By Our Research Desk
A critical scrutiny of the Annual Reports of SIC Plc from 2009 to 2021, shows a steady, consistent improvement in the financial picture/performance of the Company since the appointment of Mr. Stephen Oduro as the Managing Director on 17th. September, 2018.
Prior to the appointment of Mr. Oduro, SIC was going through turbulence with a lot of legacy issues.
However, with a clearer plan and support of the staff, the Company has been able to weather the storm and is now competing favourably in the highly competitive industry in the country and the sub-region.
As the spreadsheet published on the frontpage of today’s edition of The New Crusading GUIDE, underscores, beginning 2018, the gross premium started inching up. 2018 was the first full year of the tenure of the new Managing Director.
The Company’s Profit after tax started improving and for the first time since 2016, SIC was able to pay dividends to shareholders based on the results of 2020.
Just this week, Tuesday, 23rd August, 2022, to be precise, the Board of SIC approved the payment of dividends of GHC 9,000,000 based on the performance of 2021.
The approved GHC9 million cedis is to be distributed as dividends and presented to the National Insurance Commission (NIC) – the regulator for the final approval.
Return of Shareholders’ funds improved from 2.59% in 2020 to 15.93% in 2021.
Obviously, this is not a company that is going or has gone defunct as alleged by some uninformed persons and public advocates, our sources at SIC intimated.
“More importantly, the capability of SIC to continue insuring major players in the Ghanaian Economy as well as in the Sub-region, has not diminished despite the growing competitiveness of the Insurance Industry. The major Companies that SIC insures are Bank of Ghana, SSNIT, COCOBOD, Presidential Jet, Takoradi Port and part of GPHA”, our sources indicated.
Our sources also listed MetroMass, part of BOST, KNUST, Kumasi Technical University, Takoradi Technical University, part of Cape Coast University, Inter State Road Transport(throughout West Africa), Tang Palace as some of the entities which SIC continues to insure in the highly competitive Insurance Industry.
“There’s no doubt that the competition is fierce. However, SIC is able to stand up to any other competitor/company because we (SIC) have the capacity to insure the BIG ONES. The bottom-line is that the SIC is stronger today than it was in 2018 when a new Managing Director was appointed to assume the mantle of leadership in the Company”, emphasised our sources.
Stay tuned for more details…..
