CIC Insurance Group reported a net profit of KES 1.44 billion, up by 818% fueled by a 23% increase in insurance revenue (KES25.4 billion) and a 14% rise in investment income (KES 2.9 billion) for the year ended December 2023.
“The business maintained a growth trajectory driven by the execution of our transformational initiatives focusing on customer experience, performance management, operational efficiency, digital transformation, research and innovation, cost competitiveness and debt management,” the Group said in a statement.
The Kenyan subsidiary saw a 55% growth in profit before tax (KES1.4 billion) and a 24% return on equity. Life assurance also reported significant progress, with a 431% increase in profit before tax (KES1.3 billion).
The Group emphasized cost competitiveness and debt management, leading to a 209% growth in profit before tax (KES2.5 billion). Assets under management also grew by 15% to KES146 billion in Kenya.
CIC Regional Subsidiaries
While the Kenyan market remains dominant, CIC’s Ugandan, South Sudanese, and Malawian subsidiaries all experienced revenue growth, contributing 13% to the Group’s overall insurance revenue.
CIC Uganda’s insurance revenue grew by 30 per cent while CIC South Sudan grew by 70% and CIC Malawi grew by 19%.
The company maintained its dividend payout of KES 0.13 per share amounting to KES 340 million to be paid on or about 8th July 2024 to the shareholders registered on the Group’s register at the close of business on 4th June 2024.
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