CIC Insurance Group delivered a sharp improvement in profitability in the first half of 2026, with profit after tax rising 70.3% to KSh1.09 billion from KSh638.5 million a year earlier. The group’s half-year financial results (CIC Insurance Group) show that stronger investment returns, higher insurance revenue and growth in asset management helped lift earnings despite continued pressure from claims in parts of the insurance business.
Profit before tax increased 30.2% to KSh1.56 billion, while insurance revenue expanded 17.8% to KSh16.34 billion from KSh13.87 billion. Investment returns provided one of the biggest earnings boosts, climbing about 44% to KSh3.96 billion from KSh2.75 billion.
Key Overview
- Profit after tax: KSh1.09 billion, up 70.3%
- Profit before tax: KSh1.56 billion, up 30.2%
- Insurance revenue: KSh16.34 billion, up 17.8%
- Investment return: KSh3.96 billion, up about 44%
- General insurance revenue: KSh10.7 billion, up 18%
- Asset management AUM: KSh211.7 billion, up 19%
- Earnings per share: KSh0.38, up from KSh0.23
- Total group assets: KSh81.68 billion
Investment Returns Become a Major Earnings Driver
Investment performance was central to CIC’s stronger first-half result. Returns climbed from KSh2.75 billion to KSh3.96 billion, providing additional earnings support alongside growth in the core insurance businesses.
The headline profit increase, however, also highlights the growing importance of non-underwriting income. A closer examination of the results showed that the group’s insurance service result weakened (Khusoko Mail) to about KSh42 million from KSh128.2 million, a 67.2% decline. That makes investment income, asset management fees and other revenue streams increasingly significant to overall profitability.
CIC also recognised KSh962 million from land sales during the period, generating a gross margin of KSh341 million after related costs. The additional income provided another boost to the group’s first-half performance.
Insurance Revenue Expands Across Key Businesses
CIC’s general insurance operation recorded an 18% increase in insurance revenue to KSh10.7 billion, supported mainly by higher business volumes in motor and medical insurance.
Profit before tax from the general insurance unit increased 33% to KSh734 million as revenue growth outpaced the increase in claims costs.
The life assurance business also expanded, with insurance revenue rising 20% to KSh4 billion. Profit before tax came in at KSh190 million, with the group attributing the performance partly to higher claims during the period.
Deposit administration assets increased 14% year-to-date to KSh21 billion, while the life business’s total assets rose 16% to approximately KSh48 billion.
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Asset Management Strengthens CIC’s Revenue Mix
CIC Asset Management remained one of the group’s strongest growth areas. Assets under management increased 19% year-on-year to KSh211.7 billion, while profit before tax rose 9% to KSh526 million.
Revenue from asset management services reached about KSh1.04 billion compared with KSh829 million in the previous corresponding period. CIC said the increase reflected expanding assets under management and higher fund management fees.
Demand was particularly strong within fixed income products. The group’s fixed income fund expanded 61% (CIC Insurance Group) year-to-date to approximately KSh29 billion, highlighting increased investor appetite for income-generating investments offering comparatively predictable returns.
Regional Markets Deliver Mixed Results
Performance outside Kenya varied considerably during the half year. Insurance revenue in Malawi increased 5% to KSh595 million, while South Sudan delivered the strongest regional growth, with revenue jumping 71% to KSh563 million.
Uganda moved in the opposite direction, recording a 31% decline in insurance revenue to KSh426 million. CIC said its regional subsidiaries remained well capitalised as the group continues strengthening its operations across the markets.
At group level, total assets reached KSh81.68 billion, while earnings per share increased to KSh0.38 from KSh0.23.
Microinsurance Opens Another Growth Avenue
CIC is simultaneously increasing its focus on financial inclusion through CIC Impact, its dedicated microinsurance business targeting customers historically underserved by conventional insurance.
The business targets low- and middle-income customers, MSMEs, farmers and cooperatives with simpler and lower-cost products. Annual premiums on some products start below KSh3,000, while distribution incorporates digital channels, cooperatives and community-based networks.
The expansion addresses a sizable protection gap. Recent industry data continue to show relatively low insurance penetration in Kenya, despite growth in premiums and assets. CIC’s microinsurance expansion (The Star) therefore gives the group an opportunity to grow its customer base while diversifying beyond established corporate and retail insurance segments.
The H1 numbers show CIC entering the second half of 2026 with stronger profitability, a larger balance sheet and a more diversified income base. Sustaining that momentum will increasingly depend on maintaining investment performance while improving underwriting profitability and controlling claims as the insurance portfolio expands.
Sources: CIC Insurance Group / Capital FM / Khusoko / The Star / Insurance Regulatory Authority
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