CIC Shareholders Miss FY19 Dividend Payout

CIC Shareholders Miss FY19 Dividend Payout

CIC Insurance Group I

  • Group Appoints PriceWaterhouseCoopers New Auditors

CIC Insurance Group shareholders have been denied dividends for fiscal 2019.

The decision was made during the company’s Annual General Meeting (AGM) held on Tuesday 29 September.

“It was proposed by Mr Bethuel Geoffrey Maoga and seconded by Miss Afandi Josephine Manyala and resolved by a majority of shareholders that no dividends or any other distributions will be declared or made for the financial year ended 31 December 2019,” the company disclosed to the Capital Markets Authority.

The Nairobi Securities Exchange-listed firm posted Ksh 386 million profit before tax for the year, a decline from Ksh 645 million in 2018.

“This was mainly due to higher year on year growth in claims expenses and flat growth in net earned premiums,” the Group said in its annual report.

During the shareholders’ meeting, shareholders have appointed Messrs PriceWaterhouseCoopers (PWC) as the new company auditors, replacing Ernest& Young.

The board appointed Patrick Nyaga as an Executive Director and Nelson Kuria as an independent director of the firm with effect from 29th September 2020. Kuria is a former chief executive of CIC Insurance Group from July 2001 until February 2015 when he retired.

In addition, Michael Wambia and Japheth Magomere were re-elected to the Board of CIC group. David Ngunjiri was appointed as a Non-executive Director. 

The Board, however, revealed that  John Mutuku and John Mbitu were retiring after serving their full tenure as Directors.