Shareholders of SIC Life Company have been assured of pragmatic efforts being made by the Board and management of the company to ensure that the company improves upon its last year’s performance and also provide a conducive environment for workers.
Mr. John Owusu Agyeman, Chairman of the SIC Life Company Limited Board of Directors speaking at the Annual General Meeting (AGM) of the company in Accra last week mentioned the procurement and installation of proven software to enhance efficiency, data integrity and accuracy as some of the projects geared towards ensuring efficiency in the company.
“The establishment of a Corporate Research and Development Department; separation of the Corporate and Legal Secretariat; training programmes intended to upgrade skills of staff; as well as high-profile staff movements and appointments are some of the programmes and projects the company had undertaken,” he said
SIC Life Mr. Owusu Agyeman said had re-packaged some of its life products and introduced new ones including the Credit Life Insurance Cover put in place in collaboration with micro-finance institutions to provide cover for its loan customers.
Agreements, he stated, had also been signed with some leading banks to be covered by SIC Life Loan Protector Policies.
The pragmatic steps taken during the year, the Chairman stressed, were underlined by the Board’s commitment to diligently carry out its mandate to strategically position the company within the Ghanaian life insurance industry through emphasis on good governance, strong business ethics and prudent risk management.
“My Board’s objective is for SIC Life to continue to reap greater dividends for its stakeholders and retain its position as the number one life assurance company in Ghana,” he said.
On the financial performance, he said the company’s Sika Plan product continued to grow from strength to strength adding that last year, it mobilised GH¢14,028.489.00 and remained market leader as well as most patronized in its product category of Ghana’s micro-finance sector.
Sika Plan which was introduced in November 2003 had up to date mobilized a total GH¢49,008,669.
“Total market value of SIC Life funds in investments as at March 31, 2010, stood at GH¢5,012,858 and that SIC Life is in the process of obtaining a license from the Bank of Ghana to establish a new entity, SIC Life Trust Finance Limited,” he said.
He announced a total dividend payment of GH¢150,000 for the year.
Other financial highlights included an overall, year-on-year gross premium which recorded a growth from GH¢27,751,386 to GH¢33,869,675 and increase in claims payment from GH¢6,940,126 to GH¢9,117,725 all covering the period under review.