CIC Insurance Group doubled its net earnings to KES2.8 billion in 2024 attributable to strong growth in investment income during the period ended December 31.

In an update to the markets on Friday, CIC Group CEO Patrick Nyaga said the regional insurer's strong performance was largely attributed to growth in insurance revenue and good investment returns, which grew by 201 percent to KES8.8 billion by compared to KES2.9 billion in the previous year.

Last year, the Group's insurance revenue increased by 4 percent to KES27.4 billion compared to KES26.3 billion reported in the previous period. 

However, the Group's insurance service expenses increased by 7 percent to KES24.2 billion from KES22.5 billion even as claims expenses rose to KES15 billion by December 31, 2024.

Overall, Assets Under Management increased from KES146 billion in 2023 to KES152 billion in 2024. 

Subsidiaries

The Kenyan subsidiary reported a gross profit of KES1.2 billion in a year when the claims settled increased to KES15 billion. CEO Nyaga said the unit's performance "was achieved while fulfilling higher policyholder obligations."

On regional subsidiaries, the performance continued to improve, contributing 16 percent to profit before tax and 14 percent to Group insurance revenue. 

CIC South Sudan grew insurance revenue by 15 percent while CIC Malawi recorded 24 percent growth in revenue. However, CIC Uganda experienced a 2 percent decline in revenue, "primarily due to the impact on the agriculture portfolio," the company noted.

Life business

CIC Life Assurance reported KES6.8 billion in insurance revenue, reflecting 2 percent growth even as total assets surged by 35 percent in what the firm attributed to, "a robust expansion in the investment portfolio, highlighting the Group's commitment to long-term value creation." 

Further, the total liabilities under Life business increased by 30 percent, primarily due to higher insurance contract liabilities, the CEO explained. 

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