SIC Life mobilises GH¢158.3 million

SIC Life Company Limited mobilized premium income of GH¢158, 323,730 from the combined businesses (Core Life and Sika Plan), representing a 24.42 percent growth, despite the challenging economic environment.

The total claim payout for the same period was GH¢93,7770,949, representing 59 percent of the actual premium income.

Overall management expenses amounted to GH¢27,195,904 resulting in an expense ratio of 17 percent.

Prof Joshua Yindenaba Abor, Board Chairman, disclosed this at the company’s Annual General Meeting (AGM) on Friday in Accra.

“The Sika Plan product has remained the market leader in its category and been the most patronized within the micro-insurance sector since its introduction in November 2003. A total of GH¢207,209,128.00 was mobilized over a period of 10 and a half years, i.e. at the end of December 2014.”

The amount mobilized from Sika Plan increased from GH¢14,028,489.00 in 2009 to GH¢45, 412,889.00 in 2014, representing 224% growth.

Commenting on SIC Life Trust Finance Limited, Ghana’s leading life insurance company, Aaron Issa Anafure, Managing Director of SIC Life, said 2014 saw an increase in the shareholder’s fund from GH¢6,463,176 to GH¢10,113,192, and for the first time SIC Life TFL paid dividends to its shareholder.

Assets also increased from GH¢30,802,939 to GH¢59,410,935, representing 93 percent increase in total assets.

Operating income also increased from GH¢5,294,535 to GH¢9,368,191, representing 77 percent increase.

PBT also increased significantly from GH¢1.7 million to GH¢3.2 million, representing 87 percent increase.

Investment in the company’s branch network continued.

The number of branches increased from four to six, with two agencies.