SIC Insurance doubles dividend to GH¢20m, targets No. 1 market position

SIC Insurance PLC has announced a significant increase in its dividend payout, doubling it to GH¢20 million for shareholders. This decision stems from an improved financial performance, revenue, and business portfolio during the year under review. The company's Chairman, Bernard Ahiafor, stated at the 19th Annual General Meeting in Accra that the increased dividend reflects the company's stronger financial position and enhanced profitability.

Ahiafor also confirmed that the National Insurance Commission (NIC), the industry regulator, was notified and approved the dividend declaration. This approval signifies that the payment will not negatively impact the company's financial stability. He further noted that SIC Insurance has adhered to all NIC directives throughout the year without any defaults, attributing the expanding business portfolio to increased revenue and profits.

“

The declaration reflects an improvement in the company’s financial performance, revenue and business portfolio for the year under review.

Looking ahead, Managing Director James Agyenim-Boateng reaffirmed the company's ambition to regain its top spot in Ghana's insurance market. He highlighted the significant progress made and expressed determination to build on these gains. Agyenim-Boateng also dismissed reports of staff removal letters from the State Interests and Governance Authority (SIGA), emphasizing the company's focus on achieving its goal of becoming Ghana's number one insurance provider. He expressed gratitude to customers, partners, and shareholders for their ongoing support.

“

We are focused and dedicated. We are doing everything we can to take SIC to its rightful position as Ghana’s number one insurance company.