CIC Insurance Group Plc has reported a Profit Before Tax of Kshs 2 billion for the year ended December 2022 compared to the profit before tax of Kshs 960 million recorded in 2021 representing a 112% growth.
CIC has attributed the growth to the continued execution of its transformational initiatives focusing on customer experience, performance management, operational efficiency, digital transformation, research and innovation, cost competitiveness and debt management among others.
The Group’s gross written premium grew by 20% from Ksh19.7 Billion reported in 2021 to Ksh23.7 Billion in 2022.
Profit After Tax grew by 64% to Ksh1.1 billion in 2022 compared to Ksh668 million reported in 2021.
The net earned premiums grew from Ksh14.7 billion to Ksh17.5 billion while the Fees and Commission income grew from Ksh2.1 billion to Ksh2.4 billion.
The operating and other expenses also grew from Ksh4.7 billion to Ksh5.5 billion. The Total Assets increased from Ksh41.5 billion to Ksh46.7 billion.
The Assets Under Management grew from Ksh94 billion to Ksh127 billion.
General Insurance Business
Gross Written Premium grew by 21% to Ksh13.8 billion in 2022 from Ksh11.4 billion in reported in 2021. Profit Before tax was up by 35% to Ksh872 million compared to Ksh644 million in 2021 attributable to business growth, prudent underwriting and enhanced process efficiency.
CIC Life Assurance
Gross Written Premium grew by 17% from Ksh6.1 billion reported in 2021 to Ksh7.2 billion in 2022. The Profit Before Tax grew by 906% to Ksh631 million from a Loss Before Tax of Ksh79 million reported in 2021 owing to strong focus on prudent underwriting and business growth across all the business lines.
CIC Asset Management
Assets Under Management grew by 34% from Ksh94.5 billion in 2021 to Ksh127 billion in 2022. The Profit Before Tax increased by 23% to Ksh644 million compared to Ksh523 million reported in 2021. The Company continues to lead the Unit trust business with a market share of 40% as at December 2022.
The performance of the Regional Subsidiaries has continued to improve with a contribution of 11% to the gross written premium of the Group during the period. CIC Uganda Gross written premium grew by 29% while CIC South Sudan grew by 61% and CIC Malawi grew by 6%. All regional subsidiaries were Profitable with a combined contribution of 10% to the Consolidated Profit before tax of the Group.
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