SIC Life announces 25.56% dividend for shareholders

SIC Life, a leading Life Insurance Company in Ghana, has announced a 25.56 percent dividend to be paid to shareholders.

This was after the company recorded a profit after tax of GH¢15,547,731 (2014: GH¢12,382,874) , representing an increase in profitability of 25.56 percent .

The Board according to Chairman, Professor Joshua Yindenaba Abor recommended a total dividend of GH¢4,664,319.30 (2014: GH¢3,714,862) to be paid to the shareholders in respect of the year ended 31^stDecember, 2015.

At the company’s 9^th Annual General Meeting in Accra, he said the increase in dividend as promise by the Board last year, is a result of the hard work and dedication of Management and Staff of SIC Life.

“The company took measures to strengthen its internal systems to enable quick delivery of services to its customers and effectively monitor the Company’s performance, throughout the course of the year” he added.

Prof. Abor indicated that, in spite of challenging economic conditions, SIC Life will continue to remain consummate and proficient in their service delivery this year.

On the financial performance, Managing Director of SIC Life, Aaron Issa Anafure said in the mist of tough competition and unstable economy conditions, the Company was able to mobilize a premium income of GH¢ 181,272,376 from the combined (Core Life and Sika Plan) businesses to depict a growth of 14.49%.

He stated that, the Sikaplan product which is the most patronized within the micro-insurance sector mobilized a total of GH¢ 55,507,601.00 in 2014 representing 295.68% growth over the GH ¢14,028,489.00 in 2009.

The total claim payout for the same period, Mr Anafure said was GH¢ 117,568,557 representing 64.86% of actual premium income .

He was optimistic about the economic outlook for 2016 and assured shareholders of an improvement in their performance to achieve higher productivity to pay bigger dividends in the years ahead.

“Though 2016 promises to be another challenging year, we at SIC Life perceive the economic outlook for this year to be inspiring” he stressed.

He thanked the Management Team, Area, Branch Managers, the entire Staff and Sales Executives “whose disciplined and industrious attitude and support has brought us this far”.

Mr. Anafure was confident that “our strategy will lead to the desired growth in our business and thus become more profitable, so as to enhance returns for our shareholders”.

Story by Ghana/Joy Business