SIC Life Insurance Makes Progress In 2015

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By Cecil Mensah

In spite of the economic challenges and the competitive nature of the insurance industry in the year 2015; SIC Life Company limited, one of the leading life and general insurance companies in the country remained focused in the delivery of customer friendly services to all its clients in the sector.

Speaking at the Annual General Meeting (AGM) of the company in Accra, Mr. Joseph Yendenaba Abor, board Chairman of SIC Life, noted that the company remained a profitable life insurance company that was able to deliver real and optimal returns to its shareholders.

According to him, the 2015, was a very challenging year both locally and internationally, but appropriate management techniques positioned the company, as one of the leading state insurers in the country.

He said, in spite of all these challenges, the company increased growth and enhanced its service quality delivery to its clients.

He said, management achieved this, because it recognized that more work needs to be done to achieve the ultimate aspiration by growing bigger and better in 2016.

He explained that directors of the company stood by the high standards of corporate governance in directing the affairs during these hard times.

“I want to reiterate that this Board; believes that corporate governance is keyin the provision of solid foundation for improved corporate performance and ensuring accountability to shareholders”, he said.

He noted that in 2015; the exchange rate developments as well as the worsening external financing condition and the effects of the unanticipated petroleum price adjustment affected the sector, but the operations of SIC Life soared because the measures it put out to strengthen its internal systems to deliver.

He said in the 2015, a total of 181,272,376 Ghana Cedis were recorded as premium income showing a growth rate 14.49 percent over that of 2014.

He announced that the company’s shopping mall and office complex, the first ever by an insurance company are doing well hence a profit after tax of 15, 547,863 Ghana Cedis as against 12,382,874 Ghana Cedis in 2014 representing 25.56 percent.

In view of this, he recommended that a total dividend of 4,664,319.30 Ghana Cedis to be paid to shareholders for the year ending December 31, 2015 representing 25.56 percent increment over that of 2014.

The Chief Executive Officer (CEO) ofSIC Life Company Limited, Mr. Aaron Anafure, said the company’s recovery growth in the medium term was supported by a sustained improvement in the macroeconomic environment.

He said the management team of the company carried out its mandate in the sector by placing premium on hard work and total commitment to duty to ensure this growth.

“We practiced strong business ethics and prudent risk management values which continue to reap greater dividend for the company’s shareholders.

We shall continue to work hard to consolidate the company’s position as the number one life insurance company in the Ghanaian insurance industry,” he maintained.

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