- The Group’ s Insurance revenue grew by 20percent from Kshs.10.7Billion in June to Kshs.12.9Billion in June 2023
- Profit after Tax grew by 168 percent to Kshs.705Million in June 2023 compared to Kshs 263 Million recorded previous year June 2022
- The Insurance service results grew 93 percent from Kshs.466Million to Kshs862Million on account of the insurance revenue growth.
- The Interest revenue grew by 21 percent from Kshs975 Million to Kshs.1.2 Billion.
- The other operating expenses declined by 3 percent from Kshs.704 Million recorded in June 2022 to Kshs.684 Million mainly due to prudent cost management.This comprises the non-attributable expenses incureed by the Group.
- The Assets under Management grew from Kshs.104 Billion in June 2022 to Kshs.138.5Billion a 33 percent growth
CIC Insurance Group Plc has reported a Profit Before Tax of Kshs1.2 Billion as at June 2023 compared to the restated profit before tax of Kshs.472Million same period under review representing a growth of 153 percent.Overall insurance revenue grew by 20 percent compared to restated prior period,with all the Kenya and regional subsidiaries recording growth in insurance revenue.The Group insurance revenue contributed by the Kenya Subsidiaries recorded a 21percent growth in the period.
Its Half Year Financial results was based on the new IFRS 17 Standards.The IFRS 17 standard provides consistent principles for all aspects of accounting for insurance contracts.
There markable performance was driven by continued execution of the 2021-2025 strategy underpinned by key transformational initiatives focusing on customer experience,digital transformation,data analytics,performance management,operational efficiency,research and innovation as well as debt management among others .
General Insurance:Insurance revenue grew by 21 percent to 7Billion in June 2023 from Kshs.6Billion recorded last year 2022 attributable to Business growth across all the Life Business lines
CIC Life Assurance:Insurance revenue grew by 23 percent from Kshs.3.5 Billion recorded in June 2022 to Kshs 4.3 Billion in June 2023 owing to strong focus on Prudent underwriting and business growth across all the Life Business lines.
CIC Asset Management;Assets under Management grew from Kshs.104 Billion in June 2022 to Kshs.138.5 Billion-June 2023 representing a 33 percent growth.The profit before Tax in June 2023 representing a 33% growth.The Profit before Tax in June 2023 increased by 33 percent to Kshs.334 Million compared to Kshs.Kshs.274 Million reported in June last year (2022).
The Insurance Firm continues to lead the unit trust business out of an industry of 36 licensed players with a market share of 34.7 percent as at March 2023.The Assets under management for the money market fund grew by Kshs. 1Billion from Kshs.55.9 Billion in June 2022 to Kshs.56.9 Billion in June 2023.
The Performance of Regional subsidiaries continued to improve with a contribution of 10 percent to the Insurance revenue of the Group during the period.CIC Uganda insurance revenue grew by 3 percent while CIC South Sudan grew by 47 percent and CIC Malawi grew by 3 percent
The Group continues with the implementation of the Group’s strategic initiatives aimed at transformation of the Business to deliver the best value shareholders ,customers and other stakeholders as it look forward to reamon focused on delering on business growth and profitability through partnering with other stake holders as well as building a socially responsible and sustainable business.