CIC Insurance Group PLC has recorded a 70.3 per cent increase in profit after tax to Ksh1.09 billion for the six months ended June 30, 2026, driven by a sharp rise in investment returns and stronger insurance revenue.
The insurer’s profit after tax increased from Ksh638.5 million recorded during the same period in 2025, while profit before tax rose by 30.2 per cent to Ksh1.56 billion from Ksh1.2 billion.
Investment returns emerged as a major contributor to the improved performance, climbing 44 per cent from Ksh2.75 billion in H1 2025 to Ksh3.96 billion in the first half of 2026.
CIC also recorded stronger performance from its core insurance operations, with insurance revenue increasing by 17.8 per cent to Ksh16.34 billion, up from Ksh13.87 billion a year earlier.
The Group's asset management business also continued to expand, generating Ksh1.04 billion in revenue from asset management services, compared to Ksh829 million in June 2025. Assets under management rose 19 per cent year-on-year to Ksh211.7 billion.
The company attributed the growth in asset management earnings to higher fund management fees, supported by the increase in assets under management.
CIC Asset Management recorded a 9 per cent rise in profit before tax to Ksh526 million, while its fixed-income fund expanded by 61 per cent year-to-date to Ksh29 billion.
The General Insurance business was another major contributor to the Group's performance. Insurance revenue increased by 18 per cent to Ksh10.7 billion, driven by growth in the motor and medical insurance classes.
Its profit before tax rose 33 per cent to Ksh734 million, with the company attributing the improvement to stronger topline growth and insurance revenue increasing faster than claim costs.
CIC Life Assurance recorded a 20 per cent increase in insurance revenue to Ksh4 billion, although profit before tax stood at KSh190 million amid increased claims experience during the period.
The Group also reported Ksh962 million in revenue from land sales, generating a gross margin of Ksh341 million after the cost of sales. CIC noted that the transactions supported its efforts to optimise the balance sheet.
Total assets increased to Ksh81.68 billion from Ksh73.75 billion in June 2025, while earnings per share rose to Ksh0.38 from Ksh0.23 over the same period.
CIC's regional businesses delivered mixed results. Malawi recorded a 5 per cent increase in insurance revenue to Ksh595 million, while South Sudan posted a 71 per cent jump to Ksh563 million. Uganda, however, recorded a 31 per cent decline in insurance revenue to Ksh426 million.
The Group's latest results come weeks after it launched CIC IMPACT, a microinsurance subsidiary targeting underserved Kenyans, particularly those working in the informal sector.
The company is positioning the new business as part of its broader strategy to expand financial inclusion while diversifying its product offering.
“As the Group executes its 2026-2030 strategy, it remains focused on creating sustainable shareholder value through disciplined investment, customer-centric innovation and digital transformation,” CIC stated.
The insurer added that it would focus on advancing digital transformation, product innovation and diversification, while strengthening collaboration across its subsidiaries and regional markets.
Group Managing Director and CEO Patrick Nyaga expressed confidence in the company's growth trajectory, stating that CIC remained committed to executing its 2026-2030 strategy and strengthening partnerships across its markets.
“We are pleased with the growth trajectory of our business and remain confident in our ability to scale to even greater heights,” Nyaga stated.