NAIROBI, Kenya, Jul 29 – CIC Group has announced a 96.1 percent year on year decline in its half year 2019 Earnings per Share to Sh0.01, primarily attributed to muted growth in Net earned premium of 0.4 percent year on year.
The subdued growth has been attributed to a sharp 30.8 percent year on year rise in reinsurance yield, with general insurance now accounting for 63.0 percent of Gross earned premium, which grew 6.8 percent year on year.
Investment and other income were also depressed on the back of a challenging operating environment, while total operating expenses grew at a relatively modest 4.5 percent year on year.
Net claims payable grew moderately at 7.9 percent year on year to Sh5.0 billion, which is comparatively lower than the 21.2 percent year on year growth registered in two years prior.
Overall, gross earned premium grew 6.8 percent Sh9.6 Billion, following on from strong performance in financial year 2018, compared to average sector growth of 6.6 percent as the Group continues to amass market share.