Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to GH₵5.18, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 11x in the Insurance industry in Africa. Total returns to shareholders of 2,738% over the past three years. Board Change • May 20
Less than half of directors are independent There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 10 new directors. No experienced directors. 1 highly experienced director. 3 independent directors (8 non-independent directors). Non-Executive Director Daniel Ofori is the most experienced director on the board, commencing their role in 2014. Independent Non-Executive Director Saeed Abdulae was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Annuncio • Nov 13
SIC Insurance PLC, Annual General Meeting, Nov 27, 2025 SIC Insurance PLC, Annual General Meeting, Nov 27, 2025. Location: accra international conference centre, Ghana Annuncio • Nov 29
SIC Insurance PLC, Annual General Meeting, Dec 17, 2024 SIC Insurance PLC, Annual General Meeting, Dec 17, 2024. Location: conference room of the head office of, the assemblies of god church, ridge-accra, Ghana New Risk • Oct 29
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 20% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (GH₵48.9m market cap, or US$3.02m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.2% net profit margin). New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Market cap is less than US$10m (GH₵48.9m market cap, or US$3.22m). Board Change • Apr 03
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 10 non-independent directors. MD & Director Hollistar Duah-Yentumi was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (GH₵47.0m market cap, or US$3.80m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.5% net profit margin). New Risk • Aug 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.1% Last year net profit margin: 31% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (GH₵39.1m market cap, or US$3.59m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.1% net profit margin). Upcoming Dividend • Dec 01
Upcoming dividend of GH₵0.042 per share Eligible shareholders must have bought the stock before 08 December 2022. Payment date: 13 January 2023. Trailing yield: 15%. Within top quartile of Ghanaian dividend payers (14%). Higher than average of industry peers (5.3%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Director Kingsley Agyemang was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Nov 16
SIC Insurance PLC, Annual General Meeting, Nov 16, 2022 SIC Insurance PLC, Annual General Meeting, Nov 16, 2022, at 10:00 Coordinated Universal Time. Annuncio • Nov 15
SIC Insurance PLC Recommends the Payment of A Final Dividend for the 2021 Financial Year, Payable on January 13, 2023 SIC Insurance PLC announced that the Company’s Directors will be recommending to the shareholders at the upcoming Annual General Meeting, the payment of a final dividend of GHC 0.0460 per share for the 2021 financial year. All shareholders registered in the books of SIC at the close of business on December 12, 2022, will qualify for the final dividend. The Register of shareholders will be closed from December 13, 2022, to December 14, 2022. (Both dates inclusive). In view of the foregoing, the ex-dividend date has been set as December 8, 2022. Consequently, an investor purchasing SIC shares before this date will be entitled to the final dividend. However, an investor buying SIC shares on or after December 8, 2022, will not be entitled to the final dividend. The final dividend if approved will be paid on January 13, 2023. Reported Earnings • Oct 09
Full year 2021 earnings released: EPS: GH₵0.31 (vs GH₵0.063 in FY 2020) Full year 2021 results: EPS: GH₵0.31 (up from GH₵0.063 in FY 2020). Revenue: GH₵193.1m (up 14% from FY 2020). Net income: GH₵59.8m (up 383% from FY 2020). Profit margin: 31% (up from 7.3% in FY 2020). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Director Kingsley Agyemang was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: GH₵0.15 (up from GH₵0.063 in FY 2020). Revenue: GH₵184.1m (up 8.6% from FY 2020). Net income: GH₵29.1m (up 135% from FY 2020). Profit margin: 16% (up from 7.3% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 22% per year. Board Change • Oct 04
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). Non-Executive Director Aguriba Abugri was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 31
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). Non-Executive Director Aguriba Abugri was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 