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CIC Insurance 2019
Ericsson
#101 Posted : Monday, August 10, 2020 7:16:07 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,142
Location: NAIROBI
Ericsson wrote:
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.


HY 2020 results are out.
HY 2020 compared to 2019
Gross written premiums down 3.2% to ksh.9.283bn compared to 9.594bn
Net earned premiums down 0.069% to ksh.7.106bn compared to 7.111bn
Investment and other income down 26% to ksh.1.2bn compared to 1.62bn
Net claims and policy holders up 7.6% to ksh.5.4bn compared to 5.04bn
Loss before tax @ksh.286.54mn
Loss after tax at ksh.335.5mn
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Queen
#102 Posted : Monday, August 10, 2020 7:46:05 PM
Rank: Member


Joined: 11/21/2018
Posts: 427
Location: Britain
Ericsson wrote:
Ericsson wrote:
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.


HY 2019 results are out.
HY 2020 compared to 2019
Gross written premiums down 3.2% to ksh.9.283bn compared to 9.594bn
Net earned premiums down 0.069% to ksh.7.106bn compared to 7.111bn
Investment and other income down 26% to ksh.1.2bn compared to 1.62bn
Net claims and policy holders up 7.6% to ksh.5.4bn compared to 5.04bn
Loss before tax @ksh.286.54mn
Loss after tax at ksh.335.5mn


HY 2020?
heri
#103 Posted : Monday, August 10, 2020 9:00:53 PM
Rank: Member


Joined: 9/14/2011
Posts: 791
Location: nairobi
Ericsson wrote:
Ericsson wrote:
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.


HY 2019 results are out.
HY 2020 compared to 2019
Gross written premiums down 3.2% to ksh.9.283bn compared to 9.594bn
Net earned premiums down 0.069% to ksh.7.106bn compared to 7.111bn
Investment and other income down 26% to ksh.1.2bn compared to 1.62bn
Net claims and policy holders up 7.6% to ksh.5.4bn compared to 5.04bn
Loss before tax @ksh.286.54mn
Loss after tax at ksh.335.5mn


My worst performing monkey on my back . Hope the sale of the land will give us something to wipe the tears
Ericsson
#104 Posted : Monday, August 10, 2020 9:47:59 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,142
Location: NAIROBI
Queen wrote:
Ericsson wrote:
Ericsson wrote:
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.


HY 2019 results are out.
HY 2020 compared to 2019
Gross written premiums down 3.2% to ksh.9.283bn compared to 9.594bn
Net earned premiums down 0.069% to ksh.7.106bn compared to 7.111bn
Investment and other income down 26% to ksh.1.2bn compared to 1.62bn
Net claims and policy holders up 7.6% to ksh.5.4bn compared to 5.04bn
Loss before tax @ksh.286.54mn
Loss after tax at ksh.335.5mn


HY 2020?

Rectified
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
FUNKY
#105 Posted : Monday, August 10, 2020 9:48:06 PM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,627
When are they announcing the results of the sale of their land?
Ericsson
#106 Posted : Monday, August 10, 2020 11:24:47 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,142
Location: NAIROBI
FUNKY wrote:
When are they announcing the results of the sale of their land?


They had mentioned AGM for ratification by shareholders is to be held this quarter.
I guess invite for virtual AGM will be this month.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Angelica _ann
#107 Posted : Tuesday, August 11, 2020 1:11:57 AM
Rank: Elder


Joined: 12/7/2012
Posts: 11,723
One share I have never looked at. Always felt is has no clear strategy on market segment and penetration and too much Coop Bank influence.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Queen
#108 Posted : Tuesday, August 11, 2020 1:09:45 PM
Rank: Member


Joined: 11/21/2018
Posts: 427
Location: Britain
Ericsson wrote:
Queen wrote:
Ericsson wrote:
Ericsson wrote:
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.


HY 2019 results are out.
HY 2020 compared to 2019
Gross written premiums down 3.2% to ksh.9.283bn compared to 9.594bn
Net earned premiums down 0.069% to ksh.7.106bn compared to 7.111bn
Investment and other income down 26% to ksh.1.2bn compared to 1.62bn
Net claims and policy holders up 7.6% to ksh.5.4bn compared to 5.04bn
Loss before tax @ksh.286.54mn
Loss after tax at ksh.335.5mn


HY 2020?

Rectified


Great!
bartum
#109 Posted : Thursday, August 13, 2020 9:04:37 AM
Rank: Veteran


Joined: 8/11/2010
Posts: 1,011
Location: nairobi
Queen wrote:
Ericsson wrote:
Queen wrote:
Ericsson wrote:
Ericsson wrote:
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.


HY 2019 results are out.
HY 2020 compared to 2019
Gross written premiums down 3.2% to ksh.9.283bn compared to 9.594bn
Net earned premiums down 0.069% to ksh.7.106bn compared to 7.111bn
Investment and other income down 26% to ksh.1.2bn compared to 1.62bn
Net claims and policy holders up 7.6% to ksh.5.4bn compared to 5.04bn
Loss before tax @ksh.286.54mn
Loss after tax at ksh.335.5mn


HY 2020?

Rectified


Great!

What's great
VituVingiSana
#110 Posted : Thursday, August 13, 2020 11:16:24 AM
Rank: Chief


Joined: 1/3/2007
Posts: 17,328
Location: Nairobi
bartum wrote:
Queen wrote:
Ericsson wrote:
Queen wrote:
Ericsson wrote:
Ericsson wrote:
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.


HY 2019 results are out.
HY 2020 compared to 2019
Gross written premiums down 3.2% to ksh.9.283bn compared to 9.594bn
Net earned premiums down 0.069% to ksh.7.106bn compared to 7.111bn
Investment and other income down 26% to ksh.1.2bn compared to 1.62bn
Net claims and policy holders up 7.6% to ksh.5.4bn compared to 5.04bn
Loss before tax @ksh.286.54mn
Loss after tax at ksh.335.5mn


HY 2020?

Rectified


Great!

What's great
The rectification
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Queen
#111 Posted : Thursday, August 13, 2020 12:34:38 PM
Rank: Member


Joined: 11/21/2018
Posts: 427
Location: Britain
VituVingiSana wrote:
bartum wrote:
Queen wrote:
Ericsson wrote:
Queen wrote:
Ericsson wrote:
Ericsson wrote:
bartum wrote:
Where is this man @pkoli, he understood cic


Half year results will be out within the next two weeks.


HY 2019 results are out.
HY 2020 compared to 2019
Gross written premiums down 3.2% to ksh.9.283bn compared to 9.594bn
Net earned premiums down 0.069% to ksh.7.106bn compared to 7.111bn
Investment and other income down 26% to ksh.1.2bn compared to 1.62bn
Net claims and policy holders up 7.6% to ksh.5.4bn compared to 5.04bn
Loss before tax @ksh.286.54mn
Loss after tax at ksh.335.5mn


HY 2020?

Rectified


Great!

What's great
The rectification


Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly Funny Wazuans
FUNKY
#112 Posted : Tuesday, September 29, 2020 1:47:07 PM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,627
Any updates from today's AGM?
Ericsson
#113 Posted : Wednesday, September 30, 2020 1:11:07 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,142
Location: NAIROBI
FUNKY wrote:
Any updates from today's AGM?


There was nothing extraordinary in the agenda.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Angelica _ann
#114 Posted : Wednesday, September 30, 2020 1:43:07 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,723
Ericsson wrote:
FUNKY wrote:
Any updates from today's AGM?


There was nothing extraordinary in the agenda.


Land sale has gone through?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Ericsson
#115 Posted : Wednesday, September 30, 2020 5:02:24 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,142
Location: NAIROBI
Angelica _ann wrote:
Ericsson wrote:
FUNKY wrote:
Any updates from today's AGM?


There was nothing extraordinary in the agenda.


Land sale has gone through?

Currently in an unknown state.
It wasn't in the agenda of the AGM.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#116 Posted : Thursday, October 01, 2020 11:26:20 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,142
Location: NAIROBI
https://www.businessdail...insurance-board-2454758

Former chief executive of CIC Insurance Group, Nelson Kuria, has returned to the company’s board as an independent director.

The move comes after he stayed out of the firm long enough to satisfy the Capital Markets Authority’s requirement that an independent director must not have held an executive position in the company within the last five years.

Mr Kuria served as the CEO of the Nairobi Securities Exchange-listed firm from July 2001 until February 2015 when he retired.

His appointment is part of ongoing management and boardroom changes aimed at turning around the fortunes of the loss-making company.

The man who grew CIC from a society to a group insurance company.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#117 Posted : Thursday, October 08, 2020 12:29:04 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,142
Location: NAIROBI
https://www.businessdail...-million-shares-2459960

The new chief executive of CIC Insurance Group , Patrick Nyaga, has bought 11.3 million shares of the company with a current market value of about Sh26 million.
Mr Nyaga has been tasked with turning around CIC’s performance which has recently been defined by losses and indebtedness.

Co-op Bank, which has a 24.8 percent indirect stake in CIC, says it has confidence that Mr Nyaga will steer the insurer back to profitability.

“Patrick is a strong transformational leader and he will be of great impact to the performance of CIC Insurance,” Co-op Bank said in a statement.

CIC says it is currently focused on better pricing of its insurance policies to reflect the assumed risks besides lifting the performance of its regional subsidiaries.
The insurer made a Sh335.5 million net loss in the half year ended June, reversing a net profit of Sh20.9 million the year before.

This came as investment income fell 25.9 percent to Sh1.2 billion in a period when the Covid-19 pandemic pulled down share prices on the Nairobi bourse and returns on fixed income investments like bank deposits and T-bills declined.

CIC has moved to sell 712 acres of its freehold land in transactions expected to earn it substantial gains.

The company has not revalued the land holdings on which it had initially planned to build residential properties. Part of the cash is expected to be used in reducing its borrowings.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
kmucheke
#118 Posted : Tuesday, October 13, 2020 4:07:22 PM
Rank: Member


Joined: 3/16/2019
Posts: 227
Ericsson wrote:
Angelica _ann wrote:
Ericsson wrote:
FUNKY wrote:
Any updates from today's AGM?


There was nothing extraordinary in the agenda.


Land sale has gone through?

Currently in an unknown state.
It wasn't in the agenda of the AGM.


CIC AGM's Q&A

Q:When do shareholders expect the land in Kiambu and Isinya to be sold

A:We are in the process of selling the parcels of land. Kiambu land will be subdivided to make it easier to sell under the current circumstances. We cannot give an exact timeline but we are progressing well.
kmucheke
#119 Posted : Tuesday, October 13, 2020 4:26:19 PM
Rank: Member


Joined: 3/16/2019
Posts: 227
Some select Q&A during this year's AGM. The full Q&A can be downloaded here.



Q:Tom Gitogo, the former CEO, left before the end of his term and you paid him 154 million KES and he just recently sold off all his shares. This is not a good picture of your business health. What are you doing to alleviate this and improve your standing at the NSE?

A:Former GCEO was on contract. The company was not doing well. The Board made some changes to this effect.

As he was selling his shares, other shareholders who believe in CIC were buying, such as the new Group Chief Executive Officer (GCEO), CPA Patrick Nyaga were buying. All the shares in the market are significantly undervalued. Given the strategies outlined by the GCEO in his speech, the company performance will grow and increase profitability thus increasing the share value at NSE.


Q: What is the dividend payment rate, how is it determined and will it be paid, and can it paid by Mpesa instead of cheque?

A: Dividend is determined by the profitability and also Capital requirements for the company. Due to reduced profitability, and the need to conserve capital owing to COVID-19 pandemic, the Company will not be paying any dividends for year 2019


Q: Why is the share price declining and what are you doing to protect shareholder value?

A: The market price for all the shares is undervalued due to the current COVID-19 environment which has impacted all business negatively.

As per the GCEO’s statement the company is undergoing transformational initiatives aimed at growth of the business, assets and sustainable profitability. This will ensure increased value to the shareholders.

We also hope that Covid -19 will ease with the time opening up business and vibrancy in the economy.

Q: What measures have you taken since revenues seem to be dwindling?
A:
•Operational efficiency
•Cost optimization
•Elimination of non-core costs
•Space optimization
•Freeze recruitment
•Among others


Q:Where do you invest investors’ money as in do u invest commercial paper? Let us not go the Amana capital way or Cytonn way.

A: We do invest in commercial paper as well as a range of other financial instruments such as corporate bonds, government securities, equities and bank deposits. However, to give you comfort, please note that our investment decisions are guided by an Investment Policy which ensures that investors' money is preserved. Our investments are also managed by our subsidiary CIC Asset Management (CICAM), which undertakes fundamental analytical tests before investing the funds, and which is doing very well in the market – controlling over 40% of the unit trusts funds


Q: Why do we have Positions i.e MD LIFE AND MD GENERAL BUSINESS on acting positions

A: The previous MD’s left the organization. We are in the process of finalizing with process of recruiting substantive MDs for the two companies.



Q: In the Consolidated Statement of Financial Position, you do not separate current assets from non-current ones and also current liabilities from non-current liabilities. Please do so to enable us as investors to further interrogate performance


A:Our Financial Statements are prepared on the basis of International Financial Reporting Standards requirements. Currently, there is no requirement to separate non-current from current assets on the Statement of Financial Position. However, we present the disclosures in our financial statements on a Liquidity basis.




Ericsson
#120 Posted : Tuesday, October 13, 2020 6:42:45 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,142
Location: NAIROBI
kmucheke wrote:
Some select Q&A during this year's AGM. The full Q&A can be downloaded here.



Q:Tom Gitogo, the former CEO, left before the end of his term and you paid him 154 million KES and he just recently sold off all his shares. This is not a good picture of your business health. What are you doing to alleviate this and improve your standing at the NSE?

A:Former GCEO was on contract. The company was not doing well. The Board made some changes to this effect.

As he was selling his shares, other shareholders who believe in CIC were buying, such as the new Group Chief Executive Officer (GCEO), CPA Patrick Nyaga were buying. All the shares in the market are significantly undervalued. Given the strategies outlined by the GCEO in his speech, the company performance will grow and increase profitability thus increasing the share value at NSE.


Q: What is the dividend payment rate, how is it determined and will it be paid, and can it paid by Mpesa instead of cheque?

A: Dividend is determined by the profitability and also Capital requirements for the company. Due to reduced profitability, and the need to conserve capital owing to COVID-19 pandemic, the Company will not be paying any dividends for year 2019


Q: Why is the share price declining and what are you doing to protect shareholder value?

A: The market price for all the shares is undervalued due to the current COVID-19 environment which has impacted all business negatively.

As per the GCEO’s statement the company is undergoing transformational initiatives aimed at growth of the business, assets and sustainable profitability. This will ensure increased value to the shareholders.

We also hope that Covid -19 will ease with the time opening up business and vibrancy in the economy.

Q: What measures have you taken since revenues seem to be dwindling?
A:
•Operational efficiency
•Cost optimization
•Elimination of non-core costs
•Space optimization
•Freeze recruitment
•Among others


Q:Where do you invest investors’ money as in do u invest commercial paper? Let us not go the Amana capital way or Cytonn way.

A: We do invest in commercial paper as well as a range of other financial instruments such as corporate bonds, government securities, equities and bank deposits. However, to give you comfort, please note that our investment decisions are guided by an Investment Policy which ensures that investors' money is preserved. Our investments are also managed by our subsidiary CIC Asset Management (CICAM), which undertakes fundamental analytical tests before investing the funds, and which is doing very well in the market – controlling over 40% of the unit trusts funds


Q: Why do we have Positions i.e MD LIFE AND MD GENERAL BUSINESS on acting positions

A: The previous MD’s left the organization. We are in the process of finalizing with process of recruiting substantive MDs for the two companies.



Q: In the Consolidated Statement of Financial Position, you do not separate current assets from non-current ones and also current liabilities from non-current liabilities. Please do so to enable us as investors to further interrogate performance


A:Our Financial Statements are prepared on the basis of International Financial Reporting Standards requirements. Currently, there is no requirement to separate non-current from current assets on the Statement of Financial Position. However, we present the disclosures in our financial statements on a Liquidity basis.







2021 there will be no declared dividend.
Still no buyer for Kiambu land.
They should develop the plot in like 15 phases/stages of 12 acres each.
Build 30-50 houses then sell,with Tatu city development going on well this will open up the area which will work to their advantage.

For the Kisaju land they can emulate what Zamara fanaka retirement benefits has done by building Riverine estate.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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