Climate Change Data

Environmental Metrics

Social Achievements

• Contributions made to the Asogli Education Fund, the Otumfuo’s Education Fund, partnership with the University of Ghana and the University of Ghana Business School to sponsor a number of their events, donations to the Children wing of the Cardio Centre at the Korle Bu Teaching Hospital

Governance Achievements

• Your Board has consistently developed corporate policies and practices that encourage good and transparent corporate governance framework to avoid potential conflicts of interest between all stakeholders while promoting ethical business practices.

Environmental Challenges

• Legal action brought against SIC Insurance Company Limited in 2013 by Ivory Finance Limited regarding a credit guarantee bond.
• A judgment of GH¢8,500,000 awarded against SIC Insurance Company Limited as a result of a warehousing bond.
• The profitability of the Company has over the last few years been negatively affected by the impact of losses from poorly underwritten credit guarantees.
• The company went through some reputational challenges as a result of the Ivory/Ital court case, which resulted in a significant reduction of 45.96% in Profit before tax.
• Company is undercapitalized and this is negatively affecting its competitive position and liquidity situation.

Mitigation Strategies

• SIC Insurance Company Limited has paid GH¢19, 303,800 in accordance with its bond obligation and filed an appeal to the Supreme Court.
• SIC Insurance Company Limited and its Legal Counsel have appealed against the judgment and are confident that the Court of Appeal will exercise its discretion in favour of SIC Insurance Company Limited.
• Management is addressing the gaps that impact negatively on the company and implementing the recommendations of the report.
• The Board has put in place measures to quickly return your Company to better profitability in the shortest possible time.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Corporate Social Responsibility (CSR)
• Corporate Governance
• Risk Management

Social Achievements

• Supported over One Hundred Medical Students in their annual International Exchange Program.
• Supported the Foundation of Orthopedics and Complex Spine (FOCOS).
• Supported brilliant but needy students through two established Education funds.
• Collaborated with the Ghana Education Service, Western Region to organize the Western Regional Senior High School Quiz Competition.
• Supported the first African Female Hockey tournament.

Governance Achievements

• Commitment to high standards of good corporate governance.
• Implementation of corporate governance principles that guarantee fairness, accountability and transparency.
• Compliance with all statutory requirements and regulations applicable to the insurance business and Industry.
• Regular Board meetings to review financial performance and reports.

Climate Goals & Targets

Environmental Challenges

• Legal case with Ivory Finance Company.
• Impending regulatory capital requirements announced by the National Insurance Commission.
• Low insurance penetration rate in Ghana (less than 2%).

Mitigation Strategies

• Following all court proceedings keenly.
• Working out scenarios to meet new capital requirements.
• Strategic restructuring efforts across key business functions.
• Implementation of tactical initiatives to contribute to revenue growth.
• Utilizing technology as a critical business enabler.
• Vigorous training regime for employees.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: International Financial Reporting Standards (IFRS)

Third-party Assurance: Deloitte & Touche Chartered Accountants