CIC profits increase by 818 per cent to KSh1.4 billion in 2023

CIC Insurance Group’s 2023 profit after tax increased by 818 per cent of Sh1.4 billion  as a result to the improved investment income and growth in insurance revenue.

“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,” CIC said in a statement.

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The Group’s insurance revenue grew by 23 per cent from KSh20.7 billion reported in 2022 to KSh25.4 billion in the year under review.

Assets surged by 16 per cent to KSh50.3 billion while insurance service increased by 242 per cent to KSh788 million from a loss of KSh553 million.

“This was as a result of increase in new business in the year which resulted to notable 33 per cent growth in Group Credit portfolio.”

CIC South Sudan insurance grew by 70 per cent, CIC Uganda insurance revenue surged by 30 per cent and CIC Malawi increased by 19 per cent.

By our reporter

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