The Chairman of the Board of Directors of SIC Insurance Plc, Dr. Ben Jimmy Heymann, says the company has showed great resilience amidst the various challenges that characterised the operating environment in the year 2022.
Speaking at the 16th Annual General Meeting (AGM) on Wednesday, he indicated that there is every reason to be appreciative to all the shareholders and customers of the Organization who had shown a great level of commitment and patronage to the Company over the years.
In spite of the challenging business environment in 2022, the underwriting Firm increased its premium income to GH₵378 million in 2022 from GH₵276 million in the year before, representing a 36.9% growth. Net earned premium income grew by 21% to GH₵171.6 million from GH₵141 million in the year 2021.
“Total assets for the Group grew by 13.2% from GHS 714 million in 2021 to GHS 808 million in the year under review. Also, shareholders’ funds saw a growth of 7.9% from GHS 362.9 million in 2021 to GHS 391.6 million” the Chairman reported.
Similarly, the company achieved Profit Before Tax of GH₵16,675,938 million as against GH₵58,563,323 million recorded in the year 2021.
In an interview, Dr. Heymann said regardless of the level of uncertainties and dynamics in the business and macro-economic environment, SIC Insurance Plc remains strong to continuously maintain and build on its market share while remaining one of the prime choices for insurers in the Ghanaian insurance landscape.
“We will continue to innovate, invest in our people and operate with integrity, while remaining responsive to the evolving needs of our customers and communities pursuing profitable growth opportunities in our core markets,” he said.
The Managing Director, Stephen Oduro, in his report, reiterated that despite the challenging operating environment characterised by major headwinds such as the lingering Covid-19 pandemic disrupting the global supply chain and the continued invasion of Ukraine by Russia, SIC Insurance Plc. through strict budget discipline and a renewed focus on innovation, capitalised on the rare opportunities available in the industry towards maintaining a valiant financial performance and driving long-term value for its shareholders.
Mr Oduro also attributed the performance to the commitment shown by every member of staff, the company’s agency force, and the insurance brokers fraternity who he described as the drivers of the organization coupled with the fact, that the company’s Management is also dedicated to ensuring that the company takes its place of pride in the industry.
“The tenacity of the SIC Insurance team in achieving aggressive revenue generation is unwavering and we will continue to pursue it with renewed vigour.”
Mr Oduro commended the Board of Directors for providing leadership with strong governance as well as all customers for their firm commitment and confidence in the company and the entire staff for their immense support.
“In fact, through the hard work of the team, I was privileged to receive the 2022 CEO of the Year for General Insurance accolade by CEOs Network at the 7th Ghana CEO Summit” he added.
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