SIC Insurance doubles dividend to GH¢20m • Targets return to No. 1 position
SIC Insurance PLC has declared a GH¢20 million dividend for its shareholders, doubling the GH¢10 million paid in 2023 and 2024.
The declaration reflects an improvement in the company’s financial performance, revenue and business portfolio for the year under review.
Speaking at the company’s 19th Annual General Meeting (AGM) in Accra yesterday, the Chairman of the Board, Mr Bernard Ahiafor, said the dividend reflected the company’s stronger financial position and improved profitability.
He said SIC Insurance had duly notified the National Insurance Commission (NIC), its regulator, before declaring the dividend, adding that the regulator’s approval indicated that the payment would not adversely affect the company’s financial stability.
Mr Ahiafor said the company had also complied with all directives issued by the NIC during the year, with no default recorded.
He said the company’s expanding business portfolio had translated into increased revenue and profits, describing the performance as evidence of progress made under the current Board.
Mr Ahiafor expressed appreciation to shareholders for renewing their confidence in the Board and pledged that it would continue to work to strengthen the company.
He was optimistic that SIC Insurance would increase its dividend payment further for the year ending 2026.
The Managing Director of SIC Insurance PLC, Mr James Agyenim-Boateng, reaffirmed the company’s commitment to reclaiming the number one position in Ghana’s insurance market.
He said the company had made significant progress and was determined to build on the gains to strengthen its operations and competitiveness.
Mr Agyenim-Boateng attributed the progress to the support and guidance of the Board, as well as the commitment and teamwork of management and staff.
He described SIC Insurance as Ghana’s largest indigenous general insurance company and a strong and credible brand with enormous potential.
The Managing Director also dismissed reports that SIC Insurance had received letters from the State Interests and Governance Authority (SIGA) regarding the removal of staff.
He stressed that neither he nor any official of the company had received such correspondence.
“We are focused and dedicated. We are doing everything we can to take SIC to its rightful position as Ghana’s number one insurance company,” he said.
Mr Agyenim-Boateng expressed appreciation to customers, business partners and shareholders for their continued support and confidence in the company’s vision.
BY EUGENE AMPIAW
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