The State Insurance Company (SIC) PLC has announced a robust financial outturn for the 2024 fiscal year, defying a turbulent global and domestic economic environment that saw heightened inflation, currency depreciation, and dampened investor confidence.

The performance was announced during the company’s 18th Annual General Meeting (AGM), chaired by Mr Bernard Ahiafor, MP.

Presenting the Annual Report and Financial Statements for the year ended 31st December 2024, the Chairman emphasised that despite global economic uncertainty, SIC Insurance demonstrated resilience, strong execution, and sustained strategic discipline.

The global economy in 2024 continued to grapple with the lingering impact of the COVID-19 pandemic, geopolitical tensions, and stringent monetary policies.

While inflation eased slightly in advanced markets, many developing economies—including those in Africa—struggled with debt burdens, weak capital inflows, and volatile currencies.

Ghana’s economy mirrored these challenges.

The Ghana cedi depreciated by 28% against the US dollar, a significant increase compared to the 9.78% depreciation recorded in 2023.

Inflation rose to 23% in November 2024 as reported by the Ghana Statistical Service (GSS), reflecting a still-fragile but improving economic landscape compared to the peak rate of 54.1% in 2022.

Investor confidence remained cautious, largely influenced by the ongoing Domestic Debt Exchange Programme (DDEP), which continued to affect liquidity and disposable incomes.

Despite the challenging macroeconomic climate, Ghana’s insurance industry recorded significant improvements in 2024.

The general insurance sub-sector saw growth in gross written premiums, particularly in motor, fire, and engineering lines. Industry-wide claims payouts reached approximately GHS1.8 billion, reinforcing insurers' commitment to protecting policyholders.

SIC Insurance PLC posted substantial improvements across key financial indicators:

* Insurance Revenue: GHS 559.5 million (49.9% growth from 2023)

* Profit Before Tax: GHS 83.2 million (2023: GHS 22.8 million)

* Profit After Tax: GHS 53.4 million — representing a 316.9% year-on-year increase

* Shareholders’ Funds: GHS 670.4 million (up 40.1%)

* Earnings Per Share: GHS 0.2730 (2023: GHS 0.0655)

* Return on Shareholders’ Funds: 7.9% (2023: 2.6%)

The Chairman credited the impressive performance to prudent underwriting, strong risk management practices, and disciplined cost control measures.

He applauded management and staff for their unwavering commitment to delivering sustainable value.

In recognition of the company’s outstanding performance, the Board of Directors has proposed a dividend of GHS 0.0511 per share, subject to shareholder approval.

A key milestone for the year was the full implementation of IFRS 17, the new global accounting standard for insurance contracts.

SIC Insurance is among the few industry players fully compliant, a development the Chairman said enhances transparency and comparability with international peers.

SIC Insurance reinforced its Enterprise Risk Management (ERM) framework in 2024, focusing on emerging risks such as cyber threats, credit exposures, and macroeconomic instability.

The Chairman noted that these measures position the company to remain resilient under complex economic conditions.

Looking ahead, the company expressed cautious optimism.

With Ghana’s insurance penetration still around 1%, opportunities for industry expansion remain significant.

Digital transformation, inclusive insurance initiatives, and ongoing government reforms are expected to drive future growth.

“SIC Insurance PLC enters 2025 with a strong capital base, a clear growth strategy, and a high-performing workforce,” the Chairman stated.

“We are poised to deliver lasting value to shareholders, customers, and the wider Ghanaian community.”

Mr. Ahiafor concluded by expressing gratitude to clients, shareholders, regulators, partners, and staff for their continued support, which he described as the foundation of the company’s success.