SIC Insurance MD Hollistar Duah-Yentumi hands over to James Agyenim-Boateng

The Managing Director of SIC Insurance PLC, Ms Hollistar Duah-Yentumi, has officially handed over leadership to her successor, Mr James Agyenim-Boateng, following what she calls an exceptional financial and operational performance during her one-year tenure.

At a handing-over ceremony on Wednesday, February 12, 2025, at the Head Office Branch, Accra, Ms. Duah-Yentumi presented comprehensive handover notes detailing key achievements in both technical and financial operations.

According to reports, SIC Insurance PLC recorded GHS 513 million in revenue for 2024, marking a 37.48% increase from GHS 373 million in the previous year. Profit after tax soared to GHS 56 million—a remarkable 375.5% rise from GHS 15 million in 2023.

This financial growth is expected to significantly enhance shareholder returns, with return on equity rising from 3.11% in 2023 to 10.61% in 2024. Additionally, management expenses as a percentage of insurance revenue declined from 42% in 2023 to 34% in 2024, reflecting improved cost efficiency and internal controls.

Ms. Duah-Yentumi credited this success to several key initiatives, including enhanced internal controls, improved staff welfare, effective cost management, and a streamlined claims process that significantly improved customer experience. She also emphasized the role of strong corporate governance and ethical business practices in driving the company’s growth.

Beyond financial performance, her tenure saw several strategic initiatives, including the establishment of new divisions such as the Research and Product Development Unit, the Lost Business and Recovery Unit, the Prestige Branch, the Labone Branch, and the DVLA office at Haatso.

She also introduced the Monthly Performance Review (MPR) sessions, where department heads provided periodic performance updates. These sessions served as a platform for learning, strategic decision-making, and ensuring alignment with the company’s goals.

Expressing confidence in the future of SIC Insurance, Ms. Duah-Yentumi highlighted the strong structures and strategic direction set during her leadership. She encouraged staff to extend their full support to the new MD, Mr Agyenim-Boateng, as the company moves forward.