July 18, 2024

CIC Insurance Group reports 817.6% increase in profit for FY’2023

CIC Insurance Group reports 817.6% increase in profit for FY'2023

CIC Insurance Group has staged a remarkable turnaround in FY’2023, with profits skyrocketing 817.6% to Kshs 1.44 billion from the Kshs 0.16 billion profit recorded in FY’2022.

The substantial increase in profits, according to CIC Group Chief Executive Officer Patrick Nyaga, can be attributed to the enhanced performance in both insurance revenue and investment income observed during the reviewed year.

“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 among others,” said Nyaga.

“We are also pleased to report that CIC Insurance Group Plc has adopted the IFRS 17 standard as of 1 January 2023 and comparative periods have been restated to reflect the application of the new accounting standard.” he added.

The positive performance wasn’t limited to just profits. CIC witnessed strong growth across all key metrics. Total assets increased by a healthy 16% to Kshs 50.3 billion, demonstrating the company’s expanding financial footprint. Insurance revenue also saw a notable rise of 23%, reaching Kshs 25.4 billion. Additionally, the company’s total assets under management reached a significant milestone of Kshs 146 billion.

CIC’s further doubled their operating profit from Kshs 1.2 billion in FY’2022 to Kshs 3 billion in FY’2023. Sharing the success with their shareholders, the Board of Directors has proposed a consistent dividend payout of Kshs 0.13 per ordinary share held for the year 2023.

Shareholders registered by June 4th, 2024, can expect to receive the dividend on July 8th, 2024. A virtual Annual General Meeting (AGM) will be held on June 7th, 2024, providing a platform for further communication and engagement with shareholders.

Beyond the financial results, CIC Insurance Group stands out as a leading Kenyan cooperative insurance provider. Their reach extends across East and Central Africa, with operations in Kenya, Uganda, South Sudan, and Malawi.

For over five decades, CIC Group has built a legacy of trust and innovation within the Kenyan insurance and financial services industry. Their unwavering focus on developing new and relevant products has resulted in a well-diversified portfolio.

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With a network exceeding 1 million customers, 25 branches spread strategically across the region, and a team of over 1,000 financial advisors, CIC prioritizes convenience and ease of access for their clients. This commitment to accessibility ensures they can effectively serve their growing customer base.

Since 2015, they’ve consistently claimed the AKI Group Life Company of the Year award. Additionally, they secured the Best Motor Insurer title at the Cheki Awards 2020 and the prestigious Decade of Excellence Insurance Kenya 2021 Award.