CIC Insurance Profits Before Tax Hits Ksh 960 Million
CIC Insurance Group Plc Profit Before Tax hit 960 million shillings for the year 2021 compared to a loss before…
CIC Insurance Group Plc Profit Before Tax hit 960 million shillings for the year 2021 compared to a loss before tax of 80 million shillings recorded in 2020.
The Group’s gross written premium excluding pension contributions increased by 16a to 19.6 billion shillings compared to 16.9 billion shillings at the end of 2020.
Investment income grew significantly by 64 percent from 1.4 billion shillings in 2020 to 2.3 billion shillings in 2021 driven by increased investments in various instruments. Operating and other expenses for the year were 4.7 billion shillings whereas in the previous year the company incurred 4 billion shillings.
Total assets increased by 7 percent to 41.5 billion shillings compared to 38.8 billion shillings at the end of 2020.
Management fees grew by 35 percent owing to a growth of 17 percent growth in assets under management in our CIC Asset Management business from 80 billion shillings to 94 billion shillings as customers continued to increase investments for good returns and are a trusted brand.
General Insurance Business. Gross Written Premium was up 12% to Kshs. 11.4 Billion compared to Kshs. 10.1 Billion in 2020. Profit Before Tax increased by 152% from Kshs. 256 Million to Kshs. 644 Million owing to growth in business, improved systems and processes leading to operational efficiency, and improved customer experience.
For the CIC Life Assurance, Gross Written Premium grew by 24 percent from 4.9 billion shillings to 6.1 billion shillings driven by Group and ordinary life. Owing to the increased claims driven by Covid- 19 pandemic, the company recorded a loss before tax of 79 million shillings.
For the CIC Asset Management, assets under management grew to 94.5 billion shillings compared to 80.6 billion shillings in 2020 representing a 17 percent increase.
The Company made a Profit Before Tax of 523 Million shillings compared to 361 Million shillings the previous year, an increase of 45 percent. The company continues to be a market leader in the Unit trust business with a 42 percent market share.