CIC half-year profit flat at Sh709 million on higher expenses

CIC Insurance Group has posted a 0.64 percent increase in net profit to Sh709.99 million for the half year ended June 2024, with the pace of profit growth slowed by higher operating and tax expenses.

The increase in net profit from Sh705.45 million in the corresponding period last year was driven by a 21.4 percent rise in insurance services income -- net revenue from underwriting business -- to Sh1.05 billion.