SIC Insurance Cash Flow Statement

Financials in millions GHS. Fiscal year is January - December.

Millions GHS. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	69.52	53.74	13.49	22.65	59.8
Depreciation & Amortization	14.35	12.96	10.63	14.53	9.49
Other Amortization	0.01	0.07	0.08	0.2	0.41
Gain (Loss) on Sale of Assets	-0.39	-1.8	-0.07	-0.01	-10.75
Change in Accounts Receivable	-8.47	28.67	-24.17	61.05	-99.62
Reinsurance Recoverable	-38.38	67.19	-56.69	29.29	-10.91
Change in Accounts Payable	10.89	53.07	-4.37	25.9	0.75
Change in Unearned Revenue	53.83	-54.58	67.22	2.31	27.32
Change in Insurance Reserves / Liabilities	-51.58	-5.16	22.6	23.93	-4.06
Change in Other Net Operating Assets	-	-	-	2.41	3.63
Other Operating Activities	-78.66	-37.75	-33.75	-60.63	-10.26
Operating Cash Flow	-28.87	155.61	2.76	72.96	-59.34
Operating Cash Flow Growth	-	5528.03%	-96.21%	-	-
Capital Expenditures	-3.04	-14.52	-20.66	-4.09	-6.09
Sale of Property, Plant & Equipment	0.39	-	-	0.01	-
Purchase / Sale of Intangible Assets	-	-	-	-0.15	-0.09
Investment in Securities	-	-	-0.01	-25.48	-0.01
Other Investing Activities	46.61	33.98	29.13	39.53	12.83
Investing Cash Flow	43.31	22.6	8.19	8.88	101.61
Short-Term Debt Issued	-	-	0.19	-	14.8
Long-Term Debt Issued	-	-	2.06	0.51	-
Total Debt Issued	-	-	2.24	0.51	14.8
Total Debt Repaid	-2.3	-16.4	-	-0.34	-0.58
Net Debt Issued (Repaid)	-2.3	-16.4	2.24	0.18	14.22
Financing Cash Flow	-2.3	-16.4	2.24	0.18	14.22
Net Cash Flow	12.14	161.8	13.2	82.02	56.49
Free Cash Flow	-31.91	141.09	-17.9	68.87	-65.43
Free Cash Flow Margin	-4.67%	24.94%	-4.33%	18.35%	-37.04%
Free Cash Flow Per Share	-0.16	0.72	-0.09	0.35	-0.33
Cash Income Tax Paid	45.31	19.09	10.06	36.69	4.63
Levered Free Cash Flow	307.48	8.96	-169.03	105.73	-35.6
Unlevered Free Cash Flow	307.48	10.34	-167.49	107.71	-34.01
Change in Working Capital	-33.71	87.1	4.45	144.99	-83.16

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.