SIC Insurance PLC delivered a strong financial performance in 2025, recording a profit after tax of GHS84.05 million, representing a 57.3% increase compared to the GHS53.41 million achieved in 2024.

The impressive growth was driven by higher insurance revenue, increased investment income, and gains from the regularisation of encroached lands at Greenhill. Profit before tax also rose significantly to GHS117.74 million from GHS83.21 million the previous year.

Insurance revenue increased to GHS598.19 million in 2025, up from GHS559.48 million in 2024. Fire insurance remained the company's largest source of revenue, contributing GHS209.54 million, followed by motor insurance with GHS178.84 million. Other key contributors included bonds, accident, marine and aviation, and engineering insurance.

Investment income also improved considerably, reaching GHS46.77 million compared to GHS36.28 million in the previous year. The increase was supported by stronger returns from treasury bills, fixed deposits, and bonds.

In addition, the company recorded a modification gain of GHS20.70 million following a reduction in impairment provisions on investments. This contributed positively to the overall profitability of the group.

At the end of the financial year, SIC Insurance reported total assets of GHS1.53 billion and total equity of GHS786.28 million attributable to shareholders.

Despite the strong financial results, the company's auditors, Baker Tilly Andah + Andah, issued a qualified opinion on the group’s financial statements. The qualification was linked to material misstatements in the accounts of SIC Financial Services Limited, a subsidiary of the group.

According to the auditors, the subsidiary faces legal liabilities arising from court cases involving Tannik Ghana and Bank of Africa. The auditors stated that some obligations were either understated or not recognised in the financial statements. As a result, liabilities were understated while equity was overstated by approximately GHS142.7 million.

Notwithstanding these concerns, SIC Insurance maintained a strong capital position. The company reported a capital adequacy ratio of 222.68%, well above the regulatory minimum requirement of 150% under Ghana’s Insurance Act.

The Board of Directors has recommended a dividend of GHS0.1022 per share, amounting to a total dividend payout of GHS20 million for the 2025 financial year. The payment remains subject to approval by the National Insurance Commission.

The company also disclosed that directors received a total of GHS1.14 million in fees and allowances during the year. Additionally, SIC Insurance spent GHS1.27 million on corporate social responsibility initiatives, supporting education, healthcare, community development, sports, environmental projects, and cultural activities.

Although the company recorded a revaluation loss of GHS15.15 million on some investment properties, management remains optimistic about its long-term growth prospects.

As one of Ghana’s leading non-life insurance companies, SIC Insurance continues to strengthen its market position through improved financial performance, strong capital reserves, and ongoing investments across its core business segments.