SIC Insurance PLC completed its transition to IFRS 17 during 2024, enhancing financial reporting transparency while recording a 316.9% rise in profit after tax to GH¢53.4 million ($4.70 million).
The insurer delivered this result while absorbing net reinsurance costs of GH¢137.72 million ($12.12 million).
Insurance revenue increased 49.9% year over year to GH¢559.5 million ($49.24 million). The insurance service result before reinsurance reached GH¢418.05 million ($36.79 million), compared with GH¢256.68 million ($22.59 million) in 2023. After reinsurance, the net insurance result stood at GH¢277.02 million ($24.38 million), nearly double the previous year.
Board chair Bernard Ahiafor presented the figures at the company’s 18th Annual General Meeting in Accra on Nov. 27, 2025. He said the organization is well positioned to continue delivering value to shareholders, customers, and the broader Ghanaian community.
The performance coincides with transitions in corporate governance. In July 2025, a new board - chaired by Ahiafor and including finance and public-sector professionals - was inaugurated, according to information published at the installation ceremony. The board confirmed James Agyenim-Boateng as Managing Director. He said the leadership changes represent “an important step in SIC PLC’s journey to regain market leadership.”
Profit before tax increased to GH¢83.21 million ($7.32 million) from GH¢22.84 million ($2.01 million) in 2023. Earnings per share rose to GH¢0.2730 ($0.02), and return on shareholders’ funds moved to 7.9% from 2.6%. Shareholders’ funds totaled GH¢670.4 million ($59.00 million). The board approved a dividend payout of GH¢0.0511 per share, equating to about GH¢10 million ($0.88 million).
In remarks published during the Insurance Brokers Association of Ghana conference in March 2025, Agyenim-Boateng said SIC intends to work more collaboratively with brokers and other insurers, signaling openness to co-insurance arrangements to drive premium generation.
SIC reported total claims payments of GH¢69 million ($6.07 million) and a current ratio of 1.55, compared with 1.27 last year. The company maintained investments in community initiatives totaling GH¢1,005,005 ($0.09 million).
Ghana’s insurance penetration remained at 1% in 2024, according to the Bank of Ghana’s Financial Stability Review. Under IFRS 17’s insurance service revenue methodology, penetration is recalculated at 0.63%. Insurance density rose to GH¢202.40 ($17.81) from GH¢195.00 ($17.16).
A sector analysis published by 3News in February noted growing scrutiny of executive performance and accountability in state-owned enterprises, arguing leadership compensation should be evaluated against results delivered. SIC’s capital position, underwriting activity in motor, fire, marine and aviation, and accident lines, and a market share exceeding 12% continue to draw attention in a competitive landscape affected by inflation, currency volatility, and residual domestic debt restructuring effects.
