CIC Insurance Group has reported a net profit of Ksh. 668.4 Million for the year ended 31 st December 2021 as compared to a net loss of Ksh. 296.8 Million for the previous year.
This rise in profitability was driven by a 17% rise in the gross earned premiums to Ksh. 19.7 Billion. At the same time, fee and commission income also went up by 40% to Ksh. 2.1 Billion. Investment income from its subsidiaries in South Sudan, Uganda and Malawi also increased by 21% to Ksh. 1.7 Billion. The Group’s total comprehensive income rose Ksh. 355.7 Million up from a loss of Ksh. 224.5 Million in 2020.
On the other hand, operating and other expenses for the year rose by 17.5% to Kshs 4.7 billion as compared to the previous year.
The underwriter’s profitability as measured by earnings per share improved to KSh 0.23 in 2021 from negative KSh 0.09 in 2020. The Group’s balance sheet grew to KSh 41.5 billion in 2021 from KSh 38.8 billion in 2020.
However, the board of directors did not recommend payment of dividends for 2021 compared to 2020.