State Insurance Company (SIC) Limited recorded profit-after-tax of GH¢9,530,103 in 2015 as against GH¢8,303,403 in 2014, representing a 214 percent increase.
The insurance giant also recorded a gross premium of GH¢139,107,473 in 2015 against GH¢115, 702,732 in 2014, representing a 20 percent growth.
It maintained its leadership position in the general insurance market.
The value of shareholders’ funds increased from GH¢74,614,625 in 2014 to GH¢81,567,496 in 2015 while the company’s total assets also grew by 13.6 percent from GH¢175,392,972 in 2014 to GH¢199, 326,967 in 2015.
Kwei Mensah Ashidam, Acting Managing Director, in an interview with the media, said the impressive performance by the company 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 (NIC).
He said SIC Insurance is at an advanced stage in the implementation of its Enterprise Risk Management programme, which has augmented internal controls and improved general operations.
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Mensah Ashidam said these are very positive indicators for shareholders, expressing sincere appreciation to the company’s clients, shareholders and other business partners for their immense support, contribution and loyalty to SIC Insurance company.
He noted that investment income at the close of the 2015 financial year was GH¢9,933,847, representing a growth of 9.6 percent against GH¢9,057,036 recorded in 2014.
Mensah Ashidam attributed the growth to the company’s strict adherence to its investment policy, which undergoes periodic review to reflect current trends.
He gave the assurance that SIC insurance will remain the nation’s largest preferred insurer with over five decades of expertise in delivering excellent quality insurance products in over 22 business offices nationwide alongside its brokers and agents.
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