CIC Insurance Group posted a Sh296.8 million net loss in the year ended December, breaking its 13-year profit-making run that goes back to 2007. It also marks the first full-year loss to be reported by the company since it listed on the Nairobi Securities Exchange (NSE) by introduction on July 18, 2012. The insurer’s loss […]
The Nation Media Group was the top gainer of the day at the Nairobi Securities Exchange (NSE) on Tuesday, March 2, 2020, with 9.89 percent at the price of 19.45 shillings per share. Kenya Re-Insurance was the second top gainer with 4.84 percent at the price of 2.60 shillings per share followed by Longhorn Publishers […]
The new chief executive of CIC Insurance Group #ticker:CIC, Patrick Nyaga, has bought 11.3 million shares of the company with a current market value of about Sh26 million. Mr Nyaga, who was appointed to the position in June, appeared in the insurer’s list of top shareholders in September, according to filings seen by Business Daily. […]
Former chief executive of CIC Insurance Group #ticker:CIC, Nelson Kuria, has returned to the company’s board as an independent director. The move comes after he stayed out of the firm long enough to satisfy the Capital Markets Authority’s requirement that an independent director must not have held an executive position in the company within the […]
Guests during a CIC investor briefing in Nairobi. FILE PHOTO | NMG Regional underwriter CIC Insurance Group has moved to firm its grip on the credit union market with the launch of a governance and financial management skills training programme for 2,000 co-operative society leaders. Co-operatives division general manager Richard Nyakenogo said the co-operative sector […]
CIC Insurance Group #ticker:CIC has posted 33.1 percent decline in net profit to Sh321.6 million for the year ending December 2019 on account of increased claims. This is a three-year low earnings for the Nairobi Securities Exchange-listed insurer that had posted a profit of Sh480.94 million in 2018. Total income grew marginally by three percent […]
Former CIC Insurance CEO Mr Tom Gitongo has sold his 11 million shares in the company worth Ksh23.6 million. According to reports by Business Daily , Gitongo sold his shares in August 2020, close to a year after he resigned in October 2019. When he resigned, Mr Gitongo was paid Ksh154.4 million, Ksh76.3 million being […]
Jamii Bora Bank has been renamed to Kingdom Bank Limited after acquisition by Co-operative Bank. PHOTO | DIANA NGILA | NATION MEDIA GROUP Jamii Bora Bank has been renamed to Kingdom Bank Limited and a new chief executive officer appointed in major changes by Cooperative Bank of Kenya which has acquired a controlling stake worth […]
Jamii Bora Bank will now operate as Kingdom Bank Limited. The Co-operative Bank of Kenya Limited (Co-op Bank) has completed acquisition of 90 per cent of Jamii Bora Bank. The former Jamii Bora Bank has changed its name and will now operate as Kingdom Bank Limited. The acquisition On March 10, 2020, Co-op Bank published […]
Jubilee Holdings Chairman Nizar Juma. FILE PHOTO | NMG Jubilee Holdings #ticker:JUB half-year net profit unchanged at Sh1.8 billion, defying a trend where insurers have posted losses or drop in profits in the wake of Covid-19. The regional underwriter said the stable performance was due to improved insurance underwriting results from all of its operations […]
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