NAIROBI, Kenya, Sept 1 – CIC Insurance Group has reported a 70.3 percent increase in profit after tax to Sh1.09 billion for the six months ended June, supported by higher investment returns and growth in its insurance business.
Profit before tax rose 30.2 percent to Sh1.56 billion, while insurance revenue increased 17.8 percent to Sh16.34 billion from Sh13.87 billion a year earlier.
The insurer’s investment return was a major contributor to the improved performance, rising 44 percent to Sh3.96 billion from Sh2.75 billion in the comparable period.
The growth comes as the insurance sector continues to benefit from increased demand for risk protection and investment products, although insurers remain exposed to claims costs and fluctuations in financial markets.
CIC’s general insurance business recorded an 18 percent increase in insurance revenue to Sh10.7 billion, with profit before tax rising 33 percent to Sh734 million.
The growth was attributed mainly to higher business volumes in motor and medical insurance.
The life assurance unit also recorded growth, with insurance revenue increasing 20 percent to Sh4 billion.
However, profit before tax stood at Sh190 million, reflecting higher claims during the period.
“Profit after tax increased by 70.3 percent to Sh1.09 billion, while insurance revenue grew by 17.8 percent to Sh16.34 billion,” the group said.
“Investment returns rose by 44 percent to Sh3.96 billion, supporting the improvement in overall earnings.”
CIC Asset Management remained another significant contributor, with assets under management rising 19 percent year-on-year to Sh211.7 billion.
Profit before tax increased nine percent to Sh526 million, helped by higher fund management fees.
The fixed income fund grew 61 percent year-to-date to Sh29 billion, indicating stronger demand for fixed-income investment products amid investor search for returns and relative stability.
The group also recognized Sh962 million in revenue from land sales, generating a gross margin of Sh341 million after the cost of sales.
CIC’s regional operations delivered mixed results.
Insurance revenue in Malawi rose five percent to Sh595 million, while South Sudan recorded a 71 percent increase to Sh563 million. Uganda, however, posted a 31 percent decline to Sh426 million.
Total assets across the group increased to Sh81.68 billion from Sh73.75 billion in June 2025, while earnings per share rose to Sh0.38 from Sh0.23.
The results come as CIC expands into microinsurance, targeting customers who have traditionally had limited access to formal insurance products.
