SIC Insurance PLC records GH₵30.42m profit in 2026 third quarter

SIC Insurance PLC has reported a profit after tax of GH₵30.42 million for the third quarter of 2026, ending September 30. This strong financial performance was largely driven by a notable increase in motor insurance revenue and robust earnings from the company’s investment portfolio. The results highlight the insurer's continued growth and stability within the Ghanaian insurance market during a period of sustained operational expansion.

The company's gross written premium rose to GH₵494.9 million, up from GH₵451.1 million during the same period in the previous year. The motor insurance segment proved to be a significant driver of this growth, with revenue increasing to GH₵166.5 million from GH₵120.5 million. Despite a net expense of GH₵150.5 million from reinsurance contracts, SIC Insurance achieved a net insurance result of GH₵166.6 million, reflecting solid underwriting management and risk mitigation strategies.

Investment income also played a crucial role in the quarterly success, contributing GH₵32.9 million to the bottom line. These earnings were primarily derived from fixed deposits and government bonds. In compliance with the Insurance Act, the company’s board directed GH₵14.7 million toward its contingency reserve. These figures contribute to a healthy balance sheet, with total assets reaching GH₵1.36 billion and shareholders' funds totaling GH₵859.5 million.

The insurer’s capital adequacy ratio was reported at 290.83%, which is significantly higher than the regulatory minimum required by the National Insurance Commission. This high ratio indicates that the company is well-capitalized to handle potential risks and meet all policyholder obligations. Additionally, SIC Insurance remained active in corporate social responsibility, dedicating GH₵1.98 million to community initiatives across multiple sectors during the quarter, further solidifying its position as a socially conscious industry leader.