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CIC Insurance net profit rises 64% to Sh1.1 billion



CIC Insurance net profit rises 64% to Sh1.1 billion

NAIROBI, Kenya, Mar 22 – CIC Insurance Group has posted a Sh1.1 billion profit after tax for the year ending December 2022, representing a 64 percent growth from the previous period in 2021.

Its profit improved from a Sh668 million net profit that was reported in the previous year.

The return to profitability comes at a time when the insurance industry is recovering from higher claims that were necessitated by the Covid-19 pandemic.

“The Group will continue with the implementation of the transformation initiatives aimed at complete turnaround of all the subsidiaries and growth of the business performance. Improvement of underwriting results remains a key focus for the Group,” the Group’s Chief Executive Officer Patrick Nyaga said.

The underwriter’s general insurance business grew 21 percent, from Sh11.4 billion to Sh13.8 billion, during the period.

While its life assurance business gross premium increased 17 percent to Sh7.2 billion, asset management grew to Sh127 billion.

“Digitization will be a crucial pillar within the Group’s strategy with a view to provide seamless end–to-end customer experience enabled by emerging technologies,” Nyaga stated.

“Technology has been driving growth in the company with interventions like self- service portals for brokers, agents and mobile applications becoming key service points benefiting customers.”

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