CIC Insurance Group (CIC) has posted an 818 per cent spike in post-tax profit to Sh1.44 billion for the year ended December 31, 2023, from Sh157.137 million it posted in FY 2022.

The Kenyan insurance company’s revenue ballooned by 22.5 per cent to Sh25.4 million during FY 2023, a significant jump from Sh20,7 million the firm recorded the previous year.

flexed its financial muscle by unveiling impressive audited results for the year ended December 31, 2023.

The outstanding performance emerges from a multi-pronged approach by CIC after it grappled with a net loss of Sh553.9 million from its insurance service expenses in FY 2022 .

However, the net insurance income grew to Sh788.2 million in FY 2023 as the Group took key measures to effectively manage underwriting costs and optimize its insurance portfolio.

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CIC Group also witnessed a phenomenal 210 per cent growth in its investment returns, reaching a staggering Sh7.9 million in FY 2023 compared to Sh2.6 million the previous year.

Owing to the exemplary financial performance in 2023, the CIC Board of Directors have recommended a first and final dividend per share of Sh0.13 for the fiscal year ended 2023.

Only the shareholders who are listed in the Group's official register at the close of business on June 4, 2024, will receive the recommended dividend on or around July 8, 2024.