CIC Insurance Group profits jump 30.7% to Sh625 million

CIC Insurance Group posted a 30.7% year on year rise in profits to Ksh625 million for the year ending December 31, 2018.

The insurer, which has now been operating for 50 years, announced in its full year results that gross written premiums increased by 11% to Ksh16.6 billion.

In what CIC Insurance attributed to the tough investment landscape in the country in 2018, investment income for the insurer remained level at Ksh1.5 billion.

The Insurance Group also registered an 8% growth in its total assets to Ksh33 billion.

Earnings per share increased from Ksh0.18 in 2017 to Ksh0.24 in 2018. CIC directors recommended the payment of a first and final dividend of Ksh0.13 per share totaling Ksh340,025,000.

Previously, CIC had paid out Ksh0.12 amounting to Ksh313,869,000.

The dividend is subject to shareholders’ approval and payment will be subjected to withholding tax.

CIC Insurance said the payment will be made on or about May 31 to the shareholders registered at the close of business on April 30.

Operating expenses for the insurer dropped from Ksh4.9 billion to settle at Ksh4.6 billion for the year ended December 31, 2018.

In 2017, the insurer had posted a profit of Ksh478 million on gross written premiums of Ksh14.9 billion.

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