CIC Insurance has reported a Kes 260 million net profit for the half-year period that ended on 30th June 2021, a reversal from a net loss of Kes 335.5 million reported during the same period in 2020. The improvement was attributed to the improved performance in the underwriting business and higher investment income.
The company’s gross written premiums increased by 16% to Kes 10.8 billion from Kes 9.3 billion a year earlier. Its investment income grew to Kes 2.6 billion at the end of June 2021, compared to Kes 1.2 billion recorded at the end of June 2020. Consequently, total expenses in CIC rose to Kes 9.2 billion from Kes 8.3 billion, an 11% jump.
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