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CIC Insurance Group Reports 54% Growth in Profit in 2024

CIC Group

CIC Group

CIC Insurance Group has delivered an impressive financial performance for the year ending December 2024, reporting a Profit Before Tax (PBT) of Kshs 3.99 billion, a 57% increase from Kshs 2.54 billion recorded in 2023. This remarkable growth was primarily driven by increased insurance revenue and exceptional investment returns, which surged 201% from Kshs 2.9 billion in 2023 to Kshs 8.8 billion in 2024.

Key Highlights of CIC Insurance Group’s 2024 Performance

Kenya Subsidiaries Performance

General Insurance Business

CIC Life Assurance

CIC Asset Management

Regional Subsidiaries Performance

CIC’s regional subsidiaries contributed significantly, accounting for 16% of PBT and 14% of Group insurance revenue.

Strategic Outlook for 2025

As CIC enters the final year of its 2021-2025 strategic plan, the company remains committed to sustained growth and innovation. Key focus areas include:

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