SIC Insurance of Ghana First-Quarter Profit Rises 37%

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.

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