SIC Insurance Posts GH¢30.4million Profit In Third Quarter Of 2026
SIC Insurance PLC has recorded a profit after tax of GH¢30.42 million for the third quarter ended September 30, 2026, driven by a substantial increase in motor insurance revenue and robust investment income.
According to the company's unaudited financial statements, gross written premium rose to GH¢494.9 million from GH¢451.1 million in the prior year, with motor insurance accounting for the largest share at GH¢200.1 million.
Insurance revenue for the period stood at GH¢491.4 million, compared with GH¢413.3 million in 2025. Motor insurance revenue alone surged to GH¢166.5 million from GH¢120.5 million, while Fire and Accident classes also recorded growth.
The company's net insurance result improved to GH¢166.6 million, up from GH¢142.8 million in the prior year, despite a net expense from reinsurance contracts held of GH¢150.5 million.
Investment income remained a key driver of profitability, contributing GH¢32.9 million, with significant earnings from bonds (GH¢13.8 million) and fixed deposits (GH¢12.3 million).
The Board of Directors declared an appropriation of GH¢14.7 million to the contingency reserve, in line with the Insurance Act, 2021 (Act 1061), leaving a balance of GH¢214.3 million carried forward on the retained earnings account.
The company's total assets grew to GH¢1.36 billion from GH¢1.16 billion, while shareholders' funds increased to GH¢859.5 million.
SIC Insurance remains well-capitalised, with a capital adequacy ratio of 290.83 per cent, far exceeding the regulatory minimum of 150 per cent, and an investment-to-total-assets ratio of 77 per cent, above the required 55 per cent.
The company also spent GH¢1.98 million on corporate social responsibility initiatives during the period, covering education, community development, health, environment, sport and festivals.
At the 19th Annual General Meeting (AGM), held this year, shareholders approved a dividend payment of GH¢0.1022 per share, amounting to a total dividend of GH¢20 million for the 2025 financial year.
The company’s insurance revenue increased to GH¢598.19 million, compared to GH¢559.48 million in the year 2024. The growth reflects the sustained confidence of policyholders in the SIC brand, the continued diversification of the Company’s product offerings and the growing importance of insurance as a cornerstone of financial resilience for businesses and individuals across Ghana.
Profit before tax rose to GH¢117.74 million, representing an increase of approximately 41.5 percent from GH¢83.21 million recorded in 2024. After accounting for income tax and the Growth and Sustainability Levy, the Group recorded a Profit After Tax of GH¢84.05 million, compared to GH¢53.41 million in the prior year, representing growth of approximately 57.4 percent.
The improved performance translated into greater value for shareholders, with basic earnings per share increasing to GH¢0.4296, from GH¢0.2730 in 2024. The Group’s return on shareholders’ funds also improved to 10.69 percent, compared to 7.97 percent in the previous year.
Addressing shareholders, Board Chairman, Honourable Mr. Bernard Ahiafor (MP) reaffirmed the Board and Management’s commitment to restoring SIC Insurance PLC to a position of industry leadership.
“Our ambition remains clear and undiminished, to re-establish SIC Insurance PLC as the undisputed leader in the Ghanaian insurance industry, not only by financial measures, but by the standard of the positive, lasting impact we make on the lives of our policyholders, the communities we serve and the nation we are proud to call home,” he said.
Managing Director, Mr. James Agyenim- Boateng in his remarks said, “the best of SIC Insurance PLC is unquestionably yet to come, and I look forward with great excitement and determination to the journey ahead.”
He said, SIC Insurance PLC remains committed to its ongoing transformation agenda, focused on strengthening operational efficiency, enhancing customer experience, expanding and diversifying its product portfolio, embracing innovation and delivering sustainable value to shareholders and other stakeholders.
“As the Company continues its journey of growth and transformation, SIC Insurance PLC remains guided by its enduring commitment to its customers and the principle that Our Promises Are Sacred,” he added.
-Overseeronline.com
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