SIC Insurance PLC has reported a strong financial performance for the 2025 financial year, recording GH¢84.05 million in profit after tax, representing a 57.4 percent increase over the GH¢53.41 million recorded in 2024.
The results were presented at the company’s 19th Annual General Meeting held on Thursday, August 20, 2026, at the Wesley Towers Auditorium in Accra, where shareholders and other stakeholders reviewed the company’s performance and outlook.
Profit before tax also rose by 41.5 percent to GH¢117.74 million, while total insurance revenue increased from GH¢559.48 million to GH¢598.19 million.
Gross written premium recorded stronger growth, rising by 32.6 percent to GH¢669.08 million.
Speaking at the meeting, Board Chairman Bernard Ahiafor said the company remained focused on regaining its position as a leading player in Ghana’s insurance industry.
“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’s strategic and governance foundations would support its future growth.
“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,” Mr Ahiafor said.
Managing Director James Agyenim-Boateng said the performance was achieved despite a challenging operating environment.
“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 the company nevertheless identified opportunities to strengthen customer relationships, innovate and expand its business.
Mr. Agyenim-Boateng also disclosed that SIC Insurance 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.”
Shareholders’ funds increased to GH¢786.28 million, while total assets rose to GH¢1.23 billion.
The Board recommended a dividend of GH¢0.1022 per share, translating into a total proposed dividend of GH¢20 million, subject to shareholder approval.
Independent auditors Baker Tilly Andah + Andah identified the impairment assessment of investments and the valuation of insurance contract liabilities as key audit matters.
The auditors said the valuation of insurance contract liabilities involved significant judgement and estimates under IFRS 17, including assumptions concerning future cash flows and risk adjustments.
They also confirmed that proper books of account had been kept by the company.
“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,” the auditors stated.
They further reported that SIC Insurance had generally complied with the provisions of the Insurance Act, 2021 (Act 1061).
The company said it would build on the 2025 gains by focusing on digital transformation, customer service, operational efficiency, sustainability and expanded distribution as it seeks to deliver stronger long-term value to shareholders.
