SIC Insurance Company Limited has recorded an increase in its profit ratio, posting an unaudited profit after tax figure of GH¢9,530,103 in 2015.
It represents a 214 per cent increase over the 2014 figure of GH¢8,303,403.
The insurance giant also recorded a gross premium of GHc139,107,473 in 2015 against GHS115,702,732 in 2014, representing a 20 per cent growth, thus maintaining its leadership position in the general insurance market.
The acting Managing Director, Mr Kwei Mensah Ashidam, announced this in an interview with the media, saying it was the result of prudent underwriting, aggressive marketing strategies and the enforcement of the ‘No premium, No cover’ policy introduced by the National Insurance Commission.
Mr. Ashidam added that SIC Insurance was at an advanced stage with the implementation of its Enterprise Risk Management programme which had augmented internal controls and improved general operations.
He also noted that investment income at the close of the 2015 financial year came to
GH¢ 9,933,847 representing a growth of 9.6 per cent against GH¢9,057,036 for the year 2014.
The MD also said that the value of shareholders’ funds increased from GH¢74,614,625 in 2014 to GHc81,567,496 in 2015 while the company’s total assets also grew by 13.6 per cent from
GH¢175,392,972 in 2014, to GH¢199,326,967 in 2015.