CIC Insurance Group is heading into its 47th AGM on May 8, 2026 with shareholders set to consider a mix of routine business and one notable housekeeping resolution, against a backdrop of a sharply weaker earnings year.
- •Among the ordinary business items, shareholders will adopt the FY2025 financial statements and vote on a first and final dividend of KSh 0.13 per share, unchanged from the prior year and payable on or before June 9, 2026, to shareholders on the register as of April 23.
- •The special business on the agenda concerns the ratification of 53,587 additional ordinary shares allotted by the Board in June 2025.
- •The shares arose from fractional entitlements generated when CIC applied its 1-for-10 bonus share ratio approved at the May 2025 AGM.
Because the ratio produced non-whole entitlements for some shareholders, the Board consolidated the residual fractions into 53,587 whole shares at the then prevailing market price and allotted them on June 11, 2025. Shareholders are now being asked to formally confirm that allotment as an ordinary resolution. The 53,587 shares carry a nominal value of KSh 53,587, a negligible figure relative to CIC's enlarged share capital of 2.877 billion shares following the bonus issue.
The FY2025 results that underpin the AGM agenda tell a more difficult story: net profit collapsed 82% to KSh 513.8 million, with profit before tax falling to KSh 1.25 billion from KSh 3.99 billion in 2024, as rising claims pushed underwriting to a loss and key investment gains from the prior year failed to repeat. Insurance revenue still grew 12% to KSh 29.50 billion, total assets rose 17% to KSh 72.70 billion, and assets under management expanded 28% to KSh 195.00 billion.
Despite the profit decline, the board held the dividend flat at KSh 0.13 per share for a third consecutive year. Against FY2025 earnings, that implies a payout ratio of approximately 62%, compared with just 12.5% in 2024, with the prior year's elevated base partly reflecting a one-off fair value gain on investment property following land revaluation.
The AGM will be held virtually on May 8 at 10.00am. Shareholders wishing to participate must register by May 6.
