SIC Insurance PLC has announced a strong profit of GH¢84.05 million for the 2025 financial year. This figure represents a significant 57.3 per cent increase from the GH¢53.41 million profit recorded in 2024. The company’s overall financial health shows improvement, driven by increased earnings from its core insurance business and investments.
The substantial profit jump was largely due to a rise in insurance revenue, which grew to GH¢598.19 million from GH¢559.48 million in the previous year. Higher returns on investments, including fixed deposits and treasury bills, also contributed positively to the company’s income. Additionally, a one-off gain from resolving land encroachment issues at Greenhill provided a boost to the company’s profits.
This performance places SIC Insurance within the context of Ghana’s growing financial sector. The insurance industry plays a crucial role in supporting economic stability by providing risk management solutions and channeling funds into investments. SIC Insurance is a key player, listed on the Ghana Stock Exchange, offering a wide range of non-life insurance products. Its capital adequacy ratio of 222.68 per cent, well above the regulatory 150 per cent, indicates financial resilience.
Despite the positive profit figures, the company’s audited financial statements faced scrutiny from auditors Baker Tilly Andah + Andah. They issued a qualified opinion, meaning they found issues with the financial reporting. The auditors pinpointed material misstatements at SIC Financial Services Limited, a subsidiary. This included unresolved legal obligations where liabilities were significantly underestimated.
Notable among these issues were cases involving Tannik Ghana and Bank of Africa. In the Tannik Ghana case, court-confirmed liabilities were not fully reflected in the accounts. Similarly, judgment debts and accrued interest from the Bank of Africa case were not accurately reported. These omissions, according to the audit report, led to liabilities being understated by approximately GH¢142.7 million. This also resulted in an overstatement of the company’s equity by the same amount.
The board of SIC Insurance has recommended a dividend payment of GH¢0.1022 per share, totaling GH¢20 million. This recommendation awaits approval from the National Insurance Commission. The company continues to maintain strong ratios regarding investment to total assets, exceeding regulatory requirements, reflecting sound asset management practices.