CIC Insurance announce a Profit Before Tax of Kshs 3.99 billion for Full-Year 2024

By Monica MUEMA

CIC Insurance Group Plc is pleased to report a Profit Before Tax of Kshs 3.99 billion for the year ended December 2024, compared to Kshs 2.54 billion recorded in 2023, representing a 57% growth.

This strong performance was largely attributed to growth in insurance revenue and strong investment returns, which grew from Kshs 2.9 billion in 2023 to Kshs 8.8 billion by December 2024.

The business has remained focused on executing our 2021-2025 strategy, which is underpinned by 12 transformational initiatives.

We have also integrated sustainability into our business strategy and operations, enhancing our focus not only on financial performance but also on our impact on the environment, various stakeholders, and the continuous strengthening of governance structures.

The Group’s insurance revenue grew from Kshs 26.3 billion in 2023 to Kshs 27.4 billion in 2024.

Profit After Tax grew by 100a to Kshs 2.8 billion in 2024, compared to Kshs1.4 billion in 2023. Investment income from Kshs 2.9 billion in 2023 to Kshs 8.8 billion in 2024.

Insurance service expenses grew by 7â, from Kshs 22.5 billion in 2023 to Kshs 24.2 billion in 2024. The Group’s total assets grew from Kshs 50.3 billion in 2023 to Kshs 61.9 billion in 2024.