CIC Insurance Group PLC has reported a 70 percent increase in net profits for the first half of 2026, driven by a sharp increase in investment returns, revenue from its asset management unit and a significant one-off gain from land sales.

The Nairobi Securities Exchange-listed insurer posted a profit after tax of KSh 1.09 billion for the six months ending June 30, up from KSh 638.5 million in the same period last year. Profit before tax rose by 30 percent to KSh 1.56 billion, signalling a strong recovery from the subdued performance reported in the first half of 2025.

CIC's improved earnings were underpinned by a 44 percent jump in investment return to KSh 3.96 billion, reflecting disciplined portfolio management and favourable market conditions. 

Group's asset management subsidiary, CIC Asset Management, emerged as a key growth driver, with revenue from asset management services climbing to KSh 1.04 billion from KSh 829 million in June 2025, as assets under management (AUM) expanded by 19 percent year-on-year to KSh 211.7 billion.

The fixed income fund, in particular, recorded significant growth, surging 61 percent year-to-date to KSh 29 billion, driven by attractive returns that have drawn increased investor allocations.

The group also benefited from a strategic balance sheet optimisation exercise, recording KSh 962 million in revenue from land sales. This yielded a gross margin of KSh 341 million after cost of sales, providing a meaningful contribution to the bottom line.

Insurance revenue, the core indicator of underwriting activity, rose by nearly 18 percent to KSh 16.34 billion, up from KSh 13.87 billion in the first half of 2025. The growth was supported by strong performance across both the general and life insurance businesses.

CIC's general insurance subsidiary delivered a strong performance, with insurance revenue increasing by 18 percent to KSh 10.7 billion, driven by gross written premium growth under motor and medical classes.

The unit's profit before tax stood at KSh 734 million, reflecting a 33 percent year-on-year increase, as topline growth significantly outpaced the rise in claim costs. Total assets for the general insurance business grew by 12 percent year-to-date to KSh 23.95 billion.

Life assurance subsidiary also demonstrated steady progress, with insurance revenue rising 20 percent to KSh 4 billion, supported by sustained demand for life products. 

Deposit administration increased by 14 percent year-to-date to KSh 21 billion, reinforcing the group's position in long-term savings offering. Total assets for the life business grew by 16 percent to KSh 48 billion, reflecting growth in insurance reserves. However, profit before tax for the life unit stood at KSh 190 million,indicative of increased claims experience during the period.

Regional subsidiaries remained important contributors to topline growth, albeit with mixed results. 

For instance, CIC Malawi recorded a 5 percent increase in insurance revenue to KSh 595 million, while CIC South Sudan delivered 71 percent surge to KSh 563 million. CIC Uganda, however, experienced a 31 percent decline in insurance revenue to KSh 426 million. The group said all regional subsidiaries remained well-capitalised and that it continued to invest in strengthening its regional operations.

The improved performance comes weeks after the group launched its microinsurance business, CIC IMPACT, which is expected to extend insurance services to more underserved Kenyans in the informal sector. 

On the sustainability front, CIC reported progress in integrating environmental and social considerations into its operations. The group invested KSh 48 million in education and trained 6,590 cooperative leaders as part of its community strengthening initiatives. 

It also recorded a 4.8 percent decline in electricity consumption, avoiding over 861 tonnes of carbon emissions, while paying out KSh 80 million in agricultural insurance claims to support climate resilience among farmers.

Total assets for the group rose to KSh 81.68 billion from KSh 73.75 billion in June 2025, while earnings per share increased to KSh 0.38 from KSh 0.23 in the prior year.

"We are pleased with the growth trajectory of our business and remain confident in our ability to scale even greater heights," said Patrick Nyaga, Group CEO. "We are committed to delivering our 2026-2030 strategy and forging strong business partnerships with stakeholders across our markets."

In the coming half, the group said it would focus on advancing digital transformation, product innovation, and diversification, while deepening collaboration across its subsidiaries and regional markets.

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