Listed insurer CIC Insurance Group PLC has completed the sale of two land parcels as part of efforts to strengthen its balance sheet and liquidity position, according to a statement by Group Managing Director and CEO Patrick Nyaga.
- •The insurer disposed of a 50-acre property located near Tatu City and an additional 100 acres in Kajiado.
- •The transactions are expected to generate approximately KShs 1.8 billion for the group.
- •CIC has historically maintained significant investments in land and real estate, including sizable holdings in both locations.
The company said that the proceeds will bolster liquidity and support overall financial performance. The sale comes at a time when insurers are under increasing pressure to optimize capital allocation and improve returns in a tighter regulatory and operating environment.
