SIC Insurance PLC has officially transitioned to new leadership as Ms. Hollistar Duah-Yentumi finally handed over to her successor, Mr. James Agyenim-Boateng, following a year of exceptional financial and operational performance.
The handing-over ceremony, which took place on Wednesday, February 12, 2025, at the company’s Head Office in Accra, marked the end of her tenure.
During the ceremony, Ms. Duah-Yentumi presented a comprehensive handover report detailing the key achievements made under her leadership. She described her time as Managing Director as one of transformation, highlighting how various strategic initiatives had contributed to the company’s growth. She commended the management team and employees for their unwavering commitment, which she said played a critical role in positioning SIC Insurance for sustained success.
One of the most remarkable aspects of her tenure was the company’s impressive financial performance. SIC Insurance recorded GHS 513 million in revenue for 2024, representing a 37.48 percent increase from the previous year’s figure of GHS 373 million. Profit after tax surged to GHS 56 million, reflecting a staggering 375.5 percent rise from the GHS 15 million recorded in 2023.
This growth was expected to significantly enhance shareholder returns, with return on equity improving from 3.11 percent in 2023 to 10.61 percent in 2024. Additionally, cost efficiency improved as management expenses declined from 42 percent of insurance revenue in 2023 to 34 percent in 2024.
Key Initiatives Driving Success
Ms. Duah-Yentumi credited this success to enhanced internal controls, improved staff welfare, and effective cost management. She explained that refining the claims process had also contributed to customer satisfaction, as policyholders experienced a more seamless and efficient service. Strong corporate governance and ethical business practices, she added, played a significant role in strengthening the company’s financial position.
Beyond financial growth, her tenure was marked by several strategic initiatives that positioned SIC Insurance as a leader in Ghana’s insurance sector. The establishment of new divisions such as the Research and Product Development Unit and the Lost Business and Recovery Unit was instrumental in improving service delivery and reclaiming lost clients. The opening of the Prestige Branch and the Labone Branch further expanded SIC Insurance’s reach, ensuring better accessibility to clients. Additionally, the creation of a dedicated DVLA office at Haatso streamlined insurance processes for vehicle owners, enhancing convenience and efficiency.
Another notable initiative under Ms. Duah-Yentumi’s leadership was the introduction of the Monthly Performance Review sessions. These meetings provided department heads with a platform to assess progress, address challenges, and ensure alignment with the company’s broader goals. She explained that the sessions encouraged accountability, innovation, and continuous improvement, ultimately contributing to the company’s overall performance.
Confidence in a Strong Future
Expressing confidence in the future of SIC Insurance, Ms. Duah-Yentumi emphasized that the company was well-positioned for sustained growth. She noted that the foundation laid during her tenure would support long-term expansion and innovation.
She urged employees to remain committed to the company’s vision and to extend their full support to the incoming Managing Director, Mr. James Agyenim-Boateng. She described him as a seasoned professional who had the expertise and leadership qualities to build on the successes achieved so far.
As Mr. Agyenim-Boateng assumes his new role, there is widespread anticipation regarding his plans for the company. With SIC Insurance experiencing remarkable financial growth and operational improvements over the past year, expectations are high for continued success. His leadership will be closely watched as he works to consolidate gains and drive the company towards new milestones.
The transition marks the beginning of a new chapter for SIC Insurance, one that is expected to build on the progress made and usher in further innovations.
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