SIC Life pays dividend to government

SIC Life, Ghana’s leading Life Insurance Company has paid a total of GHȼ 2,971,889.60 million to the Ministry of Finance as dividend for 2014.

The dividend to government represents 80 percent of total dividend payout to shareholders.

The Chairman of the Board of Director of SIC Life, Professor Joshua Yindenaba Abor together with the Managing Director, Aaron Issa Anafure presented the cheque to the Deputy Minister of Finance, Mrs. Mona Helen Quartey.

Prof. Abor revealed that the company has increased its bottom line by 33 percent due to the hard work and dedication of management and staff of SIC Life.

“Last year, we were here to present a cheque and promised to work harder and this year, thankfully, we have increased our bottom line by 33 per cent,” he added.

The Board Chairman however bemoaned the increase of the retention rate of premium paid from 1% to 3% by the Controller and Accountant-General Department.

Prof. Abor said the increase is negatively affecting the company thus called on government to review it.

Meanwhile, a Deputy Minister of Finance, Mrs Mona Quartey, who received the cheque lauded their consistency in the payment of dividend.

She commended the company for its impressive growth in helping stabilize the macro-economy in the face of stiff competition in the market.

The Deputy Minister assured the management of SIC Life government will take a second look at the increase of the premium to keep them in business.

Mrs.Quartey encouraged SIC Life to continue with their hard work and assured the board of the Ministry’s continuing support.

For his part, Mr. Anafure thanked the Minister for the support and cooperation they have enjoyed.

He said SIC Life is working on improving on their performance with government’s support.

He also acknowledged the support the Ministry’s representative, Mrs. Magdalene Apenteng who doubles as Director for the Public Investment Division has extended to them which has help them achieved great feat.

Also present at the presentation were the Chief Director of the Finance Ministry, Major (Rtd) M.S. Tara, some board members of SIC Life and other officials from the Ministry and SIC Life Company.

Story by Ghana/Myjoyonline.com