SIC Insurance PLC (SIC) will convene its 18th Annual General Meeting (AGM) on November 27, 2025, at 11:00 a.m. through a hybrid format combining in person attendance at the Accra International Conference Centre and virtual participation via www.sicinsuranceagm.com. Company Secretary Cynthia Rockson issued the formal notice dated October 30, 2025, inviting shareholders to participate in the governance proceedings.
The agenda includes five ordinary business items requiring shareholder consideration and approval. Members will review and adopt the company’s financial statements for the year ending December 31, 2024, along with accompanying reports from directors and auditors. The 2024 annual report and financial statements remain accessible on the company’s website at www.sic gh.com for shareholder examination ahead of the meeting.
Shareholders will elect and ratify director appointments during the session, maintaining continuity of board governance and leadership oversight. The electoral process forms a crucial component of corporate governance, ensuring qualified individuals guide the company’s strategic direction. Board composition typically reflects expertise across insurance operations, finance, risk management, and regulatory compliance.
Dividend declaration for the 2024 financial year represents a key agenda item that shareholders anticipate. The board’s recommendation will reflect the company’s financial performance, capital requirements, regulatory obligations, and commitment to shareholder value distribution. SIC Insurance demonstrated robust financial performance in 2024, with the group reporting insurance revenue of GH₵559.48 million, a substantial increase from GH₵373.19 million in 2023, while profit after tax reached GH₵53.41 million compared to GH₵12.81 million previously.
Director remuneration approval allows shareholders to ratify compensation structures for board members serving throughout the year. Transparent disclosure of director remuneration aligns with corporate governance best practices and regulatory requirements under Ghana’s Companies Act. The board must justify remuneration levels based on responsibilities, time commitments, and market benchmarks.
The meeting will authorize directors to determine auditor remuneration, granting flexibility in negotiating professional fees for external audit services. This authorization typically covers the upcoming financial year, allowing management to secure quality audit services at competitive rates. Independent auditors play vital roles in verifying financial statement accuracy and compliance.
SIC Insurance Company, formerly known as State Insurance Corporation, traces its history to February 1962 when it was formed, though its roots extend to 1955 with the establishment of Gold Coast Insurance Company, later renamed Ghana Insurance Company in 1957. The company converted to a public limited liability company in August 1995 and listed on the Ghana Stock Exchange (GSE) in January 2008.
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 offers specialized products including workmen’s compensation insurance, general bonds, engineering and construction insurance, plus hoteliers and leisure policies for the hospitality industry.
Through subsidiary SIC Financial Services Limited, the group extends investment advisory, asset and fund management, financial consultancy, and brokerage services. This diversification strengthens revenue streams beyond traditional insurance underwriting. The integrated business model serves clients across their financial protection and wealth management needs.
SIC Insurance serves as pool manager for Ghana’s oil and gas insurance sector, appointed based on capital base, human resource capacity, and track record. This prestigious role involves coordinating all participating Ghanaian insurance companies, clients, stakeholders, and overseas reinsurers for exploration, drilling, and production related insurance coverage.
The company maintains headquarters at Nyemitei House on Ring Road East in Osu, Accra. Contact channels include toll free number 0800 100055 alongside direct lines 0302 823100 and 0302 823101. The company maintains active social media presence at PlcSic for stakeholder engagement and information dissemination.
Shareholders unable to attend physically can participate virtually through the streaming platform, ensuring accessibility regardless of geographic location. This hybrid approach reflects evolving corporate governance practices embracing technology to broaden shareholder participation. Virtual attendance options became increasingly common following pandemic era innovations in meeting formats.
The notice emphasizes shareholders should review the 2024 annual report ahead of the meeting to make informed decisions on agenda items. Advanced preparation enables meaningful engagement with financial performance, strategic initiatives, risk factors, and governance matters requiring approval. Shareholder voting rights attach to shares held as of the record date specified in meeting documentation.
