CIC INSURANCE GROUP PLC
THE BOARD OF DIRECTORS OF CIC INSURANCE GROUP PLC ARE PLEASED TO ANNOUNCE THE AUDITED RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SUMMARY CONSOLIDATED STATEMENT OF PROFIT | |||
2023 | 2022 | ||
OR LOSS AND OTHER COMPREHENSIVE INCOME | *Restated | ||
Ksh'000 | Ksh'000 | ||
Insurance revenue | 25,400,902 | 20,734,133 | |
Insurance service expenses | (22,549,800) | (18,605,534) | |
Net expenses from reinsurance contracts held | (2,062,875) | (2,682,477) | |
Insurance service result | 788,227 | (553,878) | |
Investment return | 2,930,838 | 2,561,063 | |
Net finance expenses from insurance contracts | (888,294) | (925,991) | |
Net finance income from reinsurance contracts held | 152,482 | 129,722 | |
Net investment result | 2,195,026 | 1,764,794 | |
Revenue from asset management services | 1,163,775 | 1,129,791 | |
Other net gains | 368,997 | 223,534 | |
Other operating expenses | (1,451,175) | (1,305,269) | |
Operating profit | 3,064,850 | 1,258,972 | |
Other finance costs | (517,822) | (440,305) | |
Share of (loss)/profit of associates, net of tax | (3,035) | 4,670 | |
Profit before income tax | 2,543,993 | 823,337 | |
Income tax expense | (1,102,178) | (666,200) | |
Profit for the year | 1,441,815 | 157,137 | |
Other comprehensive loss for the year (net of tax) | (856,122) | (451,840) | |
Total comprehensive income/(loss) for the year | 585,693 | (294,703) | |
Basic and diluted earnings per share (Kshs) | 0.57 | 0.06 | |
SUMMARY CONSOLIDATED STATEMENT | ||||||||||||
31 December | 31 December | 1 January | ||||||||||
OF FINANCIAL POSITION | 2023 | 2022 *Restated | 2022 *Restated | |||||||||
Ksh'000 | Ksh'000 | Ksh'000 | ||||||||||
Assets | ||||||||||||
Property and equipment and intangibles | 1,444,268 | 1,272,901 | 1,237,478 | |||||||||
Investment properties | 7,834,198 | 7,761,640 | 7,477,939 | |||||||||
Financial investment assets | 34,153,723 | 28,044,367 | 23,057,454 | |||||||||
Other assets | 2,851,094 | 2,255,782 | 2,084,313 | |||||||||
Reinsurance contract assets | 3,733,993 | 3,727,821 | 4,964,076 | |||||||||
Cash and bank balances | 281,765 | 416,570 | 221,989 | |||||||||
Total assets | 50,299,041 | 43,479,081 | 39,043,249 | |||||||||
Equity | ||||||||||||
Share capital | 2,615,578 | 2,615,578 | 2,615,578 | |||||||||
Share premium | 162,179 | 162,179 | 162,179 | |||||||||
Retained earnings and other reserves | 4,915,060 | 4,625,813 | 4,907,075 | |||||||||
Non controling interest | (80,639) | (32,085) | (18,644) | |||||||||
Total equity | 7,612,178 | 7,371,485 | 7,666,188 | |||||||||
Liablilities | ||||||||||||
Borrowings | 5,081,164 | 4,571,600 | 4,363,600 | |||||||||
Insurance contract liabilities | 34,227,277 | 29,036,112 | 24,645,041 | |||||||||
Investment contract liabilities | 141,273 | 137,021 | 132,724 | |||||||||
Other payables | 3,237,149 | 2,362,863 | 2,235,696 | |||||||||
Total liabilities | 42,686,863 | 36,107,596 | 31,377,061 | |||||||||
Total equity and liabilities | 50,299,041 | 43,479,081 | 39,043,249 | |||||||||
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||||||||||
Share | Share | Other | Total | |||||||||
Capital | Premium | Reserves | Equity | |||||||||
KShs'000 | KShs'000 | KShs'000 | KShs'000 | |||||||||
At 1 January 2023 | 2,615,578 | 162,179 | 4,593,728 | 7,371,485 | ||||||||
Profit for the year | - | - | 1,441,815 | 1,441,815 | ||||||||
Other comprehensive loss | - | - | (856,122) | (856,122) | ||||||||
Dividends paid to shareholders | - | - | (345,000) | (345,000) | ||||||||
At 31 December 2023 | 2,615,578 | 162,179 | 4,834,421 | 7,612,178 | ||||||||
At 1 January 2022 (previously | ||||||||||||
reported) | 2,615,578 | 162,179 | 5,206,374 | 7,984,131 | ||||||||
Impact of adoption of IFRS 17 | - | - | (607,622) | (607,622) | ||||||||
Prior year adjustment** | - | - | 289,679 | 289,679 | ||||||||
At 1 January 2022 (*Restated) | 2,615,578 | 162,179 | 4,888,431 | 7,666,188 | ||||||||
Profit for the year | - | - | 157,137 | 157,137 | ||||||||
Other comprehensive loss | - | - | (451,840) | (451,840) | ||||||||
At 31 December 2022 (*Restated) | 2,615,578 | 162,179 | 4,593,728 | 7,371,485 | ||||||||
- Restated - the audited financial statements are based on the new accounting standard - IFRS 17, Insurance Contracts, which has been adopted by the Group as of 1 January 2023. Comparative periods have been restated to reflect the application of the new accounting standard.
** Prior year adjustment relates to correction of an overstatement of unit linked claims expenses and liabilities recognised for 2022 and prior years.
SUMMARY CONSOLIDATED STATEMENT OF CASHFLOWS | |||
2023 | 2022 | ||
*Restated | |||
Ksh'000 | Ksh'000 | ||
Net cash generated from operating activities | 1,722,780 | 402,473 | |
Net cash used in investing activities | (275,486) | (72,669) | |
Net cash used in financing investments | (400,163) | (53,429) | |
Effect of foreign exchange translations | 14,729 | (115,271) | |
Cash and cash equivalents at 1 January | 3,803,964 | 3,642,860 | |
Cash and cash equivalents as at end of the period | 4,865,824 | 3,803,964 | |
DIVIDENDS
The Board of Directors recommend to the members at the forthcoming Annual General Meeting the payment of a first and final dividend for the year 2023 of Kshs. 0.13 per ordinary share held (2022: Kshs. 0.13) to be paid on or about 8th July 2024 to the shareholders registered on the Group's register at the close of business on 4th June 2024. The register will remain closed for one day on 5th June 2024 for the preparation of dividend warrants.
NOTICE OF THE ANNUAL GENERAL MEETING
A Virtual General Meeting will be held on 7th June 2024 as per the separate notice to be issued.
MESSAGE FROM THE DIRECTORS
The above summary consolidated statement of profit or loss and other comprehensive income, summary consolidated statement of financial position, summary consolidated statement of changes in equity and summary consolidated statement of cashflows are extracts from the group financial statements.
A full set of these financial statements will be available at our registered office at CIC Plaza II, Mara Road, Upper Hill and online at https://www.cicinsurancegroup.com/
The financial statements were approved by the Board of Directors on 13th May 2024 and signed on its behalf by:
Dr. Nelson Kuria, MBS, OGW | Patrick Nyaga | Julius Mwatu |
Group Chairman | Group Chief Executive Officer | Director |
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CIC Insurance Group plc published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 16:25:15 UTC.