SIC Insurance PLC delivered a strong financial performance in 2024, driven by a significant rise in insurance revenue to GH¢559.48 million, up from GH¢373.19 million in 2023.
The increase reflects strengthened underwriting activity and growing market confidence in the insurer.
Speaking at the 18th Annual General Meeting on Thursday, November 27, 2025, the Board Chairman of SIC Insurance PLC, Bernard Ahiafor, highlighted that the company’s insurance service result before reinsurance rose sharply to GH¢418.05 million, compared with GH¢256.68 million the previous year.
He added that despite higher net reinsurance costs of GH¢137.72 million, SIC recorded a strong net insurance result of GH¢277.02 million, nearly double the GH¢147.07 million posted in 2023.
“Profitability strengthened across all key indicators. Profit before tax rose to GH¢83.21 million, up from GH¢22.84 million, while profit after tax reached GH¢53.41 million, compared with GH¢12.81 million in 2023,” he stated.
Mr. Ahiafor also noted that the insurer’s balance sheet continued to improve, with total assets increasing to GH¢1.12 billion, up from GH¢899.83 million the previous year.
Shareholders’ funds grew to GH¢670.38 million, underscoring a stronger capital base. Earnings per share rose to GH¢0.273, while return on shareholders’ funds climbed to 7.97%, reflecting enhanced value creation for shareholders.
He commended management and staff for the strong performance, emphasising that the 2024 results signal renewed operational momentum and validate the effectiveness of ongoing strategic initiatives aimed at strengthening SIC’s market leadership.
