Higher growth in insurance revenues has seen CIC Group net profit rise to Ksh 705.5 million during the first six months of this year.
CIC Group profit after tax in the period ended June 30, 2023 surged from Ksh 263.1 million reported last year aided by insurance revenues which increased to Ksh 12.9 billion from Ksh 10.7 billion reported over the same period last year.
“Overall insurance revenue grew by 20pc compared to restated prior period, with
all the Kenya and regional subsidiaries recording growth in insurance revenue. The
Group insurance revenue contributed by the Kenya subsidiaries recorded a 21pc growth
in the period,” said Patrick Nyaga, CIC Group Chief Executive Officer in a statement.
Revenues from general insurance business grew by 21pc to Ksh 7 billion from Ksh 6 billion due to business growth, prudent underwriting and enhanced process efficiency.
On the other hand, CIC Life Assurance reported a 23pc surge in revenues from Ksh 3.5 billion to Ksh 4.3 billion while Assets Under Management during the period rose to Ksh 138.5 billion from Ksh 104 billion, 33pc increase.
“The Assets under management for our money market fund grew by Ksh 1 billion from Ksh 55. 9 billion in June 2022 to Kshs 56.9 Billion in June 2023,” said Nyaga.
The firm says regional subsidiaries contributed 10pc to the insurance revenue of the Group during the period.
CIC Uganda insurance revenue grew by 3pc while CIC South Sudan grew by 47pc and CIC Malawi grew by 3pc.