[2008-05-30]  SIC Posts 18.4% Turnover
SIC Insurance Company has recorded a gross premium of GH¢52.804 million for year ending December 31, 2007, almost GH¢9 million higher than the previous year’s.

According to the financial statement for the last year, the largest insurance company in the country achieved GH¢7.9 million in profit before tax in 2007, compared with GH¢4.0million in 2006, about 98 percent increase.

Subsequently the company posted an underwriting profit of GH¢20.514 in 2007 as against GH¢17.317 in 2006.

This impressive performance follows SIC’s listing on the Ghana Stock Exchange at the beginning of this year.

At the annual general meeting (AGM) of the company yesterday, Peter Osei Duah, Managing Director said the company would embark on a Rights Issue later in the year to shore its capital to enable it play a significant role in the oil and gas insurance business.

The country discovered about 3 billion barrels of oil last year- a situation that has generated a lot of enthusiasm for the anticipated business, Mr. Osei Duah added.

According to him, the prospects for oil and gas insurance are very exciting indeed, thus the company need to prepare by building up its underwriting capacity through proper training of staff.

“More importantly, we need to raise some funds to beef up our capital in order to have the capacity to underwrite a significant portion of the risks that come along with the oil and gas business”.

A total of GH¢2.233 million, representing 12.49 percent of shareholders fund was declared as dividend for 13,300 institutional and retail investors including government.

Six new directors including Kwasi Osei, Director General of the Social Security and National Insurance Trust (SSNIT) and Dr. Kofi Amoah, a business consultant, were elected onto the board.

SIC Insurance listed on the capital market this year, with about 98 percent of the 60 percent issued shares by government being oversubscribed.

About 117,387,000 shares of no par value representing GH¢35.216 were eventually listed on the Accra Bourse.




Source: Copyright © 2006 Ghana Daily Guide