SIC posts increased assets in 2022; driven by short-term investments and cash balances
State-owned insurance company, SIC, has posted impressive results for the year ending December 2022, with total assets increasing to GHS 729m from the GHS 688m recorded in the same period in 2021. The growth in assets was primarily due to a rise in SIC’s short-term investments and cash and bank balances.
Short-term investments, in particular, grew from GHS 105m in 2021 to GHS 202m in 2022, a staggering 92% increase in just one year. The company’s cash and bank balances also saw significant growth, rising from GHS 56m to GHS 94m year-on-year.
However, liabilities on a year-on-year basis rose from GHS 320m to GHS 362m, with unearned premium and outstanding claims being the primary drivers of the increase, standing at GHS 140m and GHS 54m, respectively, at the end of December 2021. Despite this, SIC has maintained a strong cash position, which has helped boost its total assets in 2022.
Total comprehensive income for SIC at the end of December 2022 stood at GHS 9m, a significant decrease from the GHS 86m total comprehensive income recorded at the end of December 2021. This decrease can be attributed to several factors, including the rise in liabilities and the impact of the COVID-19 pandemic on the insurance industry.
SIC’s impressive results in 2022 are a testament to the company’s commitment to providing quality insurance services to Ghanaians. As a state-owned insurance company, SIC is dedicated to supporting the economic growth of Ghana by providing insurance services that protect individuals, businesses, and government entities from various risks.
Looking forward, SIC’s management team is focused on developing new insurance products that meet the changing needs of its customers and the broader market. The company is also exploring opportunities to expand its operations in the West African region and beyond.
SIC’s strong financial performance in 2022 is a reflection of the company’s dedication to providing quality insurance services to its customers. The company’s commitment to innovation, customer service, and sound financial management will undoubtedly ensure its continued success in the years ahead.
