SIC Records GH¢5.8 mln (US$1 mln) Profit In 2020

Insurance leader, SIC Insurance Company continued its recent performance, following an appreciable outing last year.

The company registered a profit of GH¢5.8 million in 2020, down from the GH¢9.3 million recorded in 2019. This has subsequently impacted positively on its share price though still below its market value.

According to its 2020 unaudited financial statement, the insurance giant performance was affected by covid-19 pandemic, largely due to claims from customers which almost doubled to GH¢36 million in 2020, from GH¢18.4 million in 2019.

Nonetheless, net premium written went up by 14.5% to GH¢122 million in 2020.

At the same time, underwriting loss also inched up by 55% to GH¢9 million

Its shareholder funds however stood at GH¢273.1 million in 2020, compared with GH¢269 million in 2019.

Importantly, the firm is liquid as its current ratio stood at 1.06 at the end of December 2020.

The company’s maximum exposure to credit risk at 31 December 2020 was GH¢154 million as compared with GH¢138 million in December 2019.

The company’s share price presently trade at 8 pesewas on the Ghana Stock Exchange.

Credit: Myjoyonline

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