SIC records 395% growth in profit; grows assets value by 11.7%
State-owned insurance company, SIC Insurance Limited (SIC), for last year – 2021 – recorded a 395 percentage points increment in its profit after tax.
Per the insurer’s 2021 Financial Statement, its profit after tax increased from GHS 7.3m in 2020 to GHS 29.1m in 2021.
Regarding its total assets value, the insurer witnessed a 11.7 percentage points increase as its total assets value grew from GHS 546m to GHS 619m in 2020 and 2021 respectively.
Current and non-current assets accounted for GHS 357m and GHS 261m of SIC’s total assets for the review year.
SIC for the year under review made gross premium earnings of GHS 276m and insurance underwriting loss of GHS 2.2m.
Claims to the tune of GHS 21.9m by customers were honoured by the state insurer for last year.
Read details of financial statement below:
