Cooperatives owned insurer, CIC Insurance has returned to profitability according to financial results for the year ended December 2016 announced earlier today.
In the statement sent to Nairobi Securities Exchange (NSE), the firm announced that it posted Sh353 million in net profits effectively recovering from the Sh47,372 loss it posted in 2016.
The firm’s board has recommended a Sh0.12 per share.
According to the financial statements, recovery was driven by a 21 percent growth in gross written premiums to Sh14.9 billion from Sh12.3 billion the previous year.