CIC Insurance Group has announced a profit after tax of Ksh. 625 milion for the period ending 31 December 2018. This is an improvement from the Ksh. 478 million that was recorded in 2017.
Gross written premiums increased by 11 per cent from Ksh. 14.9 billion in 2017 to Kshs 16.6 billion in 2018. Investment income remained level at Ksh. 1.5 billion reflecting the tough investment landscape in the country in 2018.
During the period under review, operating expenses dropped from Ksh. 4.9 billion in 2017 to Ksh. 4.6 billion. The Group registered an 8 per cent growth in its total assets to Ksh. 33 billion in 2018.
The board of directors have recommended the payment of a first and final dividend of Kshs 0.13 per share totaling Kshs 340,025,000 (against Ksh. 0.12 amounting to Kshs 313,869,000 paid out in 2017). The dividend is subject to shareholders’ approval and payment will be subjected to withholding tax. The payment will be made on or about 31st May 2019 to the shareholders registered at the close of business on 30th April 2019.
CIC Insurance Group comprises three subsidiaries and an associate company namely CIC Life Assurance, CIC General Insurance Ltd, CIC Asset Management Ltd and Takaful Insurance of Africa Ltd, respectively. Both CIC General and CIC Life are wholly owned subsidiaries of the CIC Insurance Group Limited, which in turn is 74 per cent owned by the co-operatives. The remaining 26 per cent shares are listed on the Nairobi Securities Exchange (NSE) and are spread across a number of mainly individual investors.
CIC was set up 50 years ago as a department within the Ministry of Cooperatives and was listing on the NSE in 2012. It has a presence in Kenya, Uganda, Malawi and South Sudan.