CIC Insurance Profits Hit Ksh 1.1 Billion, 64% Up

By Soko Directory Team / Published March 23, 2023 | 9:37 am

KEY POINTS

The net earned premiums grew from 14.7 billion shillings to 17.5 billion shillings. At the same time, the Fees and Commission income grew from 2.1 billion shillings to 2.4 billion shillings while the operating and other expenses also grew from 4.7 billion shillings to 5.5 billion shillings.

KEY TAKEAWAYS

The Group's gross written premium grew by 20 percent from 7 billion shillings reported in 2021 to 23.7 billion shillings in 2022. Profit After Tax grew by 64% to Kshs 1.1 Billion in 2022 compared to Kshs 668 Million reported in 2021.

CIC Insurance Group Plc’s Profit Before Tax hit 2 billion shillings for the year ended December 2022 compared to the profit before tax of 960 Million shillings recorded in 2021 representing a 112 percent growth.

The strong performance was driven by the continued execution of our transformational initiatives focusing on customer experience, performance management, operational efficiency, digital transformation, research and innovation, cost competitiveness, and debt management among others.

The Group’s gross written premium grew by 20 percent from 7 billion shillings reported in 2021 to 23.7 billion shillings in 2022. Profit After Tax grew by 64 percent to Kshs 1.1 Billion in 2022 compared to Kshs 668 Million reported in 2021.

The Total Assets for the Group increased from 41.5 billion shillings to 46.7 billion shillings. At the same time, assets under management grew from 94 billion to 127 billion shillings.

“The Group will continue with the implementation of the transformation initiatives aimed at the 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.

How CIC Kenyan Subsidiaries Performed:

General Insurance Business; Gross Written Premium grew by 21 percent to 13.8 billion shillings in 2022 from 11.4 billion shillings in reported in 2021. Profit Before the tax was up by 35 percent to 872 Million shillings compared to 644 Million shillings in 2021 attributable to business growth, prudent underwriting, and enhanced process efficiency.

CIC Life Assurance; Gross Written Premium grew by 17 percent from 6.1 billion shillings reported in 2021 to 7.2 billion shillings in 2022. The Profit Before Tax grew by 906 percent to 631 Million shillings from a Loss Before Tax of 79 million shillings reported in 2021 owing to the strong focus on prudent underwriting and business growth across all the business lines.

CIC Asset Management; Assets Under Management grew by 34 percent from 94.5 billion shillings in 2021 to 127 billion shillings in 2022. The Profit Before Tax increased by 23 percent to 644 Million shillings compared to 523 Million shillings reported in 2021.

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