Managing Director of SIC Insurance PLC, Ms. Hollistar Duah-Yentumi has formally handed over leadership to her successor, Mr. James Agyenim-Boateng at a ceremony held on Wednesday, February 12, 2025, at the company’s Accra Head Office.
Duah-Yentumi’s one-year tenure saw remarkable financial and operational achievements, setting a high bar for the company’s future.
Under her leadership, SIC Insurance posted an impressive GHS 513 million in revenue for 2024, a 37.48% increase from the previous year’s GHS 373 million.
Profit after tax surged by 375.5%, reaching GHS 56 million, up from GHS 15 million in 2023.
This financial surge bolstered the company’s return on equity, which jumped to 10.61%, up from 3.11% the previous year, offering promising returns for shareholders.
In a move that reflects the company’s commitment to cost efficiency, management expenses as a percentage of insurance revenue dropped from 42% in 2023 to 34% in 2024.
Duah-Yentumi attributed this success to a combination of strategic initiatives, including strengthening internal controls, enhancing staff welfare and improving the customer experience through a streamlined claims process.
She also highlighted the pivotal role of ethical governance in supporting the company’s growth trajectory.
Her tenure was not solely defined by financial performance.
Duah-Yentumi spearheaded several strategic expansions, such as the creation of new divisions like the Research and Product Development Unit, the Lost Business and Recovery Unit and the opening of new branches, including the Prestige and Labone branches, and the DVLA office in Haatso.
She also introduced Monthly Performance Review (MPR) sessions, fostering a culture of accountability, learning, and alignment with the company’s objectives.
Looking ahead, Duah-Yentumi expressed optimism about the future of SIC Insurance, pointing to the solid foundation laid during her leadership.
She called on the company’s employees to support Agyenim-Boateng as he takes the helm and builds on this strong momentum.
Agyenim-Boateng now faces the task of continuing this growth story in the evolving insurance landscape in Ghana, as SIC Insurance strengthens its position as a key player in the sector.
