SIC Insurance PLC has posted a strong performance for the 2025 financial year, recording a group profit after tax of GH¢84.05 million, representing a 57.3 per cent increase compared to the previous year.

According to the company’s audited financial statements, profit after tax rose from GH¢53.41 million in 2024, driven by higher insurance revenue, improved investment income, and a one-off gain from the regularisation of encroached lands at Greenhill.

Profit before tax also increased to GH¢117.74 million, up from GH¢83.21 million in the 2024 financial year.

Insurance revenue grew to GH¢598.19 million from GH¢559.48 million, with fire insurance remaining the largest contributor at GH¢209.54 million. Motor insurance followed with GH¢178.84 million, while bonds contributed GH¢113.26 million. Other segments included accident, marine and aviation, and engineering insurance.

Investment income also rose significantly to GH¢46.77 million, supported by higher returns on fixed deposits and treasury bills, as well as GH¢17.07 million in interest income from bonds.

The company additionally recorded a modification gain of GH¢20.70 million, linked to a reduction in impairment provisions on investments at amortised cost.

Total assets for the group stood at GH¢1.53 billion, while equity attributable to shareholders of the parent company reached GH¢786.28 million.

Despite the strong financial results, auditors Baker Tilly Andah + Andah issued a qualified opinion on the financial statements, citing material misstatements in the accounts of SIC Financial Services Limited, a subsidiary of the group.

The auditors flagged unresolved legal obligations, including a Tannik Ghana case in which liabilities were significantly understated compared to court-confirmed amounts. They also cited a Bank of Africa case in which judgment debts and accrued interest had not been fully recognised in the accounts.

According to the audit report, the omissions resulted in a material understatement of liabilities and an overstatement of equity by approximately GH¢142.7 million.

On the dividend front, the board has recommended a payment of GH¢0.1022 per share, amounting to a total of GH¢20 million, subject to approval by the National Insurance Commission.

The company’s capital adequacy ratio stood at 222.68 per cent, well above the regulatory minimum of 150 per cent under the Insurance Act, 2021 (Act 1061). Its investment-to-total-assets ratio also exceeded regulatory requirements.

SIC Insurance spent GH¢1.27 million on corporate social responsibility activities during the year, while directors’ emoluments totalled GH¢1.14 million.

However, the company also recorded a GH¢15.15 million revaluation loss on investment properties due to a decline in fair values.

SIC Insurance PLC remains one of Ghana’s leading non-life insurers, listed on the Ghana Stock Exchange and underwriting a broad range of general insurance products, including motor, fire, accident, marine, aviation, bonds and engineering risks.