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Annual Report & Financial Statements www.sic-gh.com ‘18 ANNUAL REPORT & FINANCIAL STATEMENTS 3 Contents 4 Notice of Annual General Meeting 5 Board Resolutions 6 Directors, Officials, and Registered Office 9 Board of Directors’ 14 Board Chairman’s Report 20 Managing Director’s Report 26 Management Team 28 Directors’ Report 29 Financial Highlights 30 Statement of Directors' Responsibilities 31 Independent Auditors’ Report 36 Consolidated Statement of Financial Position 38 Consolidated Comprehensive Income 40 Consolidated Statement of Changes in Equity 42 Consolidated Statement of Cash Flow Notes to the Consolidated and Separate Financial 44 Statements 89 Proxy Form 2018 ANNUAL REPORT | SIC INSURANCE COMPANY LIMITED 4 Notice of Annual General Meeting NOTICE IS HEREBY GIVEN that the 12th Annual General Meeting of SIC Insurance Company Limited will be held on Tuesday, 1st October, 2019 at 10:00 a.m. at the College of Physicians and Surgeons, Accra to transact the following business: AGENDA 1. To receive and consider the Accounts of the Company for the year ended 31st December 2018 together with the Reports of the Directors and the Auditors thereon. 2. To authorize the Directors to fix the remuneration of the Auditors. 3. To re-elect retiring Directors. 4. To approve Directors’ remuneration. Dated this 2nd day of September, 2019 By Order of the Board LYDIA HLOMADOR (MRS.) COMPANY SECRETARY 2018 ANNUAL REPORT | SIC INSURANCE COMPANY LIMITED 5 Board Resolutions The Board of Directors will be proposing office must retire at the Annual General the following resolutions at the Annual Meeting. Accordingly, three Directors General Meeting: namely, Mr. Christian Tetteh Sottie, Mrs. Pamela Djamson-Tettey and Mr. Michael 1. To receive 2018 Accounts Addotey Addo will retire. However, only Mr. The Board shall propose the acceptance Christian Tetteh Sottie and Mrs. Pamela of the 2018 Accounts as the true and fair Djamson-Tettey are proposed for election. view of the affairs of the Company for the 4. To Approve Directors’ Remuneration year ended 31st December, 2018. To approve GH₵700,000.00 as Directors 2. To Authorise the Directors to fix the remuneration for the year to 31st December Remuneration of the Auditors 2019 in accordance with Section 194 of In accordance with Section 134(11) of the the Companies Act, 1963 (Act 179) and Companies Act, 1963, (Act 179), Messrs. Regulation 67 of the Regulations of the Deloitte & Touche will continue in office as Company. Auditors of the Company. The Board would request from Members their approval to fix the remuneration of the Auditors. 3. To Re-Elect Retiring Directors By the provision of section 298 of the Companies Act, 1963 (Act 179) one-third of Directors who have been longest in http://www.sic-gh.com Read More 2018 ANNUAL REPORT | SIC INSURANCE COMPANY LIMITED 6 Directors, Officials and Registered Office Board of Directors: Dr. Jimmy Ben Heymann Chairman Mr. Stephen Oduro Managing Director Mrs. Pamela Djamson-Tettey Non-Executive Director Mr. James Appietu-Ankrah Non-Executive Director Mr. Michael Addotey Addo Non-Executive Director Mr. Daniel Ofori Non-Executive Director Mr. Christian Tetteh Sottie Non-Executive Director Mr. Kwabena Gyima Osei-Bonsu Non-Executive Director Mr. Nicholas Oteng Non-Executive Director Executive Management: Mr. Stephen Oduro Managing Director Mr. Richard Adu-Poku Deputy Managing Director, Finance & Administration (Resigned, June 20, 2019) Mr. Faris Attrickie General Manager, Operations Mr Bernard Ameah General Manager, Finance & Administration (Retired, March 31, 2019) Company Secretary: Mrs. Lydia Hlomador Registered Office: Nyemitei House 28/29 Ring Road East Osu-Accra Actuarists: Stallion Consultants Limited Auditors: Deloitte & Touche Chartered Accountants. The Deloitte Place, Plot No. 71, Off George Walker Bush Highway, North Dzorwulu P. O. Box GP 453, Accra Registrars: NTHC Limited Martco House, P. O. Box KIA 9563 Airport, Accra Bankers: - Local ADB Bank Limited, Barclays Bank Ghana Limited, Ecobank Ghana Limited, GCB Bank Limited, National Investment Bank Limited, Société Générale Ghana Limited, UMB Bank Limited, Stanbic Bank Limited, ARB Apex Bank Limited, Akuapim Rural Bank Limited Bankers: - Foreign Ghana International Bank Limited 2018 ANNUAL REPORT | SIC INSURANCE COMPANY LIMITED 7 Mission To enhance delivery and stakeholder value using cutting-edge technology and innovation to drive productivity. Vision To maintain our dominance in the Insurance Industry. Objectives Customers: Achieve total customer satisfaction and loyalty. Shareholders: Maximize shareholder value. Employees: A satisfied workforce. Corporate Citizenship: Be a good corporate citizen. Core Values At SIC we customize our products for every client. The right product for the right person at the right time. 1. Reliablity 2. Relationships 3. Integrity 4. Professionalism 5. Excellence 2018 ANNUAL REPORT | SIC INSURANCE COMPANY LIMITED 9 Board of Directors’ MR. STEPHEN ODURO MANAGING DIRECTOR Mr. Stephen Oduro was appointed as a Director of the company on September 11, 2017 and subsequently appointed as the Managing Director of the company on the same day. He has over thirty (30) years of progressive experience in leading financial application systems development, project designing, installing, and implementing for banking, insurance, brokerage and healthcare industries. Mr. Oduro has proven skills in analysis, research, communication, designing of quality assurance strategies, and negotiation. He is detailed and result-oriented with the ability to handle multiple projects simultaneously. Prior to this appointment he was an Associate/ DR. JIMMY BEN HEYMANN Senior Change Management Specialist with Brown CHAIRMAN Brothers Harriman Inc., Jersey City, USA responsible for implementing change management tools for the Dr. Jimmy Ben Heymann was appointed as a Quality Management Department. He was also a Director of the company on September 11, 2017 Partner/Senior Consultant with Afisys/Constech and subsequently appointed as the Chairman of Consulting Services, Accra, where he offered the Board of Directors the same day. Consulting services for the government of Ghana to manage the Y2K conversion. Mr. Oduro also served He is a Medical Doctor by profession and has as an Associate Manager at Prudential Insurance worked with a number of hospitals in various Company, Roseland, New Jersey, USA where he capacities from House Officer to Consulting was responsible for designing and developing the Doctor. He also served the country in South Africa front-end processing for several application areas. as the High Commissioner from 2006-2009. He is a product of the Rutgers University - Graduate Dr. Heymann serves on the Boards of Cenpower School of Management, Newark, New Jersey, USA Generation Company Limited, Governing Board of with an MBA in Computer and Information Systems Aggrey Memorial A.M.E Zion Secondary School, with Financial Application bias and the Bernard M. Corricreche and Crimson School in Akosombo, Baruch College, City University of New York, New Playsoccer Ghana (FIFA Sponsored Program), York City, USA with a B.B.A., Computer Systems. a member of the Executive Board of A.M.E Zion Church-Ghana He is a product of the University of Ghana Medical School, Alliance Francaise d’Accra and Adisadel College. He is a good communicator, a Marriage Counsellor, conflict resolution and career guidance expert and has working knowledge in French. 2018 ANNUAL REPORT | SIC INSURANCE COMPANY LIMITED 10 Board of Directors’ MR. JAMES APPIETU-ANKRAH NON-EXECUTIVE DIRECTOR Mr. James Appietu-Ankrah was appointed as a Director of the company on September 11, 2017. He has an extensive background and experience in Insurance and Risk Management. He was an Executive Director of Dezag Insurance Brokers until June, 2017 and was the Member of Parliament for Lower West Akim Constituency from 2005-2008. Mr. Appietu-Ankrah served for 35 years in various capacities at SIC Insurance as Head of Department (Life, Marketing, and Reinsurance), Branch Manager (Oda), Regional Manager (Koforidua) and Area Manager for the Northern Sector. He also served as the Chairman of the Finance and Administration MR. KWABENA GYIMA OSEI-BONSU Sub-Committee of the West Akim District Assembly. NON-EXECUTIVE DIRECTOR He is a product of Adisadel College and the Mr. Kwabena Gyima Osei-Bonsu is the CEO of University of Cape Coast with an MA in Democracy, Service Construct Ltd., a Construction, Real Estate Governance, Law and Development. Mr. Appietu- and ATM maintenance service provider. Ankrah also holds a certificate in Insurance from the Chartered Insurance Institute, UK; a Diploma He was the CEO of Switchgate International Ltd., in Insurance & Risk Management from the West an electronic funds transfer switching platform African Insurance Institute, Monrovia Liberia; and a from 2005– 2010 and the General Manager, Diploma in Sales & Marketing from the Cambridge Elimina Beach Resort from 2004-2005 and also Tutorial College, Jersey, UK. Sales Manager of La Palm Royal Beach Hotel from 1999-2004, all under the Golden Beach Hotels umbrella. He is the CEO of MX Corp and also the CEO of MX AMBA. He is currently an Executive Director of Cypress Energy. He is a product of Achimota Secondary School, Presbyterian Boys Senior Secondary School, Legon, the Kwame Nkrumah University of Science and Technology, Ghana where he majored in Law and the Cornell University, Ithaca, New York, USA. 2018 ANNUAL REPORT | SIC INSURANCE COMPANY LIMITED 11 Board of Directors’ MR. MICHAEL ADDOTEY ADDO NON-EXECUTIVE DIRECTOR
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