CIC Group, one of the Kenya’s leading insurance companies, has issued a statement saying that its earnings for the financial year 2020 are expected to be substantially lower than the earnings reported in the same period in 2019.
The company experienced a tough operating environment in 2020 that resulted in lower than expected returns. CIC’s investments in the stock market slumped as the price of most stocks fell and fewer companies paid dividends. The property market remained tight making it difficult for CIC to dispose off some properties.
While the company continues to face challenges caused by the pandemic, they are confident that the mitigation strategies they have adopted will support the company and ensure sustained growth in future.
Other listed companies that have issued a profit warning are, Britam Holdings, Absa Kenya, Standard Chartered Bank Kenya, East African cables, I&M Holdings, NCBA Group, KCB Group, Equity Holdings, Nairobi Business Ventures, Unga Group, TPS Eastern Africa, Nation Media Group, Kenya Power, Kenya Orchards, and Longhorn Publishers.
CIC Insurance Group Appoints New Auditors
