Kenya's CIC Insurance maintains dividends on record $10.8m profit

AFRICAN STOCKS AND FINANCEMay 23, 2024 at 9:39 PM UTC

TLDR

CIC Insurance Group maintains Sh0.13 per share dividend totaling Sh340 million after recording a net profit of Sh1.44 billion in December 2023.
First full year under new IFRS 17 standards replaces IFRS 4 after 18 years, leading to restatement of 2022 net profit to Sh157.14 million.
CIC ensures financial performance comparability between 2023 and 2022 under updated accounting standards.```

Nairobi-listed CIC Insurance Group has maintained a Sh0.13 per share dividend, totaling Sh340 million, following a record net profit of Sh1.44 billion ($10.8 million) for the financial year ending December 2023.

This marks the first full year under the new International Financial Reporting Standards (IFRS) 17, which replaced IFRS 4 in January of the previous year after 18 years of use.

Due to the adoption of IFRS 17, CIC restated its 2022 net profit to Sh157.14 million from the initially reported Sh1.09 billion. This restatement ensures that the financial performance for 2023 is comparable to that of 2022 under the new accounting standards.

Key Takeaways

CIC's reported net profit of Sh1.44 billion surpasses the previous record of Sh1.14 billion set in 2015. The impressive performance in 2015 was attributed to business realignment in general business, group life business, and the investment portfolio. The proposed Sh0.13 per share dividend is consistent with the previous year and will be paid on or about July 8, 2024, to shareholders registered on the group’s register by the close of business on June 4.

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