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CIC Insurance Group (CIC Group), a leading insurance and investment group partly owned by Kenyan tycoon Gideon Muriuki, posted mixed financial results for the first half of 2025, as profits declined below the 5 million dollar mark.
Profits for the six months ended June 30, 2025, declined 10.07 percent to Ksh638.5 million ($4.94 million) from Ksh709.99 million ($5.5 million) a year earlier, weighed down by weaker insurance service results and increased operating costs.
Mixed performance across business lines
Insurance revenue climbed 8.4 percent to Ksh13.9 billion ($107.55 million) from Ksh12.8 billion ($99.04 million) in the same period of 2024. However, insurance service results slumped 87.7 percent to Ksh128.2 million ($990,399), highlighting pressure on the core underwriting business.
The bright spot came from investments. Net investment returns more than doubled, rising 127 percent to Ksh1.5 billion ($11.61 million) from Ksh681 million ($5.27 million). CIC Asset Management contributed Ksh338.9 million ($2.62 million) to group profit, supported by a 37 percent increase in asset management income.
Microinsurance momentum
The earnings release follows CIC’s announcement of growth in microinsurance, with policy uptake climbing from 11 percent in 2023 to 18 percent in 2024. CoopCare, an affordable health cover for cooperative members that won global recognition under the UNDP-ICMIF Insurance Innovation Challenge Fund, has been a key driver of this momentum.
CIC Group CEO, while commenting on the half-year performance, noted that the insurer will continue to empower customers, drive financial inclusion and deliver long-term shareholder value. He said: "Our performance in the first half of 2025 reflects our strategic priorities and resilience in a challenging environment. We will continue innovating to meet the evolving needs of our customers while maintaining strong financial fundamentals."
CIC Group growth highlights Muriuki’s investment
CIC Group, headquartered in Nairobi with operations in South Sudan, Uganda, and Malawi, serves more than one million customers through 25 branches, over 1,000 financial advisors, and digital platforms. Despite the decline in profit, its total assets in the first half of 2025, climbed 13.2 percent to Ksh70.1 billion ($542.44 million), while retained earnings rose to Ksh9.19 billion ($71.13 million) from Ksh8.3 billion ($64.17 million) a year earlier.
Kenyan tycoon Gideon Muriuki, CEO of Co-op Bank, is the largest individual shareholder in CIC Group with a 5.27 percent stake, equivalent to 137.8 million shares valued at Ksh758.03 million ($5.87 million). Combined with his 2 percent holding in Co-op Bank, the position cements his status as one of the wealthiest investors on the Nairobi Securities Exchange.
