CIC Insurance Posts KSh259 mn Profit in HY, Versus Loss of KSh335.5mn a Year Ago

CIC Insurance Group on Wednesday reported a KSh259.5 million net profit in the half year ended June 2021.

CIC Insurance Group I https://khusoko.com/

CIC Insurance Group on Wednesday reported a KSh259.5 million net profit in the half-year ended June 2021.

The group had posted a net loss of KSh335.5 million the year before.

The strong performance was boosted by resilient growth in the topline and strong investment returns it said.

The Nairobi Securities Exchange-listed firm said its Gross Written Premium grew by 16% to KShs 10.8 Billion from KShs 9.3 Billion driven by growth in all businesses.

“Investment income saw a marked improvement and this was mainly due to unwinding of prior year’s foreign exchange losses in South Sudan and gains from our equities portfolio,” chief executive Patrick Nyaga said.

CIC Insurance posts Sh259.5 million net profit in half year ended June from a loss of Shs 287m.

Investment income grew 168% to KSh 1.6 Billion from KShs  0.6 Billion a prior year due to gains in equity portfolio and unwinding of forex losses from currency translation of foreign subsidiaries.

Operating expenses increased 18.4 per cent to KSh3.3 billion, mainly driven by provision for bad and doubtful debt in line with IFRS 9 accounting standards.