CIC Insurance Group Posts a 45% Growth in Half Year Profits to Ksh 376 Million

By InstinctBusiness Aug 5, 2022 0

CIC Insurance Group Plc has announced a 45 per cent growth in half-year profit to Sh376.3million from Sh259.5 million recorded in the same period last year.

The insurance company attributed the improved performance to growth in premiums and increased total income which stood at Sh10.7 billion at the end of June from Sh9.8 billion.

The gross written premiums rose by Sh2.46 billion to Sh13.23 billion, which the firm attributed to the acquisition of a new business in its general insurance business and better pricing of life insurance products.

“The strong performance was driven by strong growth on the gross written premium and improved performance on the underwriting results owing to continued implementation of transformation initiatives,” CIC chief executive Patrick Nyaga.

Net earned premiums stood at Sh8.6 billion while investment and other income from Sh2.6 billion to a flat Ksh.2 billion.

Claims and policyholders’ benefits expenses rose marginally to Sh5.9 billion from Sh5.8 billion, while operating and other expenses hit Sh4.1 billion from Sh3.4 billion.

CIC’s earnings per share (EPS) have improved to 14cents from 6cents following the profit rise.

The board of CIC Group has not recommended the payment of an interim dividend for the period.