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Golden anniversary celebration

CIC to venture into real estate to boost earnings

In Summary

•CIC Insurance group's latest foray is in real estate

•The company reported a a 64 per cent increase in profit

CIC Group chairman Japheth Magomere during the firm's 50 year celebrations on Thursday, April 11, 2019
CIC Group chairman Japheth Magomere during the firm's 50 year celebrations on Thursday, April 11, 2019
Image: COURTESY

Listed insurer CIC has laid out plans to put up a real estate project in a prime property next to Tatu City.

Tom Gitogo, CIC Insurance group chief executive officer made the announcement during celebrations to mark the insurer’s golden jubilee.

The company reported a a 64 per cent increase in profit from Sh519 million posted over the same period last year.

CIC Insurance group underwrites both life and general classes of insurance and has recently ventured into the asset management business.

“When we realised our clients also needed investment solutions, we diversified into medical business, asset management and unit trusts. We still continue to diversify, with our latest foray being in real estate,” the chief executive said.

As part of the celebrations, the company has lined up a number of activities including Corporate Social Responsibility (CSR), new product launches and staff recognition awards.