Philip Kimani – Group Chief Financial Officer (left), CIC Group holds a discussion with Patrick Nyaga - Group Chief Executive Officer , CIC Group (right) during the investor briefing and the announcement of the 2021 results.

CIC Insurance Group Plc recently reported   a profit before tax of Kshs. 960 million for the year 2021 compared to a loss before tax of Kshs. 80 Million recorded in 2020. This is a strong performance despite the devastating effects of the Covid- 19 pandemic. The positive results are attributed to the implementation of key transformational initiatives during the year including: performance management, functional structures to support the corporate strategic plan, operational efficiency, cost optimization, digitization as well as research and innovation. In the same vein, the focus on   regional businesses yielded good results contributing eleven per cent of the group’s gross written premium.

Key highlights

To  start  with,  the group’s gross written premium (  excluding pension contributions)  increased by  sixteen per cent  to Kshs 19.6 billion compared to Kshs. 16.9 billion at the end of 2020. Additionally, the investment income grew significantly by sixty four per cent from Kshs. 1.4 billion in 2020 to Kshs. 2.3 billion in 2021. Moreover, its total assets increased by seven percent to Kshs 41.5 billion, compared to Kshs. 38.8 billion at the end of the last financial year.

Kenya subsidiaries

 Under the general insurance business, the gross written premium grew by twelve percent to   Kshs. 11.4 billion compared to Kshs. 10.1 billion in 2020.  The profit before tax on the other hand increased from Kshs. 256 million to Kshs. 644 million owing to growth in business, improved systems and processes leading to operational efficiency and improved customer experience.

The gross written premium of CIC Life Assurance by the same token   grew by twenty four per cent   from Kshs. 4.9 billion to Kshs. 6.1 billion driven by group and ordinary life.  Nevertheless, owing to the increased claims driven by the   Covid- 19 pandemic, the company recorded a loss before tax of Kshs. 79 million.

CIC Asset Management also registered growth. The assets under its management grew from Kshs. 80.6 billion in 2020 to Kshs. 94.5 billion in 2021, representing a seventeen per cent   increase. The company made a profit before tax of Kshs. 523 million, compared to Kshs. 361 million the previous year, which was an increase of forty five per cent.   CIC Asset Management continues to be a market leader in unit trust business, with a forty two per cent   market share.

Regional subsidiaries

The regional subsidiaries continued to grow contributing to eleven per cent of the group’s   gross written premium. To start with, CIC Malawi grew gross written premium by 43% while CIC Uganda grew by 44%. These   subsidiaries contributed significantly to the group’s bottom line.


CIC Group will continue with the transformation initiatives aimed at growth and improving the business performance. The key focus is to significantly improve the underwriting profit for all its businesses in Kenya and the region.

The group continues to review and implement a functional structure to support the achievement of the overall objectives as contained in its corporate strategic plan.  Additionally, its   focus on balance sheet re-organization is on course. It   aims at optimal utilization of the available resources including disposal of non-core assets mainly land and focus   on the core business.

By the same token, focus on research and development will be key.  It will also embrace innovation  in order  to  ensure   capacity to expand  its   product offering ,  thus enhancing   product performance and customer experience. Additionally, group-wide operational efficiency focusing on cost optimization, systems uptime and process re-engineering still remains   of critical importance and a focus area by the group.

CIC Group will also continue investing in digital technology. This will mainly be self-service channels, portals and upgrading its systems with modern technology.  Digitization will support its  objectives for faster and accurate reporting, decision-making as well as superior customer experience.



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