CIC Insurance Group, an underwriter listed at the Nairobi Securities Exchange(NSE), made a net profit of KSh 668.4 Million at the end of the 2021 financial year compared to a net loss of KSh 296.8 Million in 2020.
Gross earned premiums increased to KSh 19.7 billion in 2021 compared to KSh 16.9 billion in 2020, while fees and commissions income shot up to KSh 2.1 Billion in 2021 from KSh 1.5 Billion in 2020.
Investment income of the CIC Group, which has subsidiaries in South Sudan, Uganda and Malawi, increased from KSh 1.4 Billion in 2020 to KSh 1.7 Billion in 2021.
CIC Group won the overall Group Life Company for the Year Award 2021 and was second runners up in Financial Reporting Award in the Insurance Category.
The Group’s total comprehensive income for the Year was KSh 355.7 Million, up from a loss of KSh 224.5 Million in 2020.
The underwriter’s profitability as measured by Earnings per Share improved to KSh 0.23 in 2021 from negative KSh 0.09 in 2020.
The Group’s balance sheet grew to KSh 41.5 billion in 2021 from KSh 38.8 billion in 2020. Directors of the underwriter do not recommend payment of dividends for 2021 compared to 2020.
Notice has been given that the company’s Annual General Meeting of shareholders will be held virtually on May 13 2022.
The Co-operative Insurance Company of Kenya Limited (CIC Insurance) was established in 1978 and was formerly known as Co-operative Insurance Services Limited (CIS). In 1999, the company name was changed to the Co-operative Insurance Company of Kenya Limited (CIC Insurance).
The company underwrites both Life and General classes of insurance.
CIC closed its last trading day on Tuesday, March 15, 2022, at KSh 2.10 per share on the Nairobi Securities Exchange (NSE), recording a 4.1% drop from its previous closing price of KSh 2.19.
CIC began the Year with a share price of KSh 2.21 but has since lost 4.98% off that price valuation, ranking it 37th on the NSE in terms of year-to-date performance
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