CIC Insurance : Full Year 2023 Results

CIC INSURANCE GROUP PLC

THE BOARD OF DIRECTORS OF CIC INSURANCE GROUP PLC ARE PLEASED TO ANNOUNCE THE AUDITED RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2023

SUMMARY CONSOLIDATED STATEMENT OF PROFIT
2023		2022
OR LOSS AND OTHER COMPREHENSIVE INCOME			*Restated
	Ksh'000		Ksh'000
Insurance revenue	25,400,902		20,734,133
Insurance service expenses	(22,549,800)		(18,605,534)
Net expenses from reinsurance contracts held	(2,062,875)		(2,682,477)
Insurance service result	788,227		(553,878)
Investment return	2,930,838		2,561,063
Net finance expenses from insurance contracts	(888,294)		(925,991)
Net finance income from reinsurance contracts held	152,482		129,722
Net investment result	2,195,026		1,764,794
Revenue from asset management services	1,163,775		1,129,791
Other net gains	368,997		223,534
Other operating expenses	(1,451,175)		(1,305,269)
Operating profit	3,064,850		1,258,972
Other finance costs	(517,822)		(440,305)
Share of (loss)/profit of associates, net of tax	(3,035)		4,670
Profit before income tax	2,543,993		823,337
Income tax expense	(1,102,178)		(666,200)
Profit for the year	1,441,815		157,137
Other comprehensive loss for the year (net of tax)	(856,122)		(451,840)
Total comprehensive income/(loss) for the year	585,693		(294,703)
Basic and diluted earnings per share (Kshs)	0.57		0.06

SUMMARY CONSOLIDATED STATEMENT
	31 December		31 December			1 January
OF FINANCIAL POSITION				2023		2022 *Restated			2022 *Restated
					Ksh'000				Ksh'000			Ksh'000
Assets
Property and equipment and intangibles				1,444,268		1,272,901			1,237,478
Investment properties				7,834,198		7,761,640			7,477,939
Financial investment assets				34,153,723		28,044,367			23,057,454
Other assets				2,851,094		2,255,782			2,084,313
Reinsurance contract assets				3,733,993		3,727,821			4,964,076
Cash and bank balances				281,765		416,570			221,989
Total assets				50,299,041		43,479,081			39,043,249
Equity
Share capital				2,615,578		2,615,578			2,615,578
Share premium				162,179		162,179			162,179
Retained earnings and other reserves				4,915,060		4,625,813			4,907,075
Non controling interest				(80,639)		(32,085)			(18,644)
Total equity				7,612,178		7,371,485			7,666,188
Liablilities
Borrowings				5,081,164		4,571,600			4,363,600
Insurance contract liabilities				34,227,277		29,036,112			24,645,041
Investment contract liabilities				141,273		137,021			132,724
Other payables				3,237,149		2,362,863			2,235,696
Total liabilities				42,686,863		36,107,596			31,377,061
Total equity and liabilities				50,299,041		43,479,081			39,043,249
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
		Share		Share			Other		Total
		Capital		Premium			Reserves		Equity
	KShs'000		KShs'000			KShs'000		KShs'000
At 1 January 2023	2,615,578		162,179			4,593,728		7,371,485
Profit for the year		-		-			1,441,815		1,441,815
Other comprehensive loss		-		-			(856,122)		(856,122)
Dividends paid to shareholders		-		-			(345,000)		(345,000)
At 31 December 2023	2,615,578		162,179			4,834,421		7,612,178
At 1 January 2022 (previously
reported)	2,615,578		162,179			5,206,374		7,984,131
Impact of adoption of IFRS 17		-		-			(607,622)		(607,622)
Prior year adjustment**		-		-			289,679		289,679
At 1 January 2022 (*Restated)	2,615,578		162,179			4,888,431		7,666,188
Profit for the year		-		-			157,137		157,137
Other comprehensive loss		-		-			(451,840)		(451,840)
At 31 December 2022 (*Restated)	2,615,578		162,179			4,593,728		7,371,485

• Restated - the audited financial statements are based on the new accounting standard - IFRS 17, Insurance Contracts, which has been adopted by the Group as of 1 January 2023. Comparative periods have been restated to reflect the application of the new accounting standard.
  ** Prior year adjustment relates to correction of an overstatement of unit linked claims expenses and liabilities recognised for 2022 and prior years.

SUMMARY CONSOLIDATED STATEMENT OF CASHFLOWS
2023		2022
			*Restated
	Ksh'000		Ksh'000
Net cash generated from operating activities	1,722,780		402,473
Net cash used in investing activities	(275,486)		(72,669)
Net cash used in financing investments	(400,163)		(53,429)
Effect of foreign exchange translations	14,729		(115,271)
Cash and cash equivalents at 1 January	3,803,964		3,642,860
Cash and cash equivalents as at end of the period	4,865,824		3,803,964

DIVIDENDS

The Board of Directors recommend to the members at the forthcoming Annual General Meeting the payment of a first and final dividend for the year 2023 of Kshs. 0.13 per ordinary share held (2022: Kshs. 0.13) to be paid on or about 8th July 2024 to the shareholders registered on the Group's register at the close of business on 4th June 2024. The register will remain closed for one day on 5th June 2024 for the preparation of dividend warrants.

NOTICE OF THE ANNUAL GENERAL MEETING

A Virtual General Meeting will be held on 7th June 2024 as per the separate notice to be issued.

MESSAGE FROM THE DIRECTORS

The above summary consolidated statement of profit or loss and other comprehensive income, summary consolidated statement of financial position, summary consolidated statement of changes in equity and summary consolidated statement of cashflows are extracts from the group financial statements.

A full set of these financial statements will be available at our registered office at CIC Plaza II, Mara Road, Upper Hill and online at https://www.cicinsurancegroup.com/

The financial statements were approved by the Board of Directors on 13th May 2024 and signed on its behalf by:

Dr. Nelson Kuria, MBS, OGW	Patrick Nyaga	Julius Mwatu
Group Chairman	Group Chief Executive Officer	Director

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