CIC Insurance posts FY profit of Sh625m boosted by premiumsMay 22, 2019
NAIROBI, Kenya, Mar 15 – CIC insurance group has recorded Sh625.3 million in profits for the year ending December 31, 2018 compared to Sh478.4 million in the previous year largely contributed by gross premiums.
CIC insurance saw its total assets increase by 8 per cent to Sh33 Billion and profit before tax grew by 64 per cent to close the financial year at Sh 852 Billion.
Group Chief Executive Officer, Tom Gitogo, said the company registered strong topline growth with improved quality of business in most of the lines.
The company’s investment income stagnated at Sh1.5 Billion reflecting the tough investment landscape in 2018 while operating expenses dropped from Sh4.9billion in 2017 to Sh4.6billion.
During the period under review, operating expenses dropped from Kshs 4.9b in 2017 to Kshs 4.6b occasioned by the Group’s focus on cost containment measures.
Earnings per share increased from 0.18 in 2017 to 0.24 in 2018.
The directors have recommended the payment of a first and final dividend of Sh0.13 per share totalling Sh340 million.