SIC Insurance posts 57.4% rise in profit, approves GH¢20 million dividend

SIC Insurance PLC has held its 19th Annual General Meeting (AGM), with shareholders approving a GH¢20 million dividend for the 2025 financial year.

The company recorded strong financial performance during the year, with insurance revenue increasing to GH¢598.19 million from GH¢559.48 million in 2024.

Profit after tax also rose by 57.4% to GH¢84.05 million, compared with GH¢53.41 million recorded the previous year.

The dividend of GH¢0.1022 per share was approved by shareholders at the hybrid AGM held at Wesley Towers in Accra on Thursday, August 20, 2026. The payment is scheduled for October 12, 2026.

Speaking at the meeting, Board Chairman of SIC Insurance PLC, Bernard Ahiafor, said the company’s improved performance reflected growing confidence in the SIC brand, diversification of its product offerings and the increasing importance of insurance to businesses and individuals.

He said the group’s profit before tax rose to GH¢117.74 million in 2025, from GH¢83.21 million in 2024, representing an increase of about 41.5%.

Shareholders’ funds also grew by 17.3% to GH¢786.28 million as of December 31, 2025, from GH¢670.38 million the previous year.

Ahiafor said the company would focus on accelerating technology deployment, expanding its reach among underserved market segments, optimising its investment portfolio and strengthening its sustainability initiatives.

Managing Director of SIC Insurance PLC, James Agyenim-Boateng, said the company would continue investing in its workforce and building a high-performance culture to attract, retain and develop talent.

He added that SIC would deepen market penetration by expanding its distribution channels and targeting underserved segments to make insurance accessible to more Ghanaians.

The company also plans to pursue disciplined growth in its investment portfolio while maintaining a prudent approach to risk management.

SIC Insurance PLC invested GH¢1.27 million in corporate social responsibility activities during the year, representing a 26.5% increase from the GH¢1.01 million spent in 2024.