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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

SIC Insurance

SIC · Ghana Stock Exchange · Consolidated statements

On this page
Company details
Legal name
SIC Insurance PLC
Listing
SIC on the Ghana Stock Exchange, active (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · audited financial statements, signed / final · source

Read with these figures

  • Qualified audit opinion. FY2025: Basis: Basis for Qualified Opinion (PDF p13, p14). Details below.
Full wording and sources

  • Auditor's report, year to 2025-12-31: qualified opinion ('except for')

    The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. The auditor (Baker Tilly Andah + Andah, Ghana) gave a qualified opinion on SIC Insurance PLC's consolidated and separate financial statements for 2025. Except for one matter concerning the subsidiary SIC Financial Services Limited, the auditor found they present fairly. The matter: court judgments against the subsidiary (Tannik Ghana and Bank of Africa) were under-provided or not provided for, contrary to IAS 37. The auditor states that consolidated equity is overstated, and trade and other payables understated, by GH¢ 142,701,740, with no effect on the parent company's separate statements. Figures are shown as published. (auditor's report, PDF p13, p14; verified on the page images 2026-10-08)

    Source: SIC Insurance PLC Consolidated and separate financial statements for the year ended 31 December 2025, p13 (dated 2026-05-29)

  • Insurance revenue

    GHS 598 million

    598,188,744 GHS units · p22

    +6.9% vs 2024

    Insurer (IFRS 17): 'Insurance revenue' as printed; insurers do not report revenue.

  • Insurance service result

    GHS 263 million

    262,807,354 GHS units · p22

    −6.3% vs 2024

    'Insurance service result' as printed.

  • Net insurance result

    GHS 244 million

    244,364,230 GHS units · p22

    −11.8% vs 2024

    'Net insurance result' as printed (after the net insurance financial result); no operating-profit line is printed.

  • Profit for the year

    GHS 84.1 million

    84,053,064 GHS units · p22

    +57.4% vs 2024

    'Profit for the year' as printed.

  • Total assets

    GHS 1.27 billion

    1,265,618,384 GHS units · p20

    +13.4% vs 2024

    'Total assets' as printed.

  • Shareholders' funds

    GHS 786 million

    786,280,583 GHS units · p20

    +17.3% vs 2024

    Printed as 'Shareholders' funds' (includes non-controlling interest).

Large amounts are rounded for reading (GHS million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in GHS units unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — audited financial statements, signed / final; reported for the year · source
  • FY2024 — audited financial statements, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, GHS units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Insurance revenue 598,188,744 559,483,192
Insurance service expenses (156,811,919) (141,432,202)
Insurance service result before reinsurance contracts held1 441,376,825 418,050,990
Net expense from reinsurance contracts held (178,569,471) (137,716,272)
Insurance service result 262,807,354 280,334,718
Finance expense from contracts issued (22,879,633) (3,819,442)
Finance income from reinsurance contracts held2 4,436,509 505,149
Net insurance financial result (18,443,124) (3,314,293)
Net insurance result3 244,364,230 277,020,425
Investment income 46,771,459 36,276,759
Finance cost (1,658,282) (2,206,431)
Impairment loss (1,833,924) (34,079,570)
Net insurance and investment result 287,643,483 277,011,183
Brokerage and advisory fees4 17,544,552 11,855,867
Other income 61,281,602 31,505,569
Share of associate (loss)/profit –5 (45,061,727)
Other operating expenses (248,725,330) (192,105,273)
Profit before income tax 117,744,307 83,205,619
Income tax (27,744,772) (25,560,074)
Growth & sustainability levy6 (5,946,471) (4,231,876)
Profit for the year 84,053,064 53,413,669
Fair value gain on equity investments7 81,236,973 23,430,454
Deferred tax8 (13,299,080) (42,536,574)
Revaluation gains/loss (net of tax)9 –10 163,982,480
Actuarial (loss)/gain on employee benefits11 (24,553,870) 4,312,167
Total comprehensive income for the year 127,437,087 202,602,196
  1. Printed “-”, read as nil: subtotal_arithmetic: is.profit_before_tax.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (9)
  1. “Insurance service result before reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: IFRS 17 subtotal: insurance revenue less insurance service expenses.
  2. “Finance income from reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Note 10.
  3. “Net insurance result” is an issuer-specific line, not mapped to a shared definition: Insurance service result plus the net insurance financial result.
  4. “Brokerage and advisory fees” is an issuer-specific line, not mapped to a shared definition: Note 11: fees of the group's non-insurance subsidiaries.
  5. “Growth & sustainability levy” is an issuer-specific line, not mapped to a shared definition: Note 18b: Ghanaian levy on profit before tax, charged after income tax.
  6. “Fair value gain on equity investments” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income.
  7. “Deferred tax” is an issuer-specific line, not mapped to a shared definition: Deferred tax on other comprehensive income.
  8. “Revaluation gains/loss (net of tax)” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income: note 32a.
  9. “Actuarial (loss)/gain on employee benefits” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income: note 43b.

Balance sheet

Balance sheet, GHS units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Property, plant, and equipment 248,157,054 312,495,390
Intangible asset 12,216 71,513
Investment properties 105,720,084 67,875,374
Right of use assets 4,162,339 5,486,098
Equity investments 324,000,379 242,763,405
Investments at amortised cost 173,710,559 147,490,629
Total non-current assets 855,762,631 776,182,409
Investments at amortised cost 204,087,533 168,088,073
Receivables 55,262,527 49,415,063
Inventories 2,316,171 3,989,537
Asset for incurred claims1 19,547,216 11,306,649
Asset for remaining coverage2 38,426,302 (16,203,007)
Cash and bank balance 90,216,004 122,951,980
Total current assets 409,855,753 339,548,295
Total assets 1,265,618,384 1,115,730,704
Stated capital 25,000,000 25,000,000
Revaluation reserve 245,680,733 246,834,248
Retained earnings 181,168,405 124,712,100
Contingency reserve3 106,325,939 88,380,277
Fair value reserve 236,428,405 175,363,880
Other reserves (22,104,943) (4,022,053)
Non-controlling interest 13,782,044 14,110,547
Shareholders' funds 786,280,583 670,378,999
Employee benefits obligation 43,698,967 19,184,869
Lease liabilities 2,746,920 4,135,545
Deferred tax 106,823,677 96,207,478
Total non-current liabilities 153,269,564 119,527,892
Customer advanced payment for contracts 71,785,349 21,743,859
Liability for incurred claims4 71,064,370 58,993,860
Liability for remaining coverage5 39,698,672 97,182,183
Trade & other payables 130,258,929 119,604,941
Lease liabilities 1,169,319 627,204
Current tax 9,463,837 24,448,240
Growth & sustainability levy6 2,627,761 3,223,526
Total current liabilities 326,068,237 325,823,813
Total liabilities 479,337,801 445,351,705
Total equity and liabilities 1,265,618,384 1,115,730,704
Notes and alternative reported figures (6)
  1. “Asset for incurred claims” is an issuer-specific line, not mapped to a shared definition: Note 42.
  2. “Asset for remaining coverage” is an issuer-specific line, not mapped to a shared definition: Note 42 (negative in 2024).
  3. “Contingency reserve” is an issuer-specific line, not mapped to a shared definition: Note 33: statutory reserve under the Insurance Act.
  4. “Liability for incurred claims” is an issuer-specific line, not mapped to a shared definition: Note 41.
  5. “Liability for remaining coverage” is an issuer-specific line, not mapped to a shared definition: Note 41.
  6. “Growth & sustainability levy” is an issuer-specific line, not mapped to a shared definition: Note 18b.

Cash flow

Cash flow, GHS units. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Cash generated from operating activities 26,382,082 177,343,424
Tax paid (45,412,056) (19,089,766)
National stabilization levy paid1 (6,542,236) (2,162,768)
Employee benefit obligation paid2 (4,966,172) (3,816,668)
Net cash (Used in) / generated from operating activities (30,538,382) 152,274,222
Acquisition of property, plant and equipment (4,294,579) (14,520,476)
Addition to right of use assets3 (1,302,847) (2,295,029)
Proceeds from disposal on investment property4 –5 3,134,467
Proceeds from disposal of PPE 388,285 –5
Investment at amortised cost (non- current)6 (6,130,535) (8,551,010)
Additions to investment property7 (647,166) –8
Dividend received9 2,068,519 2,180,769
Interest received10 44,566,699 34,095,991
Net cash generated from investing activities 34,648,376 14,044,712
Repayment of borrowings(Note 38) –11 (14,649,408)
Increase in lease liability12 (846,510) (1,754,904)
Net Cash used in financing activities (846,510) (16,404,312)
Changes in cash and cash equivalents 3,263,484 149,914,622
Cash at 1 January 291,040,053 141,125,431
Cash at 31 December 294,303,537 291,040,053
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”; reading unresolved, so no amount is shown. Printed dash, read on the page image (p28); recorded as printed and not interpreted as nil. Group 2024 column of the consolidated and separate statement of cash flows (continued); the page has no text layer.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (9)
  1. “National stabilization levy paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  2. “Employee benefit obligation paid” is an issuer-specific line, not mapped to a shared definition: Operating activities.
  3. “Addition to right of use assets” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  4. “Proceeds from disposal on investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  5. “Investment at amortised cost (non- current)” is an issuer-specific line, not mapped to a shared definition: Investing activities: net purchases.
  6. “Additions to investment property” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  7. “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  8. “Interest received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
  9. “Increase in lease liability” is an issuer-specific line, not mapped to a shared definition: Financing activities: lease payments (printed as negative amounts).

Per share and shares

Per share and shares. Columns: FY2025 — audited financial statements (signed / final), as reported for the year; FY2024 — audited financial statements (signed / final), comparative reported in the audited financial statements for 2025.
Line (as printed) FY2025Audited financial statementsreported for the yearFY2024Audited financial statementscomparative in FY2025 filing
Earnings / (loss) per share (per share)1 0.4296 0.2730
Notes and alternative reported figures (1)
  1. Earnings / (loss) per share: printed as “Earnings per share”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • SIC Insurance PLC Consolidated and separate financial statements for the year ended 31 December 2025

    Year ended 31 December 2025 · Audited financial statements · signed / final

    Audit: Baker Tilly Andah + Andah (Chartered Accountants), qualified opinion · signed

    Auditor's sign-off: Baker Tilly Andah + Andah; engagement partner Bernard W. Q. Adade (ICAG/P/1247)

    Final status: Auditor's report signed for Baker Tilly Andah + Andah (engagement partner Bernard W. Q. Adade) and dated by hand 29th May 2026 (PDF p19, page image); statement of financial position signed by the board chairman, managing director and a director with handwritten dates 28-05-26, 26-05-28 and 27-05-26 (PDF p21, page image).

    Document date
    29 May 2026
    Published
    1 Jun 2026
    Auditor's report
    29 May 2026
    Board approval
    28 May 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · GHS units (printed “GH¢”)
    • The auditor (Baker Tilly Andah + Andah, Ghana) gave a qualified opinion on SIC Insurance PLC's consolidated and separate financial statements for 2025. Except for one matter concerning the subsidiary SIC Financial Services Limited, the auditor found they present fairly. The matter: court judgments against the subsidiary (Tannik Ghana and Bank of Africa) were under-provided or not provided for, contrary to IAS 37. The auditor states that consolidated equity is overstated, and trade and other payables understated, by GH¢ 142,701,740, with no effect on the parent company's separate statements. Figures are shown as published. (auditor's report, PDF p13, p14; verified on the page images 2026-10-08)
    • Basis: Basis for Qualified Opinion (PDF p13, p14).
    • Qualified opinion (PDF p13): the subsidiary SIC Financial Services Limited's statements were materially misstated: litigation provisions and disclosures could not be verified; a GH¢ 21 million payable for the Tannik Ghana judgment against a confirmed USD 8.7 million (GH¢ 95,700,000) obligation; no provision for a Bank of Africa judgment of USD 1,567,010 (GH¢ 18,804,120) plus GH¢ 49,197,620 interest.
    • Scanned document without a text layer. The directors' handwritten approval dates differ (28-05-26, 26-05-28, 27-05-26).
    Technical details
    File
    100 pages, scanned (figures read by OCR and checked against the page image)
    SHA-256
    b25c9f2e760303deaa42f479b028dd40b4fc0e7eb6ce113a72ec51e7e22d2dae
    Entity as printed
    SIC Insurance PLC (the Company) and its subsidiaries (the Group)
    Exchange copy
    retrieved 2026-10-08T17:52:45Z

Data notes

  • Total comprehensive income for the year — OCR read '127,437,08Z'; the page image shows '127,437,087'. OCR reads the last digit as 'Z'; the page image shows 7. (SIC Insurance PLC Consolidated and separate financial statements for the year ended 31 December 2025, p23)

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text of the page image; matched to OCR text and compared cell by cell with the page image; read from the page image) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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