SIC Insurance PLC is set to pay GH¢3.6m as dividends to the Government of Ghana through the State Interests and Governance Authority (SIGA).

This amount represents the government’s 40% stake in the company. The dividend is scheduled to be paid in January 2023 after all regulatory requirements have been fulfilled.

The company announced a dividend of GH¢0.0460 per share representing GH¢9 million for the financial period ended December 31, 2021.

Dr Jimmy Ben Heymann, Board Chairman of SIC PLC announced this at the 15th Annual General Meeting (AGM) held virtually on November 16, 2022. “Notwithstanding the impact of macroeconomic headwinds and the challenging business environment in 2021, the company has recorded a profit after tax of GH¢60,334,730, which compared favourably with the 2020 performance of GH¢14,550,707, showing a remarkable increase of 414.6%,” he said.

He thanked stakeholders for their continued confidence and commitment in the company and assured all present of the board’s focus on revenue growth, share value increase and investment returns for stakeholders.

Mr. Stephen Oduro, Managing Director (MD) of SIC Insurance PLC in his report commended the board, staff, and stakeholders of the company for their support and loyalty. Commenting on the company’s performance, he said, “a review of our operations shows that our company recorded an impressive performance during the period as all performance indices improved when compared with our year 2020 results.” He further stated the company’s resolve to heavily invest in technology and other innovative initiatives to add value to the interests of stakeholders.

SIC is a leading provider of general insurance in Ghana with business operations covering fire, motor, marine, aviation, accident insurance and specialty products.

It is one of the Specified Entities supervised by the State Interests and Governance Authority (SIGA). Since 2019, SIGA, has been focused on aiding Specified Entities achieve results and profit for the state; an objective purposed by government to ensure Specified Entities contribute a significant quota to the GDP of this country.