CIC Group, a leading insurance and financial services provider in Kenya, has reported strong results for the first half of 2023.
The company’s insurance revenue grew by 20% YoY to Ksh 12.9 billion, while insurance expenses increased by 17% YoY to Ksh 11.1 billion.
Asset management income also saw a modest growth of 5% YoY to Ksh 569.6 million.
Finance costs increased by 11% YoY to Ksh 244.3 million.
Despite this, CIC Group’s profit after tax (PAT) saw a significant growth of 168% YoY to Ksh 705.5 million.
The comparative period has been restated to reflect the adoption of IFRS 17, a new accounting standard for insurance contracts.