CIC Insurance Group Plc, a Kenyan insurance group, recently published its financial results for the first half of 2021. After recording a net loss of 335.5 million shillings (3 million USD) the previous year, the company d insurance has achieved a feat in the first 6 of the current year.
Indeed, the Nairobi-listed company posted a net profit of 259.5 million shillings (2.3 million USD) during the six-month period ended in June. This return to profitability was helped by the improved performance of the underwriting business and the increase in investment income. Investments and other income, including positive currency movements at its South Sudan subsidiary, more than doubled from 1.2 billion shillings (11 million USD) to 2.6 billion shillings (24 million USD). ).
Regarding gross premiums, they reached 10.7 billion shillings (98 million USD) at the end of June 2021 against 9.2 billion shillings (84 million USD) at the end of June 2020. The insurance business alone Kenyan General posted a 75% increase in underwriting profit to 447 million shillings (4 million USD).
In addition, CIC also benefited from higher fees in its asset management business, which has grown to oversee over 45 billion shillings ($ 413 million) pooled by a diverse group of investors.
“The company was implementing its new strategy of reducing costs, improving efficiency and increasing margins in the region and in the various insurance operations”, said Patrick Nyaga, CEO of CIC Insurance .
Operating mainly in Kenya, Uganda, South Sudan and Malawi, CIC Group is organized primarily around two areas of activity, namely life insurance and non-life insurance.