CIC Insurance half-year profit up Ksh.337 million
CIC Insurance Group’s pre-tax profit rose by Ksh.337 million for the first half of 2021 compared to a loss before tax of Ksh.287 million for the same period last year.
According to the Group’s Chief Executive Patrick Nyaga, the strong performance was boosted by resilient growth in the top line and strong investment returns.
The company’s written premium grew by 16 percent, driven by growth in all businesses except South Sudan where the business was repricing to more profitable business.
Investment income grew 168 percent, while fund management fees rose by 41 percent.
In a statement, Nyaga said the coronavirus pandemic adversely affected the life assurance business with group life claims to increasing in the period.
The company has adopted strategies to mitigate this impact as we support our clients who have been affected by the pandemic.
The property market recorded a marginal growth but there were no revaluation gains or losses for the current period.