CIC records 137pc rise in profit

CIC Insurance Ltd managing director, Nelson Kuria has said the insurer is pursuing regional expansion, micro insurance, new channels of distribution and investment strategies. Photo/FILE  NATION

By NATION CORRESPONDENT

In Summary

• Investment income rose by 169 per cent to Sh1.4 billion, mainly due to the prevailing high interest rates and diversification into property. Gross premiums increased by 34 per cent to Sh9 billion in 2012 from Sh6.7 billion in 2011

CIC Insurance has reported a 137.6 per cent jump in net profit for 2012, as it announces its regional expansion plan.

The insurer recorded Sh1.39 billion net profit in the period ending 2012 from Sh584 million the previous year. At the same time, the company said it would expand to South Sudan, Uganda and Tanzania this year before moving to Malawi next year.

Investment income rose by 169 per cent to Sh1.4 billion, mainly due to the prevailing high interest rates and diversification into property. Gross premiums increased by 34 per cent to Sh9 billion in 2012 from Sh6.7 billion in 2011.

Group chief executive Nelson Kuria said the insurer is pursuing regional expansion, micro insurance, new channels of distribution and investment strategies.

“To sustain the growth momentum, the Group is pursuing the regional expansion, micro insurance, new channels of distribution and investment diversification strategies,” Mr Kuria said in the statement accompanying the results.