CIC Insurance Group has reported a remarkable surge in profit after tax, soaring by an impressive 818 percent to reach Sh1.4 billion for the fiscal year ending in December, compared to the corresponding period in 2022. This significant growth was primarily fueled by an upswing in insurance income.
The insurer attributed its robust revenue growth to improved returns from investments. While insurance revenue escalated by 23 percent to Sh25.4 billion, investment returns also saw a healthy increase of 14 percent, amounting to Sh2.9 billion.
In a statement, CIC highlighted the positive performance of its regional subsidiaries, which contributed 13% to the group’s insurance revenue during the period. Notably, CIC Uganda witnessed a 30% growth in insurance revenue, CIC South Sudan recorded a remarkable 70% surge, and CIC Malawi saw a solid 19% increase.
The company emphasized its ongoing investment in expanding product offerings within its regional operations, a move reflected in the steady revenue growth.
Furthermore, CIC saw a significant uptick in its assets under management, climbing from Sh127 billion to Sh146 billion, consequently boosting its total assets by 16 percent to Sh50.3 billion.
Despite these positive results, revenue was slightly impacted by a surge in other operating expenses, which expanded by 10 percent to Sh1.5 billion from Sh1.3 billion.
Looking ahead, CIC expressed its commitment to product innovation, aiming to align its offerings with evolving customer needs and preferences. Additionally, the company outlined plans for a robust digital transformation strategy focused on integrating emerging technologies and reimagining business processes to enhance the customer experience.
Moreover, CIC intends to expand its product offerings in the regional market to include individual life, medical, and asset management services, demonstrating its dedication to growth and diversification.
