CIC Insurance Group has delivered an impressive financial performance for the year ending December 2024, reporting a Profit Before Tax (PBT) of Kshs 3.99 billion, a 57% increase from Kshs 2.54 billion recorded in 2023. This remarkable growth was primarily driven by increased insurance revenue and exceptional investment returns, which surged 201% from Kshs 2.9 billion in 2023 to Kshs 8.8 billion in 2024.
Key Highlights of CIC Insurance Group’s 2024 Performance
- Insurance revenue rose by 4%, reaching Kshs 27.4 billion from Kshs 26.3 billion in 2023.
- Profit After Tax doubled to Kshs 2.8 billion, compared to Kshs 1.4 billion in 2023.
- Investment income skyrocketed by 201% to Kshs 8.8 billion from Kshs 2.9 billion in 2023.
- Insurance service expenses grew by 7%, from Kshs 22.5 billion in 2023 to Kshs 24.2 billion.
- Total assets expanded by 23%, reaching Kshs 61.9 billion from Kshs 50.3 billion in 2023.
- Assets Under Management (AUM) increased from Kshs 146 billion in 2023 to Kshs 152 billion in 2024.
Kenya Subsidiaries Performance
General Insurance Business
- Recorded Kshs 16 billion in insurance revenue, a 3% growth from 2023.
- PBT stood at Kshs 1.2 billion, demonstrating resilience despite industry challenges.
- Insurance service and claims expenses rose to Kshs 15 billion, reaffirming CIC’s commitment to policyholders.
- Total assets grew by 19%, driven by a 13% increase in the investment portfolio.
CIC Life Assurance
- Insurance revenue grew 2% to Kshs 6.8 billion.
- PBT reached Kshs 1.2 billion, reinforcing sustained profitability.
- Deposit administration business experienced significant growth, with assets increasing 44% from Kshs 9.9 billion to Kshs 14.2 billion.
- Total assets surged by 35%, reflecting strategic investment expansion.
- Total liabilities increased by 30%, ensuring strong reserves to meet future obligations.
CIC Asset Management
- AUM grew by 5% to Kshs 152 billion.
- PBT increased by 7%, rising from Kshs 704 million to Kshs 753 million.
- Enhanced customer experience through digital transformation, including the launch of a mobile app.
Regional Subsidiaries Performance
CIC’s regional subsidiaries contributed significantly, accounting for 16% of PBT and 14% of Group insurance revenue.
- CIC South Sudan saw a 15% growth in insurance revenue.
- CIC Malawi recorded an impressive 24% revenue growth.
- CIC Uganda experienced a slight 2% decline, attributed to challenges in the agriculture portfolio.
- Expansion efforts included launching individual life insurance in Malawi and introducing a medical business in Uganda.
Strategic Outlook for 2025
As CIC enters the final year of its 2021-2025 strategic plan, the company remains committed to sustained growth and innovation. Key focus areas include:
- Advancing digital transformation and product innovation.
- Rebalancing the balance sheet by divesting non-core assets.
- Expanding microinsurance solutions to drive financial inclusion.
- Strengthening employee engagement to enhance stakeholder value.
- Deepening sustainability and shared value initiatives.
