The 16th Annual General Meeting (AGM) of Ghana’s largest indigenous general insurance company, SIC Insurance Plc, has taken place in Accra.
Chairman-Board of Directors, Dr. Ben Jimmy Heymann, said the company no doubt showed great resilience amid the various challenges that characterised the operating environment in 2022.
He further added that there is every reason to be appreciative to all shareholders and customers of the organization, who have shown a great level of commitment and patronage to the company over the years.
Despite the challenging business environment in 2022, the underwriting firm increased its premium income to GH¢378million in 2022 from GH¢276million the year before, representing a 36.9% growth. Net earned premium income grew by 21% to GH¢171.6million from 141million in the year 2021. “Total assets for the Group grew by 13.2% from GH¢714million in 2021 to GH¢808million in the year under review. Also, shareholders’ funds saw a growth of 7.9% from GH¢362.9million in 2021 to GH¢391.6million,” the chairman reported. In the same vein, Profit Before Tax was GH¢16,675,938million as against GH¢58,563,323million recorded in year 2021.
In an interview, Dr. Heymann said regardless of the level of uncertainties and dynamics in the business and macro-economic environment, SIC Insurance Plc remains strong to continuously maintain and build on its market share while remaining one of the prime choices for insurers in the Ghanaian insurance landscape.
SIC Insurance will keep striving to be a responsible and sustainable business that creates long-term value for all its stakeholders. “We will continue to innovate, invest in our people and operate with integrity, while remaining responsive to the evolving needs of our customers and communities pursuing profitable growth opportunities in our core markets,” he added while speaking at the company’s 16th Annual General Meeting, which was held in hybrid form last Wednesday 18th October 2023.
Managing Director Mr. Stephen Oduro, in his report reiterated that despite the challenging operating environment characterised by major headwinds – such as the lingering COVID-19 pandemic disrupting global supply chain and continuing invasion of Ukraine by Russia – SIC Insurance Plc, through strict budget discipline and renewed focus on innovation, capitalised on rare opportunities available in the industry to maintain a valiant financial performance and drive long-term value for its shareholders.
Mr. Oduro also attributed this performance to the commitment shown by every member of staff, the company’s agency force and the insurance brokers fraternity – who he described as drivers of the organization, coupled with the fact that the company’s management is also dedicated to ensuring the company keeps its place of pride in the industry.
In his words: “The SIC Insurance team’s tenacity in achieving aggressive revenue generation is unwavering, and we will continue to pursue it with renewed vigour”.
Mr. Oduro commended the Board of Directors for providing leadership with strong governance, as well as all customers for their firm commitment and confidence in the company and entire staff. “In fact, through the team’s hard work, I was privileged to receive the 2022 CEO of the Year, General Insurance accolade from CEOs Network at the 7th Ghana CEOs Summit,” he added.
SIC Insurance is Ghana’s largest indigenous general insurance company, with over 26 business locations across the country.