CIC Insurance Group Plc has reported a Profit Before Tax of Kssh.2.5 billion for the year ended December 2023 from Ksh.823 million recorded in 2022 representing a 209% growth.
The record performance is attributable to the growth in insurance revenue and improved investment income during the 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.
“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,” said CIC Group in a statement.
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Kenya Subsidiaries
- General Insurance Business: Insurance revenue was reported at Ksh.15.5 billion being 21% growth from prior year restated at Ksh.12.8 billion while Profit before tax reported a 55% growth to close at Ksh.1.4 billion from the restated Ksh.892M reported in the year 2023. The company further reported a 24% Return on Equity growing from 10% reported in the prior year.
- CIC Life Assurance: The Company reported Ksh.6.7 billion insurance revenue being 22% growth from prior year. This was as a result of increase in new business in the year which resulted to notable 33% growth in Group Credit portfolio. The profit before income tax was Ksh.1.3 billion being 431% growth from prior year’s loss before tax Ksh.378 million.
- CIC Asset Management: The company’s assets under management grew by 15% to Ksh.146 billion up from Ksh.127 billion in 2022. Profitability rose 10.4% year-on-year to Ksh.704 million, while our customer-centric approach was clearly demonstrated by the 30% increase in our client base.
Regional Subsidiaries
The performance of regional subsidiaries has continued to improve with a contribution of 13% to the insurance revenue of the Group during the period.
CIC Uganda insurance revenue grew by 30% while CIC South Sudan grew by 70% and CIC Malawi grew by 19%. We have continued to invest on product offering expansion within our regional business which has been reflected in the revenue growth.
