SIC Insurance PLC announced Monday that its Board of Directors will recommend a final dividend of GHS 0.0511 per share for the 2024 financial year when shareholders convene for the company’s 18th Annual General Meeting.
The Ghana Stock Exchange (GSE) listed insurer set the qualifying date as Wednesday, 10 December 2025, meaning all shareholders registered in company books at close of business that day will qualify for the proposed dividend. The register of shareholders will close from Thursday, 11 December through Friday, 12 December, both days inclusive.
Investors purchasing SIC shares before the ex dividend date of Monday, 8 December 2025, will be entitled to receive the final dividend payment. Those buying shares on or after that date will not qualify for the distribution. The proposed dividend, pending shareholder approval, will be paid on Monday, 19 January 2026.
The dividend recommendation follows strong financial performance by the insurance group in 2024. SIC reported insurance revenue of GHS 559.48 million, substantially higher than GHS 373.19 million in 2023, while profit after tax reached GHS 53.41 million compared to GHS 12.81 million previously. The company’s earnings represented growth exceeding 300 percent year on year.
SIC Insurance held its 18th Annual General Meeting on 27 November 2025 through a hybrid format combining in person attendance at the Accra International Conference Centre and virtual participation. Company Secretary Cynthia Rockson issued the formal notice dated 30 October 2025, outlining agenda items including financial statement adoption, director elections, and auditor appointments.
The insurer operates across four principal segments covering motor, marine and aviation, fire, and accident insurance products. The motor division underwrites comprehensive coverage, third party insurance, and third party fire and theft policies for motorbikes and vehicles. Marine and aviation services cover airborne cargoes, ships, fishing vessels, and port installations.
Fire insurance protects residential, commercial, and industrial properties against accidental destruction, while the accident division provides personal coverage, cash in transit protection, banker’s indemnity, and contractor’s all risk insurance. The company also offers workmen’s compensation, general bonds, and engineering insurance alongside investment and asset management advisory services.
SIC maintains an estimated market share exceeding 12 percent in Ghana’s non life insurance sector, positioning it among the country’s leading general insurance providers. The company competes across multiple segments within an industry that has experienced consolidation following regulatory capital requirement increases.
SIC Insurance Company traces its history to February 1962 when it was formed as State Insurance Corporation, though its roots extend to 1955 with establishment of Gold Coast Insurance Company, later renamed Ghana Insurance Company in 1957. The government converted the corporation to a public limited liability company in August 1995, renaming it State Insurance Company of Ghana Limited.
The government offered 60 percent of shares to the public in 2007, with the company listing on the GSE in January 2008. Trading activity remains relatively modest, with average monthly share trading liquidity of approximately GHS 42,990 over the past year through early March 2025.
The proposed dividend distribution demonstrates management’s confidence in sustained profitability and adequate capital reserves following the strong 2024 performance. Insurance companies must balance shareholder returns with regulatory capital requirements established by the National Insurance Commission (NIC), which oversees solvency standards and operational compliance.
Ghana’s insurance penetration remains below regional averages despite sector growth in recent years. The NIC has implemented various reforms aimed at strengthening industry resilience, including mandatory recapitalization that increased minimum capital requirements for non life insurers to GHS 50 million effective December 2021.
SIC’s dividend announcement provides income opportunities for retail and institutional investors holding shares in one of Ghana’s oldest insurance companies. The company continues expanding operations across the West African sub region while maintaining its dominant position in the domestic market.
Shareholders seeking additional information about the dividend payment or registration queries may contact the Head of Listing at the GSE on telephone numbers 0302 669908, 669914, or 669935. NTHC Registrars serves as the official share registrar for SIC Insurance.