CIC Insurance Group has registered a Ksh1.4 billion net profit for the full-year period ended 31st December 2023.
This is an 817 percent jump from the Ksh157.1 million it recorded in a similar period a year before on the back of growth in insurance income.
“The performance of regional subsidiaries has continued to improve with a contribution of 13 per cent to the insurance revenue of the Group during the period. CIC Uganda insurance revenue grew by 30 per cent while CIC South Sudan grew by 70 per cent and CIC Malawi grew by 19 per cent,” stated CIC Insurance.
“The business maintained a growth trajectory driven by the execution of our transformational initiatives focusing on customer experience, performance management, operational efficiency, digital transformation, research and innovation, cost competitiveness and debt management,” it added.
CIC insurance revenue rose 22.5 per cent to Ksh25.4 billion from Ksh20.7 billion registered during a similar period the previous year.
The group’s total assets stood at Ksh50.2 billion from Ksh43.4 billion during a similar period a year earlier while net investment results surged to Ksh2.1 billion from Ksh1.7 billion for the trading period to 31st December 2022.
“Looking forward we are focusing on product innovation to ensure alignment of our offerings to the dynamic customer needs and preferences as well as the implementation of a robust digital transformation strategy that will not only focus on onboarding emerging technologies but also a re-imagining our business processes and model to ensure seamless customer experience,” CIC added.
The Board of the insurer has recommended a dividend of Ksh0.13 per ordinary share to be paid on or about 8th July 2024.
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