CIC Insurance posts Sh259 million profit in half-12 months

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Firms

Wednesday August 11 2021

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CIC Insurance Community chairman Nelson Kuria. FILE PHOTO | NMG

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By VICTOR JUMA

Extra by this Writer

Summary

  • The return to profitability became once helped by improved performance in the underwriting industry and increased funding earnings.
  • Funding and diversified earnings, along side particular forex movements at its South Sudan subsidiary, bigger than doubled to Sh2.6 billion from Sh1.2 billion.
  • Rising costs of listed equities on the Nairobi Securities Switch contributed to the positive aspects.

CIC Insurance Community #ticker:CIC posted a Sh259.5 million procure profit in the half 12 months ended June, reversing a procure loss of Sh335.5 million the 12 months earlier than.

The return to profitability became once helped by improved performance in the underwriting industry and increased funding earnings.

Funding and diversified earnings, along side particular forex movements at its South Sudan subsidiary, bigger than doubled to Sh2.6 billion from Sh1.2 billion.

Rising costs of listed equities on the Nairobi Securities Switch contributed to the positive aspects.

The bourse is recovering from a main selloff final 12 months that became once inspired by the fear in the wake of the Covid-19 pandemic.

CIC additionally won from increased costs in its asset administration industry whose pool of funds jumped 35 percent to Sh89 billion in the evaluation interval.

Unhealthy premiums rose to Sh10.7 billion from Sh9.2 billion, with the Kenyan total insurance industry posting a 75 percent enlarge in underwriting profit to Sh447 million.

Chief executive Patrick Nyaga said the firm is implementing its recent strategy of reducing costs, bettering efficiencies and lifting margins across the spot and in the assorted insurance operations.

CIC is shut to disposing a gigantic fraction of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-producing sources.

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