CIC Insurance has paid Sh1.33billion to Co-operative Bank of Kenya as partial settlement of a multibillion-shillings loan extended to it by the lender, lowering its annual debt service burden. The paid amount was the proceeds of a land sale deal by CIC Insurance.
The insurer, which closed 2025 owing Co-op Sh4.92 billion, says it paid the Co-op Bank the Sh1.33 billion from the Sh1.8 billion it received in February this year from the partial sale of land in Kiambu and Kajiado. Co-op Bank owns a 24.82 percent stake in the insurer.
