CIC Insurance Group Plc reported a net profit of Ksh 1.1 billion, up by 63.6% for the year ended December 2022.
“The strong performance was driven by the continued execution of our transformational initiatives focusing on customer experience, performance management, operational efficiency, digital transformation, research and innovation, cost competitiveness, and debt management,” it said.
General Insurance Business
Gross Written Premium grew by 21% to Kshs 13.8 Billion in 2022 from Kshs. 11.4 Billion in reported in 2021. Profit Before tax was up by 35% to Kshs. 872 Million compared to Kshs. 644 Million in 2021 attributable to business growth, prudent underwriting and enhanced process efficiency.
CIC Life Assurance
Gross Written Premium grew by 17% from Kshs. 6.1 billion reported in 2021 to Ksh 7.2 billion in 2022. The profit before tax increased by 906% to Ksh 631 million from a loss before tax of Ksh 79 million reported in 2021, owing to a strong focus on prudent underwriting and business growth across all the business lines.
CIC Asset Management
Assets Under Management grew by 34% from Kshs. 94.5 billion in 2021 to Kshs. 127 billion in 2022. The Profit Before Tax increased by 23% to Kshs. 644 million compared to Kshs. 523 million reported in 2021. The company continues to lead the unit trust business with a market share of 40% as at December 2022.
CIC Regional Subsidiaries
CIC’s regional subsidiaries contributed 11% to the gross written premium of the Group during the period. All regional subsidiaries were profitable, contributing 10% to the consolidated profit before the Group’s tax.
CIC Uganda’s gross written premium grew by 29%, CIC South Sudan by 61%, and CIC Malawi by 6%.
The Group says digitization will be a crucial pillar of its strategy, providing seamless end-to-end customer experiences enabled by emerging technologies.
“To maintain the growth trajectory, CIC will continue investing in technology to strengthen performance and achieve customer retention in the long term. Key among these is the implementation of a robust system for the Life business and the IFRS 17 solution,” said Patrick Nyaga, Group CEO.