SIC Insurance PLC has recorded a profit after tax of GH¢30.42 million for the third quarter ended September 30, 2026, driven by a substantial increase in motor insurance revenue and robust investment income.
According to the company's unaudited financial statements, gross written premium rose to GH¢494.9 million from GH¢451.1 million in the prior year, with motor insurance accounting for the largest share at GH¢200.1 million.
Insurance revenue for the period stood at GH¢491.4 million, compared with GH¢413.3 million in 2025. Motor insurance revenue alone surged to GH¢166.5 million from GH¢120.5 million, while Fire and Accident classes also recorded growth.
The company's net insurance result improved to GH¢166.6 million, up from GH¢142.8 million in the prior year, despite a net expense from reinsurance contracts held of GH¢150.5 million.
Investment income remained a key driver of profitability, contributing GH¢32.9 million, with significant earnings from bonds (GH¢13.8 million) and fixed deposits (GH¢12.3 million).
The Board of Directors declared an appropriation of GH¢14.7 million to the contingency reserve, in line with the Insurance Act, 2021 (Act 1061), leaving a balance of GH¢214.3 million carried forward on the retained earnings account.
The company's total assets grew to GH¢1.36 billion from GH¢1.16 billion, while shareholders' funds increased to GH¢859.5 million.
SIC Insurance remains well-capitalised, with a capital adequacy ratio of 290.83 per cent, far exceeding the regulatory minimum of 150 per cent, and an investment-to-total-assets ratio of 77 per cent, above the required 55 per cent.
The company also spent GH¢1.98 million on corporate social responsibility initiatives during the period, covering education, community development, health, environment, sport and festivals.