Paul Arithi 
CIC Group Chief Executive Officer,Patrick Nyaga
CIC Insurance Group PLC Posts Kshs 3.99 Billion Profit Before Tax, a 57% Growth
CIC Insurance Group PLC has posted a robust 2024 financial results, with its Profit Before Tax reaching Kshs 3.99 billion.
This represents a substantial growth of 57% compared to the Kshs 2.54 billion recorded in 2023.
This was primarily fueled by increased insurance revenue and a sharp rise in investment returns.
Profit After Tax for the Group also experienced a substantial increase, doubling to Kshs 2.8 billion in 2024, compared to Kshs 1.4 billion in 2023.
The Group’s financial report indicates that investment income improved by an incredible 201%, to Kshs 8.8 billion in 2024 from Kshs 2.9 billion in the prior year.
Overall, the revenue from insurance also contributed to the positive outcome, having grown from Kshs 26.3 billion in 2023 to Kshs 27.4 billion in 2024.
In terms of expenses, the cost of insurance services increased to Kshs 24.2 billion from Kshs 22.5 billion in the previous year.
CIC Insurance Group PLC also gave away its asset base.
The group’s total assets grew by 23%, and the value increased from Kshs 50.3 billion in 2023 to Kshs 61.9 billion in 2024.
The subsidiaries of the Group in Kenya contributed to the performance.
The General Insurance Business segment posted Kshs 16 billion in insurance revenue, which grew by 3%, and Profit Before Tax at Kshs 1.2 billion.
Assets of this business grew by 19%.
CIC Life Assurance reported Kshs 6.8 billion insurance revenue up 2% and Profit Before Tax of Kshs 1.2 billion.
Deposit administration business of this segment also posted strong growth with assets coming up to Kshs 14.2 billion.
Assets managed at CIC Asset Management grew to Kshs 152 billion up from Kshs 146 billion in 2023.
Profit before tax within this segment also increased.
Regional subsidiaries supported the performance of the Group, accounting for 16% of the Group’s Profit Before Tax and 14% of the Group’s insurance revenue.
Both CIC South Sudan and CIC Malawi recorded revenue growth, while that of CIC Uganda fell slightly.
Looking ahead, CIC Insurance Group PLC is making investments in a number of strategic initiatives.
These include driving digital change, product development, and diversification, balance sheet rebalancing, and expanding micro insurance products.
The Group also aims to enhance staff engagement and its sustainability initiatives.
