CIC Insurance

CIC Insurance reports a Kshs 1.2 Billion net profit as at June 2023

CIC Insurance Group has reported a net profit of Kshs 1.2 Billion as at June 2023, this is a 153% rise as compared to Kshs 472 Million which was realized in the same period in last year.

The rise in profitability was on the back of a 20% growth revenue to Kshs 12.9 Billion up from from Kshs 10.7 Billion in June 2022. The Interest revenue grew by 21% from Kshs 975 Million to Kshs 1.2 Billion.

On the other hand, operating expenses declined by 3% from Kshs. 704 Million recorded in June 2022 to Kshs 684 Million mainly due to prudent cost management. This comprises the non-attributable expenses incurred by the Group.

The Groups total Assets increased from Kshs 45.3 Billion in December 2022 to Kshs 50.6 Billion a 12% growth. The Assets Under Management grew from Kshs 104 Billion in June 2022 to Kshs 138.5 Billion a 33% growth.

The Group insurance revenue contributed by the Kenya subsidiaries recorded a 21% growth in the period. The performance of regional subsidiaries continued to improve with a contribution of 10% to the Insurance revenue of the Group during the period. CIC Uganda insurance revenue grew by 3% while CIC South Sudan grew by 47% and CIC
Malawi grew by 3%.