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SIC Insurance of Ghana First-Quarter Profit Rises 37%

May 2 (Bloomberg) -- SIC Insurance Co., the biggest insurer in Ghana, said first-quarter profit rose 37 percent as net premiums grew.

Net income increased to 8.6 million cedis ($4.7 million), while net premiums in the three months through March climbed to 25.7 million cedis from 21 million cedis a year earlier, the company said in a statement e-mailed by the Ghana Stock Exchange today.

“Rigorous market penetration strategies such as the introduction of new products, including e-insurance, improved net premiums,” Nana Ama Ofowaah, a stock analyst at Databank Financial Services Ltd. in Accra, said in an e-mailed comment today. “The company also adopted a strategy to retain at least 90 percent of its business by rewarding its loyal clients.”

The company’s shares closed unchanged at 38 pesewas on the Ghana Stock Exchange.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

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