CIC Insurance Group recorded 818 percent to Kes 1.4 billion net profit for the full year (FY) ended December 2023, compared to a similar period in 2022.

The lender attributed the growth to increased insurance income and improved investment revenue.

In a statement, the Group’s insurance revenue increased by 23 percent to Kes 25.4 billion, and investment returns grew by 14 percent to Kes 2.9 billion.

“CIC Uganda insurance revenue grew by 30% while CIC South Sudan grew by 70% and CIC Malawi grew by 19%.”

“We have continued to invest on product offering expansion within our regional business which has been reflected in the revenue growth.”

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The firm’s assets under management increased from Kes 127 billion to Kes 146 billion, bringing its total assets up 16 percent to Kes 50.3 billion.

However, its revenue slightly affected by a surge in other operating expenses, which expanded by 10 percent to Kes 1.5 billion from Kes 1.3 billion.

“Looking forward we are focusing on product innovation to ensure alignment of our offerings to the dynamic customer needs and preferences as well as implementation of a robust digital transformation strategy that will not only focus on on-boarding emerging technologies but also a re-imagining our business processes and model to ensure seamless customer experience.”