CIC Group, which specializes in the provision of insurance services to the co-operatives sector, has recorded a net loss of KSh 335.5 Million in the six months ended 30th June 2020.
This is compared to Net Profit of KSh 20.9 Million over a similar period in 2019.
Gross written premiums declined from KSh 9.6 Billion to KSh 9.4 Billion over the period under consideration.
Total income, derived from premiums underwritten, investments and other incomes also declined from KSh 8.7 Billion to KSh 8.3 Billion.
The level of claims, which includes benefits paid to policyholders rose from KSh 5 Billion to KSh 5.4 Billion between H1, 2019 and H1, 2020.
The regional underwriter, with subsidiaries offering life, general insurance and asset management services, made a pre-tax loss of KSh 286. 5 Million from a pre-tax profit of KSh 146.3 Million in H1, 2019.
Total Equity declined from KSh 7.9 Billion to KSh 7.5 Billion.
CIC Group’s balance sheet size increased in value from KSh 35.3 Billion to KSh 37.2 Billion. Net cash generated from operating activities declined from KSh 2.1 Billion in H1, 2019 to KSh 1.3 Billion at the end of the first six months of this year.