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
-
Mahama and Gabon leader discuss climate action, mining and maritime security cooperation
4 minutes -
Revenue growth must improve lives, not just government coffers — Patrick Boamah
9 minutes -
Traditional medicine set for major boost as Pan-African Parliament pushes new law
29 minutes -
Budget performance must reflect improved livelihoods, not politics — Sagnarigu MP
41 minutes -
Adwoa Safo keeping our father’s body from us – Family raises alarm
42 minutes -
Pan-African Parliament turns to traditional medicine to cut maternal and infant deaths
44 minutes -
What temerity do you have to claim Ato Forson is not raising enough revenue? – Issah challenges Minority
54 minutes -
EOCO witness insists GHc49.1m in NSB case came from state account
57 minutes -
Photos: Gabon President arrives in Ghana for official visit
1 hour -
Zidane confirmed as France head coach
1 hour -
Pan-African Parliament challenges gov’ts over broken health funding pledge
1 hour -
Short-term political projects slowing Ghana’s progress – Prof Frimpong-Boateng
1 hour -
BoG calls for shift from financial access to financial health to deepen inclusion
1 hour -
Businesswoman sues interior decorator, police commissioner over alleged shop furnishing dispute
1 hour -
5 MPs reintroduce Anti-Witchcraft Accusations Bill
1 hour