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CIC Insurance FY 2017
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Ericsson
#11 Posted : Thursday, April 19, 2018 11:59:06 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
We are coming back to 3-3.50 by mid-may
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#12 Posted : Sunday, April 22, 2018 6:57:29 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
General Accident with assets of 17bn makes a profit of sh.1.1bn
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Ericsson
#13 Posted : Wednesday, May 02, 2018 4:18:54 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
CIC Africa (Uganda) Limited reported a loss of KShs 67 million for
the year ended 31 December 2017, with accumulated losses of
KShs 336 million. In addition, the company was in a net liability
position of KShs 75 million. Therefore the company is technically
insolvent.

CIC Africa Co-operatives Insurance Limited based in Malawi reported a loss of KShs.74 million for the year ended 31 December 2017. In addition, the company was in a net liability position of KShs 13 million. Therefore the company is technically insolvent.

As at 31 December 2017, the Group held in its books of account a Chase Bank Limited corporate bond amounting to KShs 155 million which is 23 % of the total corporate bonds portfolio. Chase Bank Limited was placed under receivership for a maximum period of 12 months effective April 7, 2016. Trading of the corporate bond at the Nairobi Securities Exchange Limited was suspended on 8 April 2016 following a directive from the Capital Markets Authority. This suspension was yet to be lifted as at 31 December 2017.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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  | | Edit by user: Wednesday, May 02, 2018 4:20 PM | Reason: Not specified
Ericsson
#14 Posted : Thursday, May 03, 2018 9:50:18 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
Highlights for 2017;
--Insurance premium growth slowed down during the period to December 2017 to 6.6% compared to an annual growth of 12.3% in a similar period of 2016.
--The non-life segment contributed 60% while long-term insurance business contributed 40% of the total premium written industry wide in 2017.
--Net claims and Operating expenses grew by 21% and 8% respectively.
--Overall growth was by 21% in 2017 despite the tough political environment.
--CIC General Business grew by 21% with the biggest payout been to Crop Insurance and Gikomba Fire
--The life sector grew faster by 13.6% compared to an 2.5% growth in non-life segment.
--CIC Life Assurance grew by 9% with the expenses stagnant at 2% YoY.
--Funds under management by CIC Asset Management at 32.5B

Strategic Initiatives 2018:
--Grow pension and individual life business.
--Innovative products and services that meet customer expectations.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Metch
#15 Posted : Thursday, May 03, 2018 9:54:31 AM
Rank: Member

Joined: 12/22/2015
Posts: 224
Location: Mombasa, Kenya
Ericsson wrote:
Highlights for 2017;
--Insurance premium growth slowed down during the period to December 2017 to 6.6% compared to an annual growth of 12.3% in a similar period of 2016.
--The non-life segment contributed 60% while long-term insurance business contributed 40% of the total premium written industry wide in 2017.
--Net claims and Operating expenses grew by 21% and 8% respectively.
--Overall growth was by 21% in 2017 despite the tough political environment.
--CIC General Business grew by 21% with the biggest payout been to Crop Insurance and Gikomba Fire
--The life sector grew faster by 13.6% compared to an 2.5% growth in non-life segment.
--CIC Life Assurance grew by 9% with the expenses stagnant at 2% YoY.
--Funds under management by CIC Asset Management at 32.5B

Strategic Initiatives 2018:
--Grow pension and individual life business.
--Innovative products and services that meet customer expectations.


What's the 'strategic initiative' for the technically insolvent subsidiaries?
Start!
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Ericsson
#16 Posted : Thursday, May 03, 2018 9:56:24 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
Metch wrote:
Ericsson wrote:
Highlights for 2017;
--Insurance premium growth slowed down during the period to December 2017 to 6.6% compared to an annual growth of 12.3% in a similar period of 2016.
--The non-life segment contributed 60% while long-term insurance business contributed 40% of the total premium written industry wide in 2017.
--Net claims and Operating expenses grew by 21% and 8% respectively.
--Overall growth was by 21% in 2017 despite the tough political environment.
--CIC General Business grew by 21% with the biggest payout been to Crop Insurance and Gikomba Fire
--The life sector grew faster by 13.6% compared to an 2.5% growth in non-life segment.
--CIC Life Assurance grew by 9% with the expenses stagnant at 2% YoY.
--Funds under management by CIC Asset Management at 32.5B

Strategic Initiatives 2018:
--Grow pension and individual life business.
--Innovative products and services that meet customer expectations.


What's the 'strategic initiative' for the technically insolvent subsidiaries?

Waiting to hear from them
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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heri
#17 Posted : Thursday, May 03, 2018 10:10:57 AM
Rank: Member

Joined: 9/14/2011
Posts: 869
Location: nairobi
Ericsson wrote:
CIC Africa (Uganda) Limited reported a loss of KShs 67 million for
the year ended 31 December 2017, with accumulated losses of
KShs 336 million. In addition, the company was in a net liability
position of KShs 75 million. Therefore the company is technically
insolvent.

CIC Africa Co-operatives Insurance Limited based in Malawi reported a loss of KShs.74 million for the year ended 31 December 2017. In addition, the company was in a net liability position of KShs 13 million. Therefore the company is technically insolvent.

As at 31 December 2017, the Group held in its books of account a Chase Bank Limited corporate bond amounting to KShs 155 million which is 23 % of the total corporate bonds portfolio. Chase Bank Limited was placed under receivership for a maximum period of 12 months effective April 7, 2016. Trading of the corporate bond at the Nairobi Securities Exchange Limited was suspended on 8 April 2016 following a directive from the Capital Markets Authority. This suspension was yet to be lifted as at 31 December 2017.



OMG. i am already 20% down having bought at 5.70 .
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mlennyma
#18 Posted : Thursday, May 03, 2018 12:24:41 PM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
heri wrote:
Ericsson wrote:
CIC Africa (Uganda) Limited reported a loss of KShs 67 million for
the year ended 31 December 2017, with accumulated losses of
KShs 336 million. In addition, the company was in a net liability
position of KShs 75 million. Therefore the company is technically
insolvent.

CIC Africa Co-operatives Insurance Limited based in Malawi reported a loss of KShs.74 million for the year ended 31 December 2017. In addition, the company was in a net liability position of KShs 13 million. Therefore the company is technically insolvent.

As at 31 December 2017, the Group held in its books of account a Chase Bank Limited corporate bond amounting to KShs 155 million which is 23 % of the total corporate bonds portfolio. Chase Bank Limited was placed under receivership for a maximum period of 12 months effective April 7, 2016. Trading of the corporate bond at the Nairobi Securities Exchange Limited was suspended on 8 April 2016 following a directive from the Capital Markets Authority. This suspension was yet to be lifted as at 31 December 2017.



OMG. i am already 20% down having bought at 5.70 .


was the corporate bond used to start insolvent businesses?
"Don't let the fear of losing be greater than the excitement of winning."
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Ericsson
#19 Posted : Thursday, May 03, 2018 12:26:51 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
mlennyma wrote:
heri wrote:
Ericsson wrote:
CIC Africa (Uganda) Limited reported a loss of KShs 67 million for
the year ended 31 December 2017, with accumulated losses of
KShs 336 million. In addition, the company was in a net liability
position of KShs 75 million. Therefore the company is technically
insolvent.

CIC Africa Co-operatives Insurance Limited based in Malawi reported a loss of KShs.74 million for the year ended 31 December 2017. In addition, the company was in a net liability position of KShs 13 million. Therefore the company is technically insolvent.

As at 31 December 2017, the Group held in its books of account a Chase Bank Limited corporate bond amounting to KShs 155 million which is 23 % of the total corporate bonds portfolio. Chase Bank Limited was placed under receivership for a maximum period of 12 months effective April 7, 2016. Trading of the corporate bond at the Nairobi Securities Exchange Limited was suspended on 8 April 2016 following a directive from the Capital Markets Authority. This suspension was yet to be lifted as at 31 December 2017.



OMG. i am already 20% down having bought at 5.70 .


was the corporate bond used to start insolvent businesses?


Seems so and maturity/full repayment is next year.
So they need to keep aside the money
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
  |
Ericsson
#20 Posted : Thursday, May 03, 2018 12:28:24 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
Metch wrote:
Ericsson wrote:
Highlights for 2017;
--Insurance premium growth slowed down during the period to December 2017 to 6.6% compared to an annual growth of 12.3% in a similar period of 2016.
--The non-life segment contributed 60% while long-term insurance business contributed 40% of the total premium written industry wide in 2017.
--Net claims and Operating expenses grew by 21% and 8% respectively.
--Overall growth was by 21% in 2017 despite the tough political environment.
--CIC General Business grew by 21% with the biggest payout been to Crop Insurance and Gikomba Fire
--The life sector grew faster by 13.6% compared to an 2.5% growth in non-life segment.
--CIC Life Assurance grew by 9% with the expenses stagnant at 2% YoY.
--Funds under management by CIC Asset Management at 32.5B

Strategic Initiatives 2018:
--Grow pension and individual life business.
--Innovative products and services that meet customer expectations.


What's the 'strategic initiative' for the technically insolvent subsidiaries?


They say Uganda is expected to break even this year
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
  |
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