ANNUAL FINANCIAL STATEMENTS
& CORPORATE PERFORMANCE

CORPORATE PERFORMANCE
The performance of the company has been progressive over the years. An insurance company that started with a modest growth in its first year of operation soon recorded remarkable leap in both its operating results and claiming a chunk of the market share amongst competitors.

According to the published 2005 annual report of Sierra Leone Insurance Commission (SLICOM), IIC recorded an impressive growth in the Market share by gross premium under General Insurance business. Having commenced operation effectively on the 1st of August, 2003; the Company posted its maiden Market share in the industry at the end of 2003 at 0.9% with a total premium of Le80, 163, 000.00. The following year (2004), the company recorded a 3.2% market share with a total gross premium of Le346, 999,000.00, representing an increase of about 333%.

To underscore the fact that the growth was no fluke, in year 2005, the company notched an 11.7% market share with a total gross premium of Le1,764,100,000.00; finishing 4th in less than three years of operation; and increase by 408% over the 2004 performance. It is envisaged that the 2006 reports would post even better results for IIC. Based on the General Insurance Business (GIB) comparative analysis of the performance of all the Insurance companies in Sierra Leone as contained in the 2005 SLICOM report, IIC was clearly the fastest growing Insurance Company in Sierra Leone. While most of the other insurance company’s market share was shrinking, that of International Insurance Company continued to maintain accelerated momentum.

To further buttress the company’s standards SLICOM rated IIC “Class A” thus making it the best Insurance Company for the year 2004 in maintaining International standards in its structure, infrastructure and adopting best operational practices. As an emerging force in the Insurance industry in 2003/2004, the company invested heavily and incurred huge costs on human and material capital in order to be well equipped to serve the expectant clients. Consequently, in 2004 the company recorded a negative variance in the net bottom line but in 2005, the young company posted a Profit before Tax (PBT) of Le98 million. In assessing the corporate performance of IIC, the geometric increase in its Total Gross Premium from Le80 million in 2003 to Le1.7 Billion in 2005 is phenomenal.
Click Here For Financial Summary From 2006 To 2010

Click Here For Financial Summary From 2006 To 2010

CONCLUSION

The growth rate of International Insurance Co. (SL) Ltd is a conscious corporate strategy designed to sustain the amount of professionalism and excellent services the company has been known for over these past four years. It is the intention of the company to continue to improve on our strengths and work assiduously to eliminate and overcome our weaknesses so as to achieve our corporate objectives.

We are determined to move the insurance practice and our services to a higher level and aim at the top of competition. Even though our past and present have been great, the future even looks greater for us and our current and prospective customers.