Another Kenyan company Records Ksh337 Million Profit in Six Months

[MK254]

Group Chief Executive Officer Patrick Nyaga
FILE

• CIC Insurance Group has recorded a major rebound of Ksh337 million profits before tax for the half-year ending June 30, 2021, according to a report released by Chief Executive Officer Patrick Nyaga.
  This is a major boost from the Ksh287 million loss the company made for the same period in 2020. The strong performance was boosted by resilient growth in the topline and strong investment returns.
  The improvement was recorded in the gross written premium which grew by 16 per cent from Ksh9.3 billion to Ksh10.8 billion for the same period.
  The company also recorded growth in the investment income category which rose to Ksh1.6 billion from Ksh0.6 billion representing 168 per cent. The growth arose from gains in equity portfolio and unwinding of forex losses.
  
  
  
  CIC Insurance building in Nairobi.
  FILE
  Fund management fees, on the other hand, grew by 41 per cent to KSh400 million from KSh300 million as a result of the increase in funds under management.
  Fee income and re-insurance commission increased from Ksh673 million to Ksh1.1 billion - a 63 per cent growth.
  In the Kenyan subsidiaries, Gross Written Premium under the General Insurance Business was up 16 per cent from KSh5.9 billion to KSh6.8 billion in H1 of 2021 reflecting new business wins. It recorded a profit before tax of Ksh345 million compared to a loss of Ksh190 million in the same period last year.
  In the CIC Life Assurance section, Gross Written Premium grew by 9 per cent to Ksh2.9 billion compared
  to Ksh2.6 billion prior year.
  In the CIC Asset Management, profit before tax increased from Ksh130 million same period last year to Ksh225 million mainly as a result of the growth of assets under management by 35 per cent to Ksh89 billion from Ksh66 billion.
  International, the company has subsidiaries in Malawi, Uganda and South Sudan.
  In Malawi, the business continued on a growth trajectory with the gross written premium increasing by 95 per cent while in Uganda, gross written premium grew by 50 per cent with stable growth in investment income.
  In South Sudan, the Company Gross written premium declined due to business attrition following repricing to more profitable business. As a result, the company recorded a profit before tax of KShs.330 million with strong investment returns registered.
  
  
  
  CIC Insurance building in Uganda.
  FILE

CIC Insurance Records Ksh337 Million Profit in Six Months

The improvement comes after the company made a staggering Ksh287 million loss last year.

www.kenyans.co.ke

 

[Don YF]

Group Chief Executive Officer Patrick Nyaga
FILE

• CIC Insurance Group has recorded a major rebound of Ksh337 million profits before tax for the half-year ending June 30, 2021, according to a report released by Chief Executive Officer Patrick Nyaga.
  This is a major boost from the Ksh287 million loss the company made for the same period in 2020. The strong performance was boosted by resilient growth in the topline and strong investment returns.
  The improvement was recorded in the gross written premium which grew by 16 per cent from Ksh9.3 billion to Ksh10.8 billion for the same period.
  The company also recorded growth in the investment income category which rose to Ksh1.6 billion from Ksh0.6 billion representing 168 per cent. The growth arose from gains in equity portfolio and unwinding of forex losses.
  
  
  
  CIC Insurance building in Nairobi.
  FILE
  Fund management fees, on the other hand, grew by 41 per cent to KSh400 million from KSh300 million as a result of the increase in funds under management.
  Fee income and re-insurance commission increased from Ksh673 million to Ksh1.1 billion - a 63 per cent growth.
  In the Kenyan subsidiaries, Gross Written Premium under the General Insurance Business was up 16 per cent from KSh5.9 billion to KSh6.8 billion in H1 of 2021 reflecting new business wins. It recorded a profit before tax of Ksh345 million compared to a loss of Ksh190 million in the same period last year.
  In the CIC Life Assurance section, Gross Written Premium grew by 9 per cent to Ksh2.9 billion compared
  to Ksh2.6 billion prior year.
  In the CIC Asset Management, profit before tax increased from Ksh130 million same period last year to Ksh225 million mainly as a result of the growth of assets under management by 35 per cent to Ksh89 billion from Ksh66 billion.
  International, the company has subsidiaries in Malawi, Uganda and South Sudan.
  In Malawi, the business continued on a growth trajectory with the gross written premium increasing by 95 per cent while in Uganda, gross written premium grew by 50 per cent with stable growth in investment income.
  In South Sudan, the Company Gross written premium declined due to business attrition following repricing to more profitable business. As a result, the company recorded a profit before tax of KShs.330 million with strong investment returns registered.
  
  
  
  CIC Insurance building in Uganda.
  FILE

CIC Insurance Records Ksh337 Million Profit in Six Months

The improvement comes after the company made a staggering Ksh287 million loss last year.

www.kenyans.co.ke

The trend now for Kenya's economy is a strong bullish momentum..., lugha ya biashara na uchumi.