SIC Life Records GH¢71.9m Premium Income

SIC LIFE Company Limited, a leading life insurance company in the country, has defied the odds in the insurance industry to post a premium income of GH¢71,943,405 for 2011.

Aaron Issa Anafure, Managing Director of SIC Life, who made this known to CITY & BUSINESS GUIDE in an interview recently, said the figure represented a 50 percent increase over the 2010 figure of GH¢48,042,703.

Attributing the achievement to the hard work and dedication of employees of the company, he said the strategic measures put in place by management since 2009 had pushed SIC Life to the current status.

He said the company is prepared to satisfy its clients with the best of services.

The gradual progression in premium income started in 2007 when it recorded GH¢21,218,773, followed by GH¢27,751,386 in 2008, an increase of 31 percent over the previous year’s figure.

For 2009, premium income recorded was GH¢33,869,675, an increase of 22 percent over the previous year’s.

As at December 2010, SIC Life’s market share of the industry was 26 percent.

With an ambition to increase its market share, management of SIC Life also attributed the achievement of the company to the establishment of a corporate planning & research department, as well as legal department.

“We have also relocated the Wa office to a more accessible and convenient location, established SIC Life Trust Finance Company Limited, an actuarial department, and upgraded the Koforidua and Sunyani branch offices to area offices, among others.

Also, we have established a branch office at Techiman, refurbished the Tema and Koforidua offices and rebranded the company’s logo and colours.”

Touching on products of the company, Mr Anafure mentioned the introduction of e-insurance, repackaging of the final journey plan (funeral policy), networking of all branches across the country, purchase of new software and the renovation as well as refurbishment of SIC Life Tamale Guest house.

“The list is endless. The Thorpe road project – construction of a multipurpose shopping mall in Accra, the creation of insurance halls for all area and branch offices, the refurbishment of a guest house in Kumasi (Asokwa transit quarters) and the procurement of 15 new vehicles to boost operations are feathers in our cap.”

Explaining further, he said his outfit won the overall best in two categories (2 gold awards) – education and financial services organized during the 7th Ashanti Financial Services Awards, which was organized by the Manhyia Palace.

It won a gold plaque at the 3rd Ghana Business and Financial Excellence awards, and the Cedant of the year award, life category, Ghana Re-Limited all in 2009.

It also won the overall best life insurance company in Ashanti region (gold award) at the 8th Ashanti financial services awards organized by the Manhyia Palace 2010, in addition to being the first runner up in the Cedant award, Life category, Ghana Re Limited in 2010.

It furthermore won the Business & Finance Product Award (final journey) in the International Christian Business Awards 2010/2011 and also the Life Insurance Company award of the year 2010, in addition to the CIMG gold award for 2011.