CIC Insurance Net Profit Rises to Sh1.1B

CIC Insurance Group has posted a Sh1.1 billion net profit for the year ending December 2022, marking a 64% growth from the previous year.

The net profit for the 2021 fiscal year was Sh688 million, which shows recovery from higher claims that were necessitated by the Covid-19 pandemic.

CIC Life Assurance reversed its fortunes to record a Sh631 million profit from a loss before tax of Sh79 million reported in 2021 attributed to strong focus on prudent underwriting and business growth across all the business lines.

 “The Group will continue with the implementation of the transformation initiatives aimed at complete turnaround of all the subsidiaries and growth of the business performance. Improvement of underwriting results remains a key focus for the Group,” the Group’s Chief Executive Officer Patrick Nyaga said.

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CIC’s asset management arm posted Sh644 million in profits compared to Sh523 million reported in 2021.

“Digitization will be a crucial pillar within the Group’s strategy with a view to provide seamless end–to-end customer experience enabled by emerging technologies,” Nyaga stated.

“Technology has been driving growth in the company with interventions like self- service portals for brokers, agents and mobile applications becoming key service points benefiting customers.”