The insurance company’s after tax earnings rose by 31 percent to reach KSh625 million. The rise was mainly driven by growth in premiums and decline in operating costs. The firm’s premiums grew 12 percent to KSh16.6 billion compared to KSh14.8 billion earned in 2017.
As its premiums grew, the company’s claims and benefits expenses went up to KSh9.3 billion equivalent to 18 percent increase. CIC’s Operating expenses decreased by 6 percent to KSh4.6 billion from KSh4.9 billion charged the previous year.
The company recorded an 8 percent growth in the value of its assets to reach KSh33 billion mainly supported by growth of financial assets, investment properties, and deposits with financial companies. In the same trend, its liabilities rose by 10 percent to KSh25 billion from KSh22.9 billion booked in 2017.
CIC’s directors attributed the good performance to an enhanced mode of running the business and diversified sources of revenue. The directors recommend KSh0.13 dividend per share for the year that ended in December 2018. It represents an 8 percent growth in dividend payout from KSh0.12 paid to investors in 2017.