From left, CIC Group Chief Financial Officer , Mr. Philip Kimani pose for a photo with CIC Group Chief Executive Officer , Mr. Patrick Nyaga during the release of the 2022 financial results .

CIC Insurance Group has recorded a huge profit before tax of Kshs 2 billion for the year ended December 2022,  in comparison to  Kshs 960 million achieved  in 2021. This  represented  a  growth of  112%. The strong performance was driven by continued execution of  the  group’s  transformational initiatives focusing on customer experience, performance management, operational efficiency, digital transformation, research and innovation, cost competitiveness and debt management among others.

Against this background, the group’s gross written premium grew by 20% from Kshs. 19.7 billion reported in 2021,  to Kshs. 23.7 billion in 2022. Additionally, the  profit after tax grew by 64% to Kshs 1.1 billion in 2022,  compared to Kshs  668 million reported in 2021. Moreover, the group’s  total assets increased from Kshs 41.5 billion to Kshs. 46.7 billion, while the  assets under management grew from Kshs 94 billion to Kshs. 127 billion.

Kenya Subsidiaries

In the general insurance  business, the Kenyan subsidiary gross written premium grew by 21% to Kshs. 13.8 billion in 2022,  from Kshs. 11.4 billion reported in 2021.  Additionally,  the profit before tax was up by 35% to Kshs. 872 million,  compared to Kshs. 644 million in 2021. This was  attributable to business growth, prudent underwriting and enhanced process efficiency.

CIC Life Assurance, another Kenyan subsidiary ,also recorded high growth. Its gross written premium grew by 17% from Kshs. 6.1 billion reported in 2021,  to Kshs. 7.2 billion in 2022. By the same token, the profit before tax grew by a record  906% to Kshs. 631 million, from a loss before tax of Kshs. 79 million reported in 2021. This strong performance  was due   to strong focus on prudent underwriting and business growth across all the business lines.

CIC Asset Management on the other  hand  also  performed  very well.  Its   assets under management grew by 34% from  Kshs. 94.5 billion in 2021,  to Kshs. 127 billion in 2022. In the same  regard,  its   profit before tax increased by 23% to Kshs. 644 million,  compared to Kshs. 523 million reported in 2021. The company continues to lead the unit trust business with a market share of 40% as at December 2022.

Regional subsidiaries       

The performance of the regional subsidiaries has continued to improve with a contribution of 11% to the gross written premium of the group  during the period under  review. To start with,  CIC Uganda’s  gross written premium grew by 29%,  while CIC South Sudan grew by 61% and CIC Malawi grew by 6%. All regional subsidiaries were profitable with a combined contribution of 10% to the consolidated profit before tax of the group.

Road ahead

“The group will continue with the implementation of the transformational  initiatives aimed at complete turnaround of all the subsidiaries and growth of the business performance,” said  Mr. Patrick Nyaga, the Group  Chief Executive Officer,  adding  that improvement of underwriting results remains a key focus for the group.

Mr. Nyaga further said that  digitization will be a crucial pillar within the group’s strategy,  with a view to providing  a   seamless end–to-end customer experience enabled by emerging technologies.  “ Technology has been driving growth in the company with interventions like self- service portals for brokers, agents and mobile applications becoming key service points benefiting customers,” he said.  “  To maintain the growth trajectory, CIC will continue investing in technology to strengthen performance and achieve customer retention in the long term,” he added.  Key among these is the implementation of a robust system for the life business and the IFRS 17 solution.

Mr. Nyaga was emphatic that  the group will remain focused on delivering on business growth while at the same time progressively building a socially responsible and sustainable business.



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