By Eddah Waithaka
CIC Insurance Group Plc has announced a 57% jump in Profit Before Tax (PBT) to Kshs 3.99 billion for the year ended December 2024, up from Kshs 2.54 billion in 2023.
The firm attributed the growth to higher insurance revenue and a 201% surge in investment income, which climbed from Kshs 2.9 billion to Kshs 8.8 billion.
Key Financial Highlights
CIC Insurance Group reported a 4% rise in insurance revenue to Kshs 27.4 billion (up from Kshs 26.3 billion in 2023), while Profit After Tax (PAT) doubled to Kshs 2.8 billion (from Kshs 1.4 billion), as total assets expanded by 23% to Kshs 61.9 billion and Assets Under Management (AUM) grew to Kshs 152 billion, driven by strong investment returns and strategic growth initiatives.
Kenya Subsidiaries Show Resilience
CIC Insurance Group’s General Insurance Business delivered a 3% revenue increase to Kshs 16 billion, fueled by new business, while maintaining a Kshs 1.2 billion Profit Before Tax (PBT) despite higher industry costs, with claims and expenses rising to Kshs 15 billion, demonstrating strong policyholder support.
Meanwhile, CIC Life Assurance posted a 2% revenue growth to Kshs 6.8 billion, achieving Kshs 1.2 billion PBT, as its deposit administration assets jumped 44% to Kshs 14.2 billion, cementing its market dominance.
Additionally, CIC Asset Management saw Assets Under Management (AUM) climb 5% to Kshs 152 billion, with PBT up 7% to Kshs 753 million, boosted by digital innovations, including a newly launched mobile app.
Regional Expansion Gains Momentum
CIC Insurance Group’s regional subsidiaries delivered strong results, contributing 16% to Group Profit Before Tax and 14% to insurance revenue, with CIC South Sudan growing revenue by 15% and CIC Malawi surging 24%, though CIC Uganda dipped 2% due to agricultural sector challenges.
As the company enters the final year of its 2021-2025 strategy, it will accelerate digital transformation, optimize its balance sheet by selling non-core assets, expand financial inclusion through its Micro Insurance Subsidiary, and strengthen sustainability efforts and employee engagement to drive future growth.
“Our strong performance reflects disciplined execution of our strategy.”
“We remain committed to sustainable growth, innovation, and delivering value to all stakeholders.” With a robust financial position and strategic investments, CIC Insurance Group is poised for further growth in 2025.
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