SIC Life posts GH¢9m profit

SIC Life Company Limited has recorded profit after tax of GH¢9.29 million for 2013, representing an 83 per cent increase over the figure for 2012.

The CIMG life insurance company for the year 2012 also grew its premium income by 27 per cent to GH¢127.24 million from its Core Life and Sika Plan portfolios.

Total claim payout for the same period amounted to GH¢68.85 million, representing 54 per cent of the company’s actual premium income. 

The Board Chairman, Professor Joshua Yindenaba Abor, disclosed this at the company’s annual general meeting held on May 22, 2014.

The company’s micro-finance product, dubbed “Sikaplan”, which has been operating for over 10 years, mobilised a total of GH¢36.66 million; about 161 per cent over the GH¢14 million it mobilised in 2009. 

The general meeting, therefore, approved a total dividend payout of GH¢2.79 million to the shareholders.

Mr Abor commended the previous board, management and staff of the company for their concerted efforts, which resulted in the achievement. He assured all stakeholders of the board’s firm belief in corporate governance, which would provide a solid foundation for improved corporate performance and accountability.

The Managing Director of SIC Life, Mr Aaron Issa Anafure, stressed that the management team had “conscientiously carried out the mandate to tactically position the company within the life insurance industry of Ghana.” 

He said with emphasis on hard work, commitment to duty, strong business ethics and prudent risk management, the company continued to reap greater dividends for its stakeholders and retained its position as the leader in life insurance company in the country. 

The company’s subsidiary, SIC Life Trust Finance Ltd., which was incorporated in July 2010 to offer financial solutions to Sika Plan policyholders of SIC Life, increased its total assets significantly from GH¢8.1 million in 2012 to GH¢30.8 million in 2013, Mr Anafure said. 

“In the year under review, we also undertook extensive training of our sales force and marketing staff to sharpen their skills and understanding of the changing trends in the marketplace, increased competition and meeting customers’ needs,” he explained.