CIC Insurance Group Plc declares profit before tax of Ksh.3.99B, being a 57% in its 2024 full-year performance: #AD

CIC Insurance Group Plc has posted a Profit Before Tax of Ksh.3.99 billion in its 2024 full year financial results compared to Ksh.2.54 billion recorded in 2023, representing a 57% growth.

This is largely attributed to growth in insurance revenue and strong investment returns that grew by 201 percent from Ksh.2.9 billion in 2023 to Ksh.8.8 billion by December 2024. 

Further, the Group's insurance revenue grew by 4 percent from Kshs 26.3 billion in 2023 to Kshs 27.4 billion in 2024 while Profit After Tax grew by 100 percent to Ksh.2.8 billion in 2024, compared to Kshs 1.4 billion in 2023. 

CIC is the leading cooperative insurer in the country and has in recent years invested in technology to improve access to products for its customers in Kenya.

The Group provides affordable insurance solutions through its EasyBima platform, which allows customers to make payments for premiums in installments, as well as the CIC Invest App, which has made investing easy and convenient.

As part of a recent update to the CIC invest App, the insurer  included a chama feature,  which allows groups to invest together through the CIC invest app, further enhancing ease of financial management services. 

The Group's total assets grew by 23 percent from Ksh.50.3 billion in 2023 to Ksh.61.9 billion in 2024 while Assets Under Management increased from Ksh146 billion in 2023 to Kshs 152 billion in 2024.

CIC Group’s subsidiaries in Kenya include its general insurance business, life assurance and its asset management. It also operates regional subsidiaries in Uganda, Malawi and South Sudan.

To reinforce its leading role in the sector, the Group plans to launch a microinsurance subsidiary to enhance financial inclusion and to deepen sustainability efforts through commitments in shared value.