Dear Frinds,
I did manage to attend the AGM, I am sorry I could not post the summary after the meeting since I was having a function at my house.
@Bartum, I will mail you summary of the notes.
The functioned was attended by the Minister for Cooperatives.
see notes below:
Key highlights of the CIC AGM held on 14th May 2011
Chairman’s address
The company posted good growth in FY2010 – General Business and Life growing by 79% and 31% respectively.
The company holds position three among the insurance companies in Kenya.
It is the most capitalized insurance company in Kenya.
Currently individual shareholders have 41% and Cooperative Societies have 59%. The Sacco societies have been requested to boost their stake in CIC to have the 70% threshold. Towards this end Coop Bank has set aside some money to loan Sacco Societies willing to buy more CIC shares.
Listing of the company to the NSE is stated for the 2nd half of 2012.
The company has the largest stake in Takaful insurance and that the business is currently doing very well.
CIC has purchased 200 acres of land in Kahawa area for real estate development.
They are currently putting up a 10 storey twin building at Upper Hill area.
Current synergy with Coop bank is working very well.
Dividends at a rate of KES 1.6 will be paid to all allotted shareholders (this include those who participated in the private placement).
Future plans advanced to move to Rwanda, Malawai, and Southern Sudan
The CEO’s comments
The CEO is quite a religious man and made reference to the bible often when making his remarks.
The CEO emphasized that the company will continue to empower small scale industries, farmers, etc.
He said that the company is committed to building relationships with customers – shorter claims settlement period etc.
He was very passionate about CIC and said that better things are coming for CIC than any one has ever imagined. They are aiming to be a number one insurance company in Kenya.
He paraded his top management and noted that the Company has one of the lowest turnovers among the insurance companies.
Address by Minister for Cooperatives
He said that CIC is the role model in the entire Africa and one of the leading cooperative insurance companies in the world.
In preparation for the next year’s International Year for Cooperatives, CIC CEO was appointed to be part of the experts to advice the UN secretary General towards preparation of the event for future growth of the Cooperative movement in the world.
The Minister said that worldwide, there are 1 billion members of the Cooperative movement.
He said that in Kenya 43% of the GDP is owned by the Cooperative movement (sounds huge!).
He noted that relationships between Cooperative Bank and CIC are now very good and that Cooperative Bank has given CIC the business which had been given to other insurance companies.
The government of Rwanda requested the Kenyan government to Coop Bank and CIC commence operations in Rwanda. Plans to actualize this are already in advanced stage.
In Southern Sudan agreements have been reached where the Southern Sudan government will own 30% and Coop Bank will have 70% of the Cooperative Bank. CIC too will join in the insurance business of the Cooperatives.
He asked the Company to be more aggressive, take advantage of the opportunities arising from the new counties and also to shout about their achievements.
He also talked of the SASRA operations.