The State Insurance Company (SIC) has presented a cheque of ?1.2 billion to the government as its dividend for the period ending December 2001 at a ceremony in Accra.

Professor Isaac Mensah Ofori, Chairman of SIC’s Board who made the presentation said the company has embarked on a restructuring programme to reposition the company in the wake of on-going competition in the insurance industry.

The Managing Director of SIC, Mr Peter Osei Duah noted that SIC’s operations and market share had improved dramatically during the past two years.

The Deputy Minister of Finance, Mrs Grace Coleman who received the cheque commended the new board for their efficient management practices.

She said “I am really impressed with your commitment and efficiency, which clearly testifies to the beginning of greater things to come”.

The minister said she was impressed at the rate at which SIC had redeemed more than 80 per cent of its debts.