SIC Insurance Plc Announces 2023 Financial Results and Dividend

SIC Insurance Plc has declared a dividend of GH¢0.0511 per share for the 2023 financial year. This announcement was made by the Chairman of the Board, Dr. Audu Rauf, during the company’s annual general meeting held in Accra, where shareholders engaged with the company’s leadership on its 2023 performance and future outlook.

Dr. Rauf highlighted several key financial achievements for the period, including a profit after tax of GH¢12,812,982, a 4.96% increase in insurance revenue, a 29.54% growth in net insurance results, a 27.15% increase in total group assets compared to 2022, and a 20.09% growth in shareholders’ funds.

The Chairman emphasized the company’s commitment to leveraging cutting-edge technology to enhance customer experience, diversify products and services, strengthen partnerships, and empower employees for sustainability. He also celebrated SIC’s compliance with International Financial Reporting Standards (IFRS17), which enhances transparency and operational efficiency.

Dr. Rauf reiterated SIC’s focus on innovation, customer-centricity, and strategic growth, and expressed gratitude to the management and staff for their dedication amidst global geopolitical challenges and domestic economic pressures.

Acting Managing Director, Ms. Hollistar Duah-Yentumi, expressed appreciation for the unwavering support from shareholders, employees, and partners. She stated, “As we move forward, we remain committed to innovation, customer-centric solutions, and driving meaningful impact. With your trust, SIC Insurance will achieve new heights, delivering growth and safeguarding your investments.”

Established in 1955, SIC Insurance has been a cornerstone of Ghana’s financial landscape, serving generations of Ghanaians. Despite new market entrants affecting its market share, the company continues to be a viable and sustainable financial entity focused on reclaiming its leadership position. 

SIC remains committed to corporate social responsibility, investing in communities, supporting education, healthcare, and disaster relief efforts nationwide, even amidst economic challenges.