The SIC Insurance Group recorded GHC161,929,753.00 as gross premium for any year ending 2017 when compared to GHC160,111,229.00 the previous year, showing a marginal growth and development of 1.13 per-cent.
Websites position with the Group recorded a reduction of GHC23,472,701.00 as a consequence of two key transactions suffered by the subsidiary SIC Financial Services Ltd (SIC-FSL), Dr. Jimmy Ben Heymann, Chairman from the Board of Directors stated on the Eleventh Annual General Meeting with the SIC Insurance broker Limited in Accra?on Wednesday.
Dr Heymann explained that payments appealing at a loan and an overdraft to your sum of over GHC23.15 million and a bad investment of around GHC25.9 million into a taxi project by SIC-FSL went bad and all sorts of invested funds were lost.
He stated both of these major items taken into account losing position from the Group, even so the Board and Management have taken steps to restructure SIC-FSL that will help curb it forward motion and “I am very optimistic that we will notice a turnaround as soon as possible.
“I wish to use this chance to commend the corporation SIC Insurance regarding their working hard and commitment that positively impacted our performance for 2017.
“The Board is rather optimistic concerning the prospects with the group and shall ensure strict monitoring to enhance its performance”.
Dr Heymann noted that following your rebound of Shareholder confidence in SIC Insurance, the company, “we are pleased to announce some improvement inside performance of your shares about the Ghana Market.
“At any time of our AGM a year ago, the expense of a share of your company was GHC0.10. A few 7 days ago, the retail price has hit GHC0.40, recording over 300 % rise in the past eight months.
?”We think the perfect is yet to come back along with your Board is working assiduously with Management and Staff towards that as we remain committed to delivering value to your account,” he was quoted saying.
Dr Heymann explained that operations in 2017 shaped approximately be a much stronger year with regards to SIC Insurance performance across the previous years.
“We are glad to announce the strategic plan is reviewed and revised to mirror where your small business needs to be before long.
“We in addition have convey a number of make an effort to restructure your subsidiary company SIC-FSL – so it can gain a clearer direction and concentration in relation to its operations and business performance.
“We already are seeing very positive indication of a turnaround and we all desire to commend the Handling of SIC-FSL”.
Around the issue of corporate governance of SIC Insurance, Dr Heymann said considering that the reconstitution with this new Board of Directors, “we are constantly reviewing and putting corporate policies and standards to encourage good and transparent corporate governance framework to stop potential conflict of great interest between all stakeholders whilst promoting ethical business practices.
“As a publicly listed company, SIC Insurance strives to carry out its business operations around the principles of integrity and professionalism. Our role as a Board is always to provide leadership, enterprise, integrity, and good judgement in guiding SIC Insurance to achieve growth and deliver extended sustainable value to shareholders”.
He was quoted saying to be a Board were always guided by way of the requirement for good governance, transparency, accountability, and responsibility for all stakeholders.
Mr Stephen Oduro, Managing Director of SIC Insurance, described the 2017 financial year as thrilling for that Insurance industry the way it witnessed various changes with a few new policy directions and initiatives.
The AGM received and considered the accounts from the Company to the year ended December 31st 2017, together with the Reports within the Directors as well as Auditors; it declared dividend for any year ended; fix the remuneration from the Auditors; re-electing of retired Directors and approved Directors’ remuneration.