Mike Allen Hammah
SIC Insurance Company Limited increased its premium income to GH¢115.7 million in 2014 against GH¢98.2 million the previous year, representing a 17.85 percent growth.
Net earned premium income after reinsurances grew by 12% to GH¢73.5 million from GH¢65.6 million in the year 2013.
The chairman of the Board of Directors of SIC Insurance, Mike Allen Hammah disclosed this at the company’s 8th Annual General Meeting (AGM) held in Accra last week.
He attributed the performance to the introduction of the “No Premium, No Cover” policy by the National Insurance Commission (NIC) in April 2014 last year, the dedication of the board, management and staff of Ghana’s largest insurer.
The chairman added that the board and management owe an obligation to customers and shareholders to provide innovative, customer tailored and competitive top of the range insurance products and service, as well as manage risk which remains the company’s core mandate.
This, according to him, will ensure adequate returns on shareholders’ investment.
Mr. Mike Hammah expressed optimism that the company’s prospects in year 2015 are bright and that the Board will work hard to ensure better performance in the ensuing years.
A business desk report