CIC Insurance Group has reported a 64 percent growth in net profit to Sh1.1 billion for the year ended December 2022 a rise from Sh668 million the previous year.
The insurer said the performance was driven by a growth in premiums, which increased, from Sh19.7 billion to Sh23.7 billion in 2022.
Fees and commission income also grew from Sh2.1 billion to Sh2.4billion as diversification initiatives begun to bore fruits.
CIC Group Chief Executive Officer Patrick Nyaga attributed the results to continued execution of the company’s initiatives.
“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,” said Nyaga.
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Operating and other expenses grew from Sh4.7 billion to Sh5.5 billion in 2022.
Among its Kenyan subsidiaries, general insurance business posted a profit before tax of Sh872 million compared to Sh644 million in 2021 attributed to business growth, prudent underwriting and enhanced process efficiency.
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.
CIC's asset management arm posted Sh644 million in profits compared to Sh523 million reported in 2021.
In the review period, total assets increased from Sh41.5 billion to Sh46.7 billion while assets under management grew from Sh94 billion to Sh127 billion.
