CIC Insurance Group incurred Sh275.65 million on a voluntary exit and redundancy programme announced in October last year, as the insurer switched to a leaner structure powered by technology.
The group’s latest disclosures show that the firm, which targeted up to 75 jobs, spent Sh198.69 million severance pay on employees who opted to retire or exit and booked a further Sh76.96 million as pending payments.
