SIC Insurance Plc has announced that for the financial year ended December 31, 2020, the company will pay a dividend of GH¢0.0153 per ordinary share to its shareholders, totaling GH¢3 million.
Despite the hardships faced by businesses as a result of the tragic events in 2020 as a result of COVID-19, the insurance juggernaut earned a gross written premium of Ghc242.1 million at the end of the 2020 fiscal year, compared to Ghc211.5 million in the previous year. This is a 14.4% improvement over the previous year’s results.
In its 2020 Annual Report and Financial Statement, the company made a profit before tax (PBT) of Ghc28.3 million, with Ghc5.74 million paid as Corporate Tax, Ghc7.29 million paid as deferred tax, and a further Ghc719,711.00 paid as National Stabilization Levy. This resulted in a profit after tax of Ghc14.55 million for the company.
Dr. Jimmy Ben Heymann, Board Chairman of SIC Insurance Plc, indicated that the Board’s priority will be to continue the efforts and dedication and to simplify the company’s operations, notably through digital and technical innovation.
Speaking at the company’s annual general meeting, Dr. Heymann also thanked their loyal customers for patronizing their brand and urged them to continue their patronage. He stated that SIC will continue to provide them with excellent customer service.
The Board Chairman complimented the company’s employees and management for their hard work and sheer commitment and urged them to continue pushing, stating that there is still more work to be done and that the company has the potential to achieve better in the future.
Impact of the Covid-19 on the Company’s operations.
Mr. Stephen Oduro, the company’s Managing Director, who was also speaking at the AGM, stated that the global economy had witnessed its 10th consecutive year of growth at the start of 2020, and that the natural assumption was for this trend to continue for years to come. He noted, however, that just two months into the year, the coronavirus crushed this expectation, causing the steepest global recession in generations.
Parts of the country were put under lockdown, and social isolation led to little in-person connection with customers in the insurance industry, he explained.
As a result of these global challenges, Mr. Oduro stated that the organization shifted to online and digital channels to better engage with their customers.
“In response to the above challenges, there was the need to quickly switch to the use of digital means of communication with customers and allow some trusted individuals and corporate entities to partially pay for equivalent partial cover and also plan to win over policyholders after the pandemic or when things eased down.
“We are working hard to leverage all the investment we are pushing into our digitalization program. We will focus on developing winning partnerships and improve alternative distribution channels to deepen our reach.”
Mr. Stephen Oduro
Mr. Oduro expressed optimism that the company will be able to maintain the Ghc3 million dividend to shareholders and even do more in the future.
“SIC Insurance has come a long way and through hard work and dedication, we have stayed on course. At the beginning of every year, we set a goal for ourselves taken into consideration how we can satisfy the owners and shareholders.”
Mr. Stephen Oduro
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