SIC Life, a leading Life Insurance Company in Ghana, has announced a 25.56 percent to be paid to stakeholders.
This was after the company recorded a profit after tax of GH¢15,547,731 (2014: GH¢12,382,874), representing 25.56 percent increase in profit.
Board Chairman of SIC Life, Professor Joshua YindenabaAbor disclosed this at the company’s 9th Annual General Meeting (AGM) in Accra.
The Board according to Professor Joshua YindenabaAbor 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 December, 31 2015.
He attributed the increase in dividend to the hard work and dedication of Management and staff of the company.
He said 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.
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.
In addition he said the company would continue to remain customer-focused, friendly, good social partner and a corporate citizen.
According to Professor Abor, the main goal of the company is to become and remain a profitable Life Insurance Company that is able to deliver real and optimal returns to its shareholders.
On the financial performance, Managing Director of SIC Life, Aaron Issa Anafure said in the midst 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 Sika Plan 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.
SIC Life also received the CIMG Best Insurance Company of the year (Life Category)
Mr Aaron Issa Anafure was the proud recipient of the Best CEO of the year at the 2nd Business Executive Excellence Awards.
The company also won the Best Life Insurance Company of the year at the 2nd Business Executive Excellence Awards and was inducted into the Hall of Fame at the 2nd Ghana Made Awards and placed 51 on the Ghana Club 100. Etc.
He thanked the Management Team, Area, Branch Managers, the entire Staff and Sales Executives whose discipline and hard work have chalked successes for the company.
Mr Anafure was confident that their strategy will lead them to the desired growth in their business and thus become more profitable, so as to enhance returns for our shareholders.
Source: The Finder