‘Pension Reforms Will Benefit Retirees’
THE release of the Pension Report and its recommendations indicate Government's commitment to the pension reforms in the country.
'The reforms envisaged would make the society more responsive to its retired workers and also create another reliable source of income for the local life insurance sector,' said Ms Margaret Ekua Prah, chairperson of the Board of Directors of SIC Life Company Ltd.
Ms Ekua Prah was presenting the chairperson's report at the maiden. Annual General Meeting of SIC Life in Accra on Wednesday.
The report noted that SIC Life had positioned itself to roll out various pension plans to take advantage of the opportunities that would be created and to meet the needs of the insurance sector consumer constituency which have become more sophisticated and aware of what a good product should be.
Ms Prah said that 15 separate life insurance companies had been licensed in the country and that competition had increased, but she noted that SIC Life had developed appropriate strategies to maintain its leadership position as the most preferred life insurer in the country.
'In my capacity as the chair of the Board of Directors, I further intend to position SIC Life strategically on the life insurance market with strong emphasis on good governance, business ethics and risk management,' she reported.
She reminded stakeholders that SIC Life was a good corporate citizen committed to supporting the needy in society, saying that the company's donations to the security, education and health sectors of the economy increased by more than 300 per cent between 2006 and 2007.
In his report, the Managing Director, Mr Raymond Afrifah-Yamoah, said that SIC Life Insurance Company Limited achieved outstanding results on the financial, operational and transformational fronts during its first year of operation as a registered and fully licensed life insurance company.
On the financial front, the company achieved a growth of about 50 per cent in gross premium income an increase of about 90 per cent in the company's life fund and an increase of 135 per cent in profit after tax.
Mr Afrifah-Yamoah announced that gross premium income rose from GH¢14.24 million in 2006 to GH¢21.2 million in 2007, attributing the growth to a number of strategies involving constant improvements in the quality and attractiveness of the company's products and services, customer focus and superior service levels as well as committed corporate leadership and motivated work-force.
During the year under review, SIC Life paid claims amounting to GH¢6.8 million.
He said that the increase of about 90 per cent in the company's life fund 'was deemed necessary to adequately prepare SIC Life to meet its contractual liabilities to its cherished policy holders.'
He said that SIC Life had during the year consolidated its position as the country's market leader in the life insurance business and laid a formidable performance platform to engage all players for the achievement of superior results in the future.
'SIC Life is in good shape with all business strategies settled and focused on real growth in profit, real growth in premium income and real growth in market share,' Mr Afrifah-Yasmoah added.