SIC records 14.4% growth in gross premium payments for 2020
SIC Insurance Plc has achieved a gross written premium of GH¢242.1 million at the end of the 2020 fiscal year as against the GH¢211.5 million it recorded during the corresponding period of 2019.
The increase represents a 14.4% growth of its performance over the result of 2019, although the Covid-19 pandemic dealt a huge blow on businesses in 2020.
The company also recorded a profit before tax of GH¢28.3 million, with GH¢5.74 million recorded as the amount paid as corporate tax, GH¢7.29 million paid as deferred tax and an additional GH¢719,711 as National Stabilisation levy. This brought the company’s profit after tax position to GH¢14.55 million.
The Board Chairman of the company, Dr. Jimmy Ben Heymann announced this at the company’s annual general meeting held virtually, with an assurance that there will be much to consider in the coming year, but before that, the Board’s focus will be on continuing the hard work and also simplifying operations of the company particularly through digital and technological innovation.
Managing Director of the company, Mr. Stephen Oduro, in his report observed that at the beginning of 2020 the global economy had recorded its 10th year of uninterrupted growth; so the general expectation was for this trend to continue for years ahead – but within two months into the year the novel coronavirus shattered this expectation and brought about the steepest global recession in generations.
The country witnessed a partial lockdown, and on insurance front social distancing led to minimal in-person interaction with customers.
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“In response to the above challenges, there was a need to quickly switch to using digital means of communication with customers and allow some trusted individuals and corporate entities to partially pay for equivalent partial cover; and also plan to win over policyholders after the pandemic or when things eased down.”
Mr. Oduro assured that the company remains committed to ensuring that its sustainability project is on course.
“We are working hard to leverage all the investment we are pushing into our digitalization programme. We will focus on developing winning partnerships and improving alternative distribution channels to deepen our reach,” he added.
The company also announced a dividend of 0.0153 per ordinary share, representing GH¢3 million for the financial period ended December 31, 2020.
Reacting on the GH¢3 million dividend to shareholders in an interview with the media, Mr. Oduro was hopeful the company can sustain it and even do more in future.
“SIC Insurance has come a long way, and through hard work and dedication we have stayed on course. At the beginning of every year we set a goal for ourselves, taking into consideration how we can satisfy the owners and shareholders,” he stated.
