CIC Insurance Group has reported a 70.3 percent increase in profit after tax to Sh1.09 billion for the six months ended June 2026, supported by stronger investment returns and growth in its insurance business.
Profit before tax rose 30.2 percent to Sh1.56 billion, while insurance revenue increased by 17.8 percent to Sh16.34 billion from Sh13.87 billion recorded during a similar period last year.
Investment income was a major contributor to the improved performance, with investment returns rising by 44 percent to Sh3.96 billion from Sh2.75 billion a year earlier.
The growth comes as insurers continue to benefit from demand for risk protection and investment products, although the industry remains exposed to rising claims costs and fluctuations in financial markets.
CIC’s general insurance business recorded an 18 percent increase in insurance revenue to Sh10.7 billion during the period.
Profit before tax in the general insurance unit increased by 33 percent to Sh734 million, driven mainly by higher business volumes in the motor and medical insurance segments.
The life assurance business also recorded growth, with insurance revenue increasing by 20 percent to Sh4 billion.
However, profit before tax in the unit stood at Sh190 million, reflecting higher claims during the period.
“Profit after tax increased by 70.3 percent to Sh1.09 billion, while insurance revenue grew by 17.8 percent to Sh16.34 billion,” CIC said in its results.
“Investment returns rose by 44 percent to Sh3.96 billion, supporting the improvement in overall earnings.”
CIC Asset Management remained another significant contributor to the group’s performance, with assets under management increasing by 19 percent year-on-year to Sh211.7 billion.
Profit before tax at the asset management business increased by nine percent to Sh526 million, supported by higher fund management fees.
The fixed income fund recorded particularly strong growth, expanding by 61 percent year-to-date to Sh29 billion.
The increase points to stronger investor demand for fixed-income products as investors seek relatively stable returns amid changing market conditions.
CIC also recognised Sh962 million in revenue from land sales during the period, generating a gross margin of Sh341 million after accounting for the cost of sales.
The group’s regional businesses delivered mixed performances during the six months.
Insurance revenue from Malawi increased by five percent to Sh595 million, while South Sudan recorded a stronger 71 percent growth to Sh563 million.
Uganda, however, registered a 31 percent decline in insurance revenue to Sh426 million.
At group level, total assets increased to Sh81.68 billion from Sh73.75 billion in June 2025, reflecting continued expansion of the insurer’s balance sheet.
Earnings per share also improved, rising to Sh0.38 from Sh0.23 recorded a year earlier.
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