Ms Hollistar Duah-Yentumi has officially handed over the leadership of SIC Insurance PLC to her successor, Mr James Agyenim-Boateng, following a year of remarkable financial and operational growth.
At a handing-over ceremony held on Wednesday, February 12, 2025, at the company’s Head Office in Accra, Ms. Duah-Yentumi presented detailed handover notes, highlighting key achievements under her tenure.
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Strong Financial Growth in 2024
Under her leadership, SIC Insurance PLC recorded impressive financial results for 2024, with revenue surging by 37.48% and profit after tax rising by 375.5% compared to the previous year.
SIC Insurance PLC – Unaudited Financial Highlights (as of Dec 31, 2024)
| Financial Metric | 2024 (GHS) | 2023 (GHS) |
|---|---|---|
| Insurance Revenue | 513,069,567 | 373,190,838 |
| Insurance Service Result Before Reinsurance | 370,652,514 | 256,681,679 |
| Net Insurance Expense from Reinsurance | (159,380,390) | (105,725,161) |
| Net Insurance Financial Result | (1,987,846) | (3,881,540) |
| Profit/(Loss) Before Tax | 80,794,651 | 25,002,550 |
| Profit/(Loss) After Tax | 56,556,255 | 15,060,342 |
| Shareholders’ Funds | 533,174,715 | 484,259,761 |
| Net Assets | 915,385,706 | 865,932,150 |
| Number of Shares Issued and Fully Paid | 195,645,000 | 195,645,000 |
| Earnings Per Share (GHS) | 0.2891 | 0.0770 |
| Net Assets Per Share (GHS) | 2.7252 | 2.4752 |
| Current Ratio | 1.4045 | 1.2748 |
| Return on Shareholders’ Funds | 10.61% | 3.11% |
The return on shareholders’ funds improved significantly from 3.11% in 2023 to 10.61% in 2024, reflecting strong profitability and efficiency. Additionally, management expenses as a percentage of insurance revenue declined from 42% in 2023 to 34% in 2024, indicating better cost control.
Strategic Initiatives & Operational Improvements
Ms. Duah-Yentumi credited the company’s success to several strategic measures, including:
- Enhanced internal controls and governance
- Improved cost efficiency and claims management
- Better staff welfare and capacity-building programs
- Expansion of business operations
During her tenure, SIC Insurance established new units to improve service delivery and market reach:
- Research and Product Development Unit
- Lost Business and Recovery Unit
- Prestige Branch & Labone Branch
- DVLA Office at Haatso
Additionally, she introduced Monthly Performance Review (MPR) sessions, allowing department heads to provide updates and ensure alignment with company goals.
Expressing confidence in the company’s future, Ms Duah-Yentumi stated that SIC Insurance is well-positioned for sustained growth and urged employees to support the incoming Managing Director, Mr James Agyenim-Boateng.
