CIC Insurance Group, a regional underwriter saw its net profit rise 70.3% to KSh 1.09 billion for the six months’ period ended 30th June 2026, boosted by investment return with grew 43.9% to KSh 3.96 billion. Operating profit rose 20.6% to KSh1.85 billion, while half year pre-tax profit climbed 30.2% to 1.56 billion.
CIC Malawi, a subsidiary of the Group, recorded a 5% increase in insurance revenue to KSh 595 million and CIC South Sudan recording a 71% jump in Insurance revenue to KSh 563 million, CIC Uganda saw a 31% fall in investment revenue to KSh 426 million.
The Group’s Kenyan subsidiaries recorded strong performance with the General Insurance firm posting a 33% increase in pre-tax profit to KSh 734 million. The Asset Management business recorded a 9% growth in pre-tax profit to KSh 526 million while the Life Insurance business made a pre-tax profit of KSh 190 million.
A drop in Insurance Service Results is an indicator that CIC made more money from its investments while posting lower returns from its core insurance business, which is still underperforming.
CIC Group Financial Highlights:
- Insurance Revenue: 17.8% to KSh16.34billion
- Insurance Service Result: Down 67.2% to KSh 42.0million
- Investment Return: 43.9% to KSh 3.96 billion
- Net Investment Result: 11.1% to KSh 1.68billion
- Asset Management Revenue: 25.2% to KSh 1.04billion
- Operating Profit: 20.6% to KSh 1.85billion
- Profit Before Tax: 30.2% to KSh 1.56billion
- Profit After Tax: 70.3% to KSh1.09 billion
- EPS: 65.2% to KSh 0.38
- Total Assets: 10.8% to KSh 81.68billion
- Total Equity: 4.6% to KSh 12.40billion.
CIC Group Managing Director & CEO, Patrick Nyaga, said “As CIC Group executes its 2026–2030 strategy, the focus remains on creating sustainable shareholder value through customer-centric innovation, digital transformation and stronger collaboration across the Group.
He made these remarks while sharing his perspective on the Group’s improved financial performance and the progress being made in strengthening the Group’s earnings during an investor briefing.
“Our Kenyan continued to demonstrate resilience and progress in the first half of 2026. From General Insurance and Life Assurance to Asset Management, the businesses delivered solid performance, contributing to the Group’s continued growth. Together, we remain focused on building sustainable value and delivering solutions that meet the evolving needs of our customers and stakeholders,” said Nyaga.
He said regional continue to play an important role in the Group’s growth journey. In H1 2026, CIC Malawi and CIC South Sudan recorded growth in insurance revenue, while the Group continues to invest in strengthening its operations across the region.
“Together, we are building a stronger and more resilient CIC Group across Africa,” said Nyaga.
CIC Insurance Group’s net earnings grew despite insurance service result collapsing 67.2% to 42.0 million, as strong investment returns of 43.9% to KSh 3.96billion and a 25.2% rise in asset management revenue carried the bottom line.
Total assets grew 10.8% to KSh 81.68billion and EPS rose 65.2% to KSh 0.38, though the underwriting weakness signals the growth is coming more from investment income than core insurance operations.
Investors have placed CIC Group on the radar following its planned venture into the real estate business. The Group intends to invest some KSh2.8 billion into commercial and residential development on its 200-acre parcel in Kiambu County, a move that will diversify its business segments.
The Group operates as a micro insurance provider in Kenya, offering general insurance, group life and individual life insurance services.
It underwrites firms in Agriculture, Asset Management, General business, Group life, Individual life, Medical, Micro Insurance and Pension sectors.
The Group comprises three subsidiaries namely CIC Life Assurance, CIC General Insurance Ltd, CIC Asset Management Ltd and Takaful Ltd respectively.
Established as a department of Kenya National Federation of Cooperatives (KNFC) in 1968, the company has since become a leading cooperative enterprise and micro-insurer in Africa, with a regional footprint in South Sudan, Uganda, and Malawi.
As the only cooperative insurance entity listed at the NSE, the Group provides cutting-edge financial services to over 1 million customers through a robust system of 25 local branches, over 1000 financial advisors, and multiple online platforms.
Leave a comment