CIC Insurance has reported a KSh260 million net profit for the half-year period that ended on 30th June 2021, a big improvement from a net loss of KSh335.5 million reported in the same period a year ago.
The company’s gross written premiums increased by 16% to KSh10.8 billion from KSh9.3 billion a year earlier. Its investment income grew to KSh2.6 billion at the end of June 2021, compared to KSh1.2 billion at the end of June 2020. Total expenses rose to KSh9.2 billion from KSh8.3 billion, an 11% jump.
CIC Insurance group said its earnings per share in the half-year period increased to KSh0.06 from -KSh0.13 a year ago.
Its total assets grew to KSh 41 billion in the half-year period from KSh38.8 billion in June last year. According to the insurer, its assets under management increased to KSh 89 billion from KSh74 billion last year.
CIC generated KSh879.8 million cash from operating activities in the first half of this year, up from KSh519.1 million in the first half of 2020.
CIC Insurance Group is one of the top insurance firms in Kenya. The company appointed Dr Nelson C. Kuria as the new Chairman of the board in July this year, following the retirement of the long-serving Chairman Japheth Magomere who held the position for 14 years. The company also appointed James Njiru as the new Vice-Chairman of the board of directors.
Also read: CIC Insurance Group Names Dr Nelson Kuria as Chairman of its Board
