The Chairman of the Board of Directors, SIC Insurance Plc, Dr Ben Jimmy Heymann, says the company has shown great resilience amidst the various challenges that characterised the operating environment in the year 2022.
Speaking at the 16th annual general meeting of SIC Insurance Plc held in Accra on Wednesday, he said there was every reason to be appreciative to all the shareholders and customers who had shown a great level of commitment and patronage to the company over the years.
He said in spite of the challenging business environment in 2022, the underwriting firm increased its premium income to GH¢378million in 2022 from GH¢276million in the year before, representing a 36.9 per cent growth.
Net earned premium income, he said, grew by 21 per cent to GH¢171.6 million from GH¢141million in the year 2021.
"Total assets for the Group grew by 13.2 per cent from GH¢714 million in 2021 to GH¢808 million in the year under review. Also, shareholders' funds saw a growth of 7.9 per cent from GH¢362.9 million in 2021 to GH¢391.6 million," he said.
In the same vein, he said, the company achieved profit-before-tax of GH¢16,675,938 million as against GH¢58,563,323 million recorded in year 2021.
In an interview, Dr Heymann said regardless of the level of uncertainties and dynamics in the business and macro-economic environment, SIC Insurance Plc remained strong to continuously maintain and build on its market shares, while being one of the prime choices for insurers in the Ghanaian insurance landscape.
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"We will continue to innovate, invest in our people and operate with integrity, while remaining responsive to the evolving needs of our customers and communities pursuing profitable growth opportunities in our core markets," he said.
The Managing Director, Mr Stephen Oduro, said despite the challenging operating environment characterised by major headwinds, such as the lingering Covid-19 pandemic disrupting global supply chain and the continued invasion of Ukraine by Russia, the company through strict budget discipline and renewed focus on innovation capitalised on the rare opportunities available in the industry towards maintaining a valiant financial performance and driving long-term value for its shareholders.
Mr Oduro also attributed the performance to the commitment shown by every member of staff, the company's agency force and the insurance brokers' fraternity, who he described as the drivers of the organisation.
Mr Oduro commended the Board of Directors for providing leadership with strong governance as well as all customers for their firm commitment and confidence in the company and the entire staff for their immense support.
