CIC Insurance Profit Jumps 70pc to Sh1.09 Billion in Half Year

CIC Insurance Group reported a significant 70.3 percent increase in profit after tax to Sh1.09 billion for the six months ending June 2026. This growth was driven by stronger investment returns and increased insurance business revenue. Investment income rose by 44 percent to Sh3.96 billion, while insurance revenue climbed 17.8 percent to Sh16.34 billion, up from Sh13.87 billion a year earlier.

The general insurance segment saw an 18 percent increase in revenue to Sh10.7 billion, with profit before tax growing 33 percent to Sh734 million. Life assurance business also grew by 20 percent, with insurance revenue up to Sh4 billion, though profit before tax was lower at Sh190 million due to higher claims. CIC's asset management unit contributed significantly, with assets under management increasing 19 percent to Sh211.7 billion, and profit before tax rising 9 percent to Sh526 million.

The company's fixed income fund saw strong growth, expanding 61 percent year-to-date. Land sales revenue contributed Sh962 million, generating a gross margin of Sh341 million. Regional performances varied, with Malawi showing a 5 percent increase, South Sudan a larger 71 percent growth, and Uganda a 31 percent decline. Total assets reached Sh81.68 billion, and earnings per share improved to Sh0.38 from Sh0.23 in the previous year.