SIC Insurance PLC has held its Annual General Meeting for the 2025 financial year, bringing together shareholders, members of the Board, management, regulators and other stakeholders to review the company’s financial performance, governance, sustainability initiatives and outlook.
The meeting, held on Thursday, August 20, 2026, at the Wesley Towers Auditorium opposite Cedi House in Accra, was organised in a hybrid format, allowing shareholders to participate both in person and virtually.
The meeting provided shareholders with an opportunity to consider the company’s 2025 audited financial statements, the reports of the Board and independent auditors, as well as the proposed dividend and other matters concerning the company’s operations.
Speaking at the meeting, Board Chairman of SIC Insurance PLC, Bernard Ahiafor, said the company’s performance in 2025 reflected the resilience of the business despite uncertainties in the global and domestic economic environment.
He said the company remained focused on strengthening its financial position, improving its operations and creating sustainable value for shareholders.
According to him, the Board had also taken steps to strengthen the company’s strategic position and improve the value derived from its assets.
The Board Chairman said, “Our ambition remains clear and undiminished: to re-establish SIC Insurance PLC as the undisputed leader in the Ghanaian insurance industry, not only by financial measures, but by the standard of service, lasting impact we make on the lives of our policyholders, the communities we serve and the nation we are proud to call home.”
He said the company had continued to pursue opportunities to optimise its property portfolio while maintaining prudent financial management.
On the company’s outlook, Mr. Ahiafor said, “We are confident that the strategic, governance and sustainability foundations we have laid position the Company well to navigate uncertainty and capitalise on emerging growth opportunities.”
He further assured shareholders that the Board remained committed to strengthening the company and positioning it for long-term growth.
The Managing Director of SIC Insurance PLC, James Agyenim-Boateng, also presented an overview of the company’s operational and financial performance for the year ended December 31, 2025.
“It is my privilege to present the operational and financial performance of SIC Insurance PLC for the year ended 31st December 2025,” Mr. Agyenim-Boateng said.
According to him, the company demonstrated resilience in the face of significant changes in the global operating environment, including geopolitical tensions, extreme weather events, economic uncertainty and the increasing impact of artificial intelligence.
“The past year once again demonstrated how rapidly the world can shift. Geopolitical tensions, extreme weather, economic uncertainty and the accelerating impact of AI introduced new layers of complexity and new forms of risks both on the global and domestic marketplace,” he said.
Mr. Agyenim-Boateng, however, said the changing environment also presented opportunities for SIC Insurance to deepen customer relationships, innovate and identify new avenues for growth.
The Managing Director said SIC Insurance remained focused on strengthening its operations, improving its customer experience and expanding its reach through technology, digital transformation, process automation and strategic partnerships.
He also disclosed that the company maintained strong regulatory and financial positions during the year.
“I am pleased to report that SIC Insurance PLC maintained full regulatory compliance throughout the year, with a capital adequacy ratio of 222.68%, well above the 150% regulatory minimum and an investment to total assets ratio of 73%, exceeding the required 55% threshold,” he said.
The company’s 2025 financial statements showed significant improvement in several key indicators.
Total insurance revenue increased from GH¢559.48 million in 2024 to GH¢598.19 million in 2025, representing a 6.9 percent increase.
Gross written premium also increased by 32.6 percent, from GH¢504.67 million in 2024 to GH¢669.08 million in 2025.
Profit before tax rose from GH¢83.21 million in 2024 to GH¢117.74 million in 2025, representing an increase of approximately 41.5 percent.
Profit after tax increased by approximately 57.4 percent, from GH¢53.41 million to GH¢84.05 million.
Basic earnings per share also improved from GH¢0.2730 in 2024 to GH¢0.4296 in 2025.
Shareholders’ funds increased from GH¢670.38 million in 2024 to GH¢786.28 million at the end of 2025, while total assets increased from about GH¢1.08 billion to GH¢1.23 billion.
The Board recommended a dividend of GH¢0.1022 per share for the 2025 financial year, translating into a total proposed dividend of GH¢20 million, subject to approval by shareholders.
The company’s performance was supported by its various business lines, with insurance revenue from fire, marine and aviation, bonds and engineering recording growth during the year.
Motor insurance remained a major contributor to revenue, although its insurance revenue declined compared with 2024.
The company also reported an increase in total incurred claims during the year, from GH¢82.17 million in 2024 to GH¢97.66 million in 2025.
The increase was largely associated with claims in the fire segment, while engineering claims declined during the period.
SIC Insurance said it continued to strengthen its claims management systems through the use of analytics, fraud detection capabilities and proactive assessment to ensure that claims were managed efficiently and fairly.
The company also highlighted its sustainability and corporate social responsibility initiatives, reporting that it invested GH¢1.27 million in CSR activities in 2025, up from GH¢1.01 million in 2024.
The interventions covered education, community development, health, environment, sport and festivals.
SIC Insurance said it had also begun laying the groundwork for a more formalised sustainability framework anchored on three strategic pillars: people, planet and prosperity.
On the audit report, independent auditors Baker Tilly Andah + Andah reported that they had obtained sufficient appropriate audit evidence and conducted their work in accordance with applicable professional and regulatory requirements.
The auditors identified impairment assessment of investments and the valuation of insurance contract liabilities as key audit matters.
On investments, the auditors said the matter was significant because of the size of the investments and the level of judgement required in assessing whether impairment had occurred.
They also identified the valuation of insurance contract liabilities as a key audit matter because the process involves significant management judgement, including estimates of future cash flows and risk adjustments under IFRS 17.
The auditors said they assessed the accounting policies and methodologies used by management, reviewed assumptions and inputs and tested the valuation of insurance contract liabilities.
They further confirmed that the Group and the Company had kept proper books of account and that the financial statements were in agreement with the accounting records.
The auditors stated in their report: “We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of the audit.”
They also confirmed the independence of the audit team and reported that the engagement had been conducted in accordance with the applicable ethical requirements.
The auditors further noted that SIC Insurance had generally complied with the provisions of the Insurance Act, 2021 (Act 1061).
The AGM therefore provided shareholders with an opportunity to assess the company’s improved financial performance alongside its governance, risk management, sustainability and strategic priorities.
Management said it would continue to focus on strengthening the company’s financial position, improving operational efficiency, expanding digital transformation and distribution channels, deepening customer relationships and creating sustainable long-term value for shareholders.
