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CIC Insurance issues profit warning
A past CIC Insurance investors briefing in Nairobi. The firm says it has experienced adverse claims in some key lines of business that have significantly impacted profitability. FILE PHOTO | NMG
CIC Insurance Group #ticker:CIC has issued a profit warning, preparing investors for a more than 25 percent decline in earnings in the year ending this month due to increased claims.
This means that the Nairobi Securities Exchange-listed insurer will post a net profit of below Sh469 million, compared with the earnings of Sh625.3 million booked in the previous financial year.
