SIC Insurance Pays GHS1.6m Dividend To Government

SIC Insurance Company Limited has presented a cheque of GHS1,674,721.20 to Government as dividend for the year ending 2015.

The amount represents 40% of total dividend payout to shareholders of the Company.

The Chairman of the Board of SIC Insurance Company Limited, Ghana’s leading Non-Life Insurance Company, Mr. Mike Hammah led a delegation to present the cheque which was received on behalf of Government by the Deputy Minister of Finance, Mr. Cassiel Ato Forson at a short but impressive ceremony at the Ministry of Finance

Handing over the cheque, Mr. Mike Hammah expressed his appreciation to the Government, the majority shareholder, for its cooperation over the years.

He revealed that the company has embarked on an Enterprise Risk Management programme which is aimed at a consistent improvement in the efficiency and strengthening of internal control systems to consolidate gains to provide value for its shareholders and stakeholders alike. Disclosing that SIC Insurance made a total payout of GHS4,178,977.20 as dividend to its shareholders in 2015 representing a 20% increase in the amount last paid in 2012.

The Board and Management he added are working hand in hand to align the company’s risk appetite to its strategy going forward and this is enhancing risk response decisions and thus reducing operational surprises and losses.

Receiving the cheque on behalf of the Government, the Deputy Minister of Finance, Mr. Cassiel Ato Forson, congratulated SIC Insurance for the payment in the phase of the stiff competition in the Insurance Industry and encouraged the company to remain resilient, reliable and profitable in order to raise its dividend in the ensuing year.

He challenged that, as the industry leader, SIC Insurance must continue to be relevant on all fronts to provide the needed direction for the industry and assured on behalf of Government to expand the insurance sector to drive the course