance revenue rose by 49.9 percent to GH¢559.5 million, up from GH¢373.2 million the previous year. The growth was driven by higher demand for fire and accident insurance products, improved customer retention, and expanded strategic partnerships.
Shareholders’ funds also saw strong growth, rising 40.1 percent to GH¢670.4 million, compared to GH¢478.5 million in 2023.
Earnings per share increased to GH¢0.2730, up from GH¢0.0655, while return on shareholders’ funds improved from 2.6 percent to 7.9 percent.
Based on this robust performance, the Board recommended a dividend of GH¢0.0511 per share, which shareholders approved.
Mr. Ahiafor noted that the dividend reflects the company’s commitment to delivering consistent and competitive returns.
A major milestone for the company in 2024 was the full implementation of IFRS 17, the global accounting standard for insurance contracts.
Mr. Ahiafor said the transition strengthens transparency, improves comparability with international peers, and offers deeper insights into performance and risk exposure.
He added that SIC Insurance had reinforced its Enterprise Risk Management framework to address emerging threats, including cyber risks, credit exposures, and macroeconomic volatility.
“Our proactive approach ensures we remain agile, resilient, and capable of sustaining performance under varying economic conditions,” he said.
Looking ahead, the Board Chairman said ongoing government reforms, digital transformation efforts, and rising public interest in inclusive insurance solutions provide strong opportunities for future growth.
“The company is well positioned to build on its momentum and continue delivering sustainable value to shareholders, customers, and the wider Ghanaian community,” he noted.
Managing Director Mr. James Agyenim-Boateng praised the insurance industry’s resilience despite domestic and global uncertainties.
He highlighted regulatory actions, including revised minimum tariffs for third-party motor insurance, as key developments during the year.
SIC Insurance paid GH¢69 million in claims in 2024, reaffirming its longstanding motto: “Our promises are sacred.” The company’s current ratio also strengthened from 1.27 to 1.55, reinforcing its financial stability.
Beyond its financial achievements, SIC continued supporting social initiatives across education, health, and culture, with beneficiaries including the Ghana Blind Union and Child Cancer Awareness programmes.
Independent auditors Baker Tilly Andah+Andah confirmed that the company maintained proper books of account and that its financial statements were consistent with the records.
