SIC Insurance PLC has achieved its strongest financial results in more than ten years, with profit after tax surging 316.9 percent to reach GH¢53.4 million in 2024, shareholders heard at the company’s 18th Annual General Meeting.
The insurer’s insurance revenue climbed 49.9 percent to GH¢559.5 million during the year, up from GH¢373.2 million in 2023. Shareholders’ funds expanded by 40.1 percent to GH¢670.4 million, compared with GH¢478.5 million the previous year.
Board Chairman Bernard Ahiafor presented these results at the meeting held in Accra on November 27, 2025. He attributed the performance to robust risk management, cost discipline, and dedication from management and staff toward sustainable value creation.
The company recorded these gains despite operating in a challenging macroeconomic environment characterized by high inflation, currency depreciation, and the lingering effects of the Domestic Debt Exchange Programme (DDEP).
“The company is well positioned to build on its momentum and continue delivering sustainable value to shareholders, customers and the wider Ghanaian community,” Ahiafor stated.
Strong demand for fire and accident insurance, improved customer retention, and strategic partnerships drove the revenue growth. The insurance service result before reinsurance rose sharply to GH¢418.05 million from GH¢256.68 million in 2023.
Despite higher net reinsurance costs of GH¢137.72 million, SIC Insurance recorded a net insurance result of GH¢277.02 million, nearly double the GH¢147.07 million posted the previous year.
Profitability strengthened across all key indicators. Profit before tax rose to GH¢83.21 million, up from GH¢22.84 million in 2023. Earnings per share reached GH¢0.2730, compared with GH¢0.0655 the previous year, while return on shareholders’ funds improved to 7.9 percent from 2.6 percent.
Based on this financial performance, the Board of Directors recommended a dividend of GH¢0.0511 per share, which stakeholders approved. The dividend amounts to approximately GH¢10 million. Ahiafor stressed the move reflects the company’s commitment to delivering consistent and competitive returns to shareholders.
A significant milestone in 2024 was the full implementation of International Financial Reporting Standards (IFRS) 17, the global accounting standard for insurance contract reporting. This development has enhanced transparency, strengthened comparability with international peers, and provided deeper insights on performance and risk profile.
The company reinforced its Enterprise Risk Management (ERM) framework to better address emerging threats, including cyber risks, credit exposures, and macroeconomic volatility. This proactive approach ensures the insurer remains agile, resilient, and capable of sustaining performance under varying economic conditions.
Managing Director James Agyenim Boateng noted that despite domestic and global economic uncertainties, the insurance industry demonstrated remarkable resilience. The market saw regulatory and industry collaboration to revise the minimum tariff for third party motor insurance policies.
Total claims paid amounted to GH¢69 million during the year. The company maintained its commitment to its motto, which states promises are sacred. The insurer’s current ratio improved to 1.55 from 1.27, reinforcing its financial strength.
SIC Insurance continued supporting educational institutions in the tertiary space and health and cultural initiatives such as the Ghana Blind Union and Child Cancer Awareness Month, among others. The company allocated GH¢1,005,005 toward fulfilling its corporate social responsibility in 2024.
The chairman observed that insurance penetration rate in Ghana remains around 1 percent, presenting significant untapped opportunities the company is positioned to capture. The 2024 Financial Stability Review by the Bank of Ghana confirms insurance penetration held steady at 1.0 percent in 2024, the same level as in 2023.
When applying the Insurance Service Revenue approach under IFRS 17, penetration for 2024 was recalculated at 0.63 percent. However, insurance density, representing average per capita insurance spending, increased to GH¢202.40 in 2024, up from GH¢195.00 in 2023.
Ahiafor pointed to ongoing government reforms, digital transformation initiatives, and increased public interest in inclusive insurance solutions as offering a strong foundation for future expansion. The successful implementation of IFRS 17, enhancements to the Enterprise Risk Management framework, and digital transformation initiatives are key factors expected to drive future growth.
With a robust capital base, a clear strategy, and a high performing team, SIC Insurance PLC is ready to build on its momentum and continue delivering sustainable value to shareholders, customers, and the Ghanaian economy, according to the chairman.
He expressed appreciation to shareholders, regulators, clients, partners, and staff for their continuous support, noting that their trust has been central to the company’s sustained success. The chairman commended management and staff for the strong performance, emphasizing that the 2024 results signal renewed operational momentum.
The results validate the effectiveness of ongoing strategic initiatives aimed at strengthening SIC’s market leadership in the insurance sector. SIC Insurance provides comprehensive non life insurance products across motor, fire, marine and aviation, and accident sectors, with an estimated market share exceeding 12 percent.
The company, formerly known as State Insurance Corporation, traces its history to February 1962, though its roots extend to 1955 with the establishment of Gold Coast Insurance Company, later renamed Ghana Insurance Company in 1957. SIC Insurance converted to a public limited liability company in August 1995 and listed on the Ghana Stock Exchange in January 2008.
Deloitte’s 2025 Africa Insurance Outlook notes that with 50 licensed insurers and reinsurers and market penetration at just 1 percent in 2024, Ghana’s insurance industry remains underdeveloped relative to its potential. However, the sector has demonstrated resilience and progress in the face of a challenging economic environment.
Economic, geopolitical, and operational pressures continue to weigh on performance across the industry. The DDEP, currency depreciation, and persistent inflation have eroded balance sheets and forced insurers to reconsider their strategies to protect capital and safeguard assets.
