CIC proceeds to a capital increase

CIC Insurance Group’s shareholders have approved the capital increase from 1.2 to 3 billion KES (15 to 38 million USD) proposed by the management during the holding of the 33rd general assembly. This increase will be achieved through the issuance, in the second quarter of 2012, of 5.5 million new shares at the Nairobi Stock Exchange.

The company has recently conducted a similar operation to raise the capital from 600 million KES (7.6 million USD) to 1.2 billion KES (15.3 million USD). CIC Insurance has posted a net profit up by 106% at 512 million KES (6.5 million USD) in 2010. The gross premiums volume of last year amounted to 4.57 billion KES (58.54 million USD) compared to 2.77 billion ZAR (38.19 million USD) in 2009. The company plans to reach 10 billion KES (128 million USD) at the end of 2013, which would make it one of the three largest insurers in the country.