SIC Insurance Ghana Falls Most in 3 Weeks on Loss: Accra Mover

SIC Insurance Co. Ltd. (SIC), the biggest insurer in Ghana, fell the most in more than three weeks after posting a loss for the first nine months of the year.

The shares dropped 2.7 percent to 36 pesewas at the close in the capital, Accra, the biggest decline since Oct. 15.

The company made a loss of 838,329 cedis ($447,000) compared with a profit of 8.15 million cedis a year earlier, it said in a statement e-mailed by the Ghana Stock Exchange today.

Underwriting profit fell to 2.2 million cedis from 8.7 million cedis, the company said. Claims incurred rose 70 percent to 20.7 million cedis.

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