SIC Life exceed premium income target in 2012

SIC Life, the leading Life Insurance Company in Ghana exceeded its premium income target of GH¢94,750,000, raking in GH¢100,301,526 to represent a growth of 39 percent in 2012.

The total payout for the same period was GH¢43,196,739 representing 43 percent of actual premium income.

This was disclosed at the company's annual General Meeting in Accra.

Board Chairman of SIC Life, John Owusu Agyeman attributed the growth of the company to strengthening of internal systems and improved monitoring of its performance.

He noted that based on the sterling performance, the Board has recommended that dividend of GH¢1,525,000 be paid to shareholders.

"I am proud to announce that the company recorded a profit after tax of GHC 5,077,607 last year" he added.

Mr. Owusu Agyeman indicated that despite the tough macro and micro economic conditions, SIC Life has remained true to its vision of being the leading most dependable and customer friendly Life insurance company in Ghana.

He thanked the management and staffs for their dedication and hard work in helping the company chalk this success.

Mr. Owusu Agyeman also expressed his deepest appreciation to shareholders and urged them to remain loyal to the company.

On his part, Managing Director of SIC Life, Aaron Issa Anafure thanked the Board for having confidence in them to deliver on their service.

This not withstanding, he disclosed that the influx of Life Insurance companies in the country due to the enactment of the Insurance Law 2006, Act 724 has resulted in stiff competition.

"Brand Forgery in the Life Insurance market continues to be a challenge since most life insurance products have similar features packaged differently," he bemoaned.

But Mr. Anafure said the Sika Plan remained the market leader in the insurance industry and most patronized within the macro-finance sector.

"The amount mobilized through Sika Plan increased from GH¢14,028,489.00 in 2009 to GH¢32,629,849.00 in 2012 representing an increase of 133%".

The SIC Life Director maintain that they are confident the strategy adopted will continue to grow the business and bring more profit to the company.

Mr. Anafure assured shareholders that they will continue to invest to develop market-leading products and services to increase their returns.