NAIROBI, Kenya, May 14 – CIC Insurance Group profit after tax grew by 818 percent to Sh1.4 billion for the full year (FY) ended December last year compared to a similar period in 2022, buoyed by a growth in insurance income.
The insurer also says revenue growth was boosted by improved revenue generated from investments.
Whereas the group’s insurance revenue went up by 23 percent to Sh25.4 billion, investment returns grew by 14 percent to Sh2.9 billion.
“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 said in a statement.
“CIC Uganda insurance revenue grew by 30% while CIC South Sudan grew by 70% and CIC Malawi grew by 19%,” it added.
“We have continued to invest on product offering expansion within our regional business which has been reflected in the revenue growth.”
The firm’s assets under management increased from Sh127 billion to Sh146 billion, pushing up its total assets by 16 percent to Sh50.3 billion.
Revenue was, however, slightly affected by a surge in other operating expenses, which expanded by 10 percent to Sh1.5 billion from Sh1.3 billion.
“Looking forward we are focusing on product innovation to ensure alignment of our offerings to the dynamic customer needs and preferences as well as implementation of a robust digital transformation strategy that will not only focus on on-boarding emerging technologies but also a re-imagining our business processes and model to ensure seamless customer experience,” the insurer added.
“We are also looking at product offering expansion for our regional business to cover individual life, medical and asset management.”
