Audio By Carbonatix
Insurance leader, SIC Insurance Company continued its recent performance, following an appreciable outing last year.
The company registered a profit of GH¢5.8 million in 2020, down from the GH¢9.3 million recorded in 2019. This has subsequently impacted positively on its share price though still below its market value.
According to its 2020 unaudited financial statement, the insurance giant performance was affected by covid-19 pandemic, largely due to claims from customers which almost doubled to GH¢36 million in 2020, from GH¢18.4 million in 2019.
Nonetheless, net premium written went up by 14.5% to GH¢122 million in 2020.
At the same time, underwriting loss also inched up by 55% to GH¢9 million
Its shareholder funds however stood at GH¢273.1 million in 2020, compared with GH¢269 million in 2019.
Importantly, the firm is liquid as its current ratio stood at 1.06 at the end of December 2020.
The company's maximum exposure to credit risk at 31 December 2020 was GH¢154 million as compared with GH¢138 million in December 2019.
The company’s share price presently trade at 8 pesewas on the Ghana Stock Exchange.
Latest Stories
-
Abuse of judicial authority erodes public trust in courts – Chief Justice warns new judges
15 minutes -
Any candidate who contests on the NPP’s ticket will lose abysmally in 2028 – Nana Yaa Jantuah
48 minutes -
Ground Up lawyer disputes Kwesi Arthur’s claims, reveals earnings from past works
50 minutes -
NPP Primaries: Polling station results could be cancelled over any misconduct – Joe Osei Owusu
1 hour -
Forget about 2028 election and rebuild party structures – Nana Yaa Jantuah advises NPP
1 hour -
Today’s Front pages: Friday, January 23, 2025
1 hour -
Kennedy Agyapong may poll fewer votes than in 2023 NPP primary – Osei Kyei-Mensah-Bonsu
1 hour -
Economic gains must be sustainable beyond 2028 – Osei Kyei-Mensah-Bonsu
2 hours -
Fetish priest nabbed with suspected counterfeit dollars, illegal firearm at Ablekuma
2 hours -
Akufo-Addo urges NPP aspirants to treat peace pact as binding covenant
2 hours -
Egyapa Mercer predicts Bawumia to win NPP race with nearly 70% of votes
2 hours -
Mahama warns Africa’s reliance on external powers undermines true sovereignty
2 hours -
Late Ayawaso East MP’s wife declares bid for by-election seat
2 hours -
Bawumia presents NPP best chance of winning 2028 polls – Egyapa Mercer
2 hours -
Mahama urges Africa to invest in skills, unity and local production to stay globally competitive
3 hours
