NAIROBI, Kenya, Aug 29 – CIC Insurance net profit for the six months ending June grew 153 percent to Sh1.2 billion compared to a similar period last year.
The insurer attributes the growth to new initiatives that were introduced earlier, focusing on customer experience, digital transformation, data analytics, and performance management, among others.
General insurance and life assurance earnings grew 21 percent and 23 percent to Sh7 billion and Sh4.3 billion, respectively.
“To maintain the growth trajectory CIC will continue investing in technology to strengthen performance and achieve customer retention in the long term,” CIC said in a statement.
“We will remain resolute in the implementation of our other various strategies including research and innovation, debt management, cost optimization, risk, compliance, Environmental, Social and Governance (ESG) integration among others.”
The insurer’s subsidiaries in Uganda, South Sudan, and Malawi contributed 10 percent to the group’s earnings in the review period.
