CIC Insurance Group's 2023 profit after tax grew by 818 percent of Sh1.4 billion.
The performance was largely attributed to the growth in insurance revenue and improved investment income.
"The business maintained a growth trajectory driven by the execution of our transformational initiatives focusing on customer experience, performance management, operational efficiency, digital transformation, research and innovation, cost competitiveness and debt management," the Group said in a statement.
Profit before tax grew to Sh2.5 billion, registering a 209 per cent growth compared to the restated profit before tax of Sh823 million in 2022.
The Group's insurance revenue grew by 23 per cent from Sh20.7 billion reported in 2022 to Sh25.4 billion in the year under review.
Assets grew by 16 per cent to Sh50.3 billion whereas insurance service results grew by 242 per cent to Sh788 million from a loss of Sh553 million.
Investment income return grew by 14 per cent to Sh2.9 billion.
Other operating expenses increased from Sh1.3 billion to Sh1.5 billion, a 10 per cent increase in line with the overall business growth.
Assets Under Management increased from Sh127 billion in 2022 to Sh146 billion in 2023.
Kenyan subsidiary; general insurance business reported a revenue of Sh15.5 billion, being 21 per cent growth from previous year restated at Sh12.8 billion.
The business' profit before tax recorded a 55 per cent growth to close the year at Sh1.4 billion, from Sh892 million reported in the previous year.
The subsidiary further reported a 24 per cent return on equity, growing from 10 per cent reported in 2022.
Life assurance reported Sh6.7 billion in revenue, being a 22 per cent growth from 2022.
"This was as a result of increase in new business in the year which resulted to notable 33 per cent growth in Group Credit portfolio," CIC said.
Life assurance profit before tax was Sh1.3 billion, being a 431 per cent growth from prior year’s loss before tax of Sh378 million.
The company’s assets under management in Kenya grew by 15 per cent to Sh146 billion, up from Sh127 billion in 2022.
Its profitability rose 10.4 per cent year-on-year to Sh704 million, while client base increased by 30 per cent.
The performance of other regional subsidiaries according to the Group, continued to improve with a contribution of 13 per cent to the insurance revenue of the Group during the period.
CIC Uganda insurance revenue grew by 30 per cent while CIC South Sudan grew by 70 per cent and CIC Malawi grew by 19 per cent.
