Home » Kenyan tycoon Gideon Muriuki-linked insurance firm CIC Group reaches record profits of $8 million in 2022

Kenyan tycoon Gideon Muriuki-linked insurance firm CIC Group reaches record profits of $8 million in 2022

by Mfonobong Nsehe
Gideon Muriuki

CIC Insurance Group (CIC Group), a leading insurance and investment group partly owned by Kenyan tycoon Gideon Muriuki, reported a record-breaking financial performance at the end of its 2022 fiscal year, with profits surpassing the $8-million mark.

Muriuki is set to benefit from the Kenyan insurance and investment group’s impressive financial performance, as the firm recently resumed dividend payouts for the first time in four years.

The group’s profit for the 2022 fiscal year increased by 63 percent from Ksh668.4 million ($5.1 million) to Ksh1.09 billion ($8.3 million), making it the first time in seven years that the company has reported a profit in excess of $8 million.

CIC Group, a Nairobi-based insurance and investment group with a regional presence in South Sudan, Uganda, and Malawi offers innovative financial services to more than 1 million customers across its network of 25 local branches, over 1,000 financial advisors, and various online platforms. 

Muriuki, the CEO of Co-operative Bank Group, holds the largest individual stake in CIC Group with a 5.27-percent stake, representing a total of 137,824,304 shares.

The group’s financial performance during the period under review was driven by strong performance across its broad business segments, with net earned premiums rising from Ksh14.7 billion ($112.2 million) to Ksh17.4 billion ($132.8 million), bolstered by increased gross premiums and interest revenue, fees, and commission income.

This culminated in a total income of Ksh22.51 billion ($171.8 million), a 17-percent increase from the prior period’s Ksh19.2 billion ($146.6 million).

As a result of its impressive financial performance, the CIC board has proposed a payment of Ksh0.13 per share dividend to shareholders, amounting to a total of Ksh340 million ($2.59 million).

The dividend is scheduled to be paid on or about May 26, 2023, to those shareholders registered at the close of business on May 8, 2021. Gideon Muriuki is anticipated to receive a total of Ksh17.9 million ($136,800) from his stake in the group.

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