CIC bounces back from loss to post Sh668m profit
News
By
Patrick Alushula
| Mar 17, 2022
CIC Insurance Group reception [Courtesy]
CIC Insurance Group has emerged from a loss to post the highest net profit in six years, helped by increased premiums.
Financial results released yesterday showed the insurer made Sh668.4 million net profit in the year ended December 2021 - a recovery from Sh296.8 million loss in the preceding year.
The profit is the highest in six years, only dwarfed by the Sh1.14 billion net earnings posted in 2015.
Group Chief Executive Mr Patrick Nyaga said the improved performance follows the turnaround strategies started in mid-2020.
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“The positive results are attributed to the implementation of key transformational initiatives during the year, key among them performance management, functional structures to support our corporate strategic plan, operational efficiency, cost optimisation, digitisation, research and innovation,” he said.
Gross written premiums, excluding pension contributions, increased by 15 per cent to Sh19.6 billion compared to Sh16.9 billion in the previous year.
Investment income grew by 64 per cent from Sh1.4 billion to Sh2.3 billion in 2021.