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CIC Insurance Group has posted a 64 per cent increase in profit after tax to Kes1.1 billion for the year ending December 2022, compared to Kes668 million recorded in the same period in 2021.
The insurance business is currently recuperating from greater claims brought on by the Covid-19 outbreak as the company returns to profitability.
CIC Insurance Group Chief Executive Officer Patrick Nyaga said the Group will continue with the implementation of the transformation initiatives aimed at the complete turnaround of all the subsidiaries and the growth of the business performance.
He added that the improvement of underwriting results remains a key focus for the Group.
Further, the Group’s underwriter’s general insurance business grew 21 per cent, from Kes11.4 billion to Kes13.8 billion, during the period.
While its life assurance business gross premium increased 17 per cent to Kes7.2 billion, asset management grew to Kes127 billion.
“Digitization will be a crucial pillar within the Group’s strategy with a view to provide seamless end–to-end customer experience enabled by emerging technologies,” Nyaga stated.
Additionally, he noted that technology has been driving growth in the company with interventions like self-service portals for brokers, agents and mobile applications becoming key service points benefiting customers.
