Some senior and junior workers have poured out a massive avalanche of positive reviews for the Managing Director of SIC Insurance PLC, Ms. Hollistar Duah-Yentumi, as she officially handed over leadership to her successor, Mr. James Agyenim-Boateng.
The transfer of leadership occurred on Wednesday, February 12, but many had wished that the tenure would not be short for the goal-oriented MD who pushed beyond obstacles and unsurmountable boundaries with a spectacular GHS 513 million in revenue for 2024, marking a 37.48% increase from GHS 373 million in the previous year.
With expertise, experience, and a demonstrated record in various sectors, Ms. Duah-Yentumi tamed perennial challenges of management expenses as a percentage of insurance revenue from 42% in 2023 to 34% in 2024, reflecting improved cost efficiency and internal controls.
According to reports, SIC Insurance PLC recorded 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.
“For me as an accounts person, the figures that we have been able to generate over the last year under Madam Hollistar represent a big boost compared to our peers in the industry,” a junior staff member shared with theghanareport under the preference of keeping his identity anonymous.
Several workers highlighted significant changes in working conditions that had contributed to efficiency and productivity.
Key among the initiatives implemented by Ms Duah-Yentumi highlighted by some staff is the establishment of a transparent staff appraisal and assessment system and enhanced staff job satisfaction through job rotation by periodically rotating employees who have been in the same role for extended periods.
This intervention helped staff to develop diverse skill sets and gain broader knowledge of different areas within the business.
Ms. Duah-Yentumi is also a champion of training opportunities within and outside the country for staff across all levels.
Under her leadership, staff were not stifled from growth with various opportunities through internal advertisement of vacancies.
Priority was given to staff with the requisite expertise.
Beyond these, SIC Insurance PLC has birthed key institutions that have contributed immensely to the development of the Ghanaian economy.
Prominent of these are SSNIT, SIC Life Insurance LTD and SIC-FSL.
As one of the firms contributing immensely to growth, SIC Insurance PLC has paid GH¢ 75,630,163 as corporate taxes to the government in the last 5 years.
SIC Insurance Plc also partners with the government in delivering on its social contracts in the areas of job creation—direct employment of graduates, engagement of hundreds of agents, engagement of national service personnel, and internship opportunities for students.
katana