CIC Insurance has registered a 54.3 per cent rise in net profit to Sh537 million in the first six months of trading ended June.
Results released Friday show that the insurer’s income grew by 18.4 per cent to Sh8.98 billion supported by increased gross written premiums.
Net earned premium hit Sh7 billion up from Sh5.8 billion booked at a similar time last year. This mitigated investment and other income which shrunk by 17 per cent to Sh1.6 billion during the period under review.
Claims incurred increased by 15 per cent to Sh4.7 billion from Sh4.1 billion in line with business growth.
According to the CIC board, the improved profitability was underpinned on growth and diversification of revenue streams, innovation and information technology.
“CIC Life has continued to leverage on diversification into ordinary life and pension while the motor assessment centre has resulted in lower motor claims costs for CIC General,” said the firm in commentary accompanying the results.
During this period, total assets increased by seven per cent from Sh30.5 billion to Sh32.8 billion.