SIC Insurance PLC delivered a strong financial performance in 2025, recording a 57.3 per cent increase in profit after tax even as auditors flagged material misstatements in the accounts of its subsidiary, SIC Financial Services Limited.
According to the company’s audited financial statements, group profit after tax rose to GH¢84.05 million in 2025 from GH¢53.41 million the previous year. Profit before tax also climbed to GH¢117.74 million, compared to GH¢83.21 million in 2024.
Insurance revenue increased to GH¢598.19 million, led by fire insurance (GH¢209.54m) and motor insurance (GH¢178.84m).
Bonds contributed GH¢113.26m, accident insurance GH¢54.44m, marine & aviation GH¢31.56m, and engineering GH¢10.56m.
Investment income rose to GH¢46.77 million, supported by treasury bills, fixed deposits, and bond returns.
A modification gain of GH¢20.70m was recognised after impairment provisions fell from GH¢45.67m in 2024 to GH¢25.58m in 2025.
At year-end, total group assets stood at GH¢1.53 billion, while shareholder equity reached GH¢786.28 million.
Auditors Baker Tilly Andah and Andah issued a qualified opinion due to unresolved liabilities at SIC Financial Services,
A liability of GH¢21m was recognised for Tannik Ghana, but auditors confirmed the actual obligation was closer to GH¢95.7m.
A separate judgment involving Bank of Africa required payment of USD 1.57m plus GH¢49.2m in interest, which was not reflected in the accounts.
As a result, auditors concluded liabilities were materially understated and equity overstated by approximately GH¢142.7 million. Despite these concerns, SIC Insurance maintained strong capital buffers:
Capital adequacy ratio: 222.68% (well above the 150% minimum). Investment-to-assets ratio: 73% (exceeding the 55% threshold).
The board has recommended a dividend of GH¢0.1022 per share, amounting to GH¢20 million, subject to regulatory approval.
Dr Kingsley Agyemang was appointed Managing Director in January 2025.
New independent directors joined in November 2025. Directors’ emoluments totaled GH¢1.14m, though Dr Agyemang waived his fees until his resignation in June 2025.
CSR spending reached GH¢1.27m, supporting education, healthcare, community development, sports, and cultural initiatives.
