CIC Insurance Group Limited, commonly referred to as CIC Group, is an insurance and investment group that operates mainly in Kenya, Uganda, South Sudan and Malawi. CIC Group has a network of branches and operational subsidiaries spread across the 4 countries.

Overview

The group's headquarters are located in CIC Plaza, Mara Road, Upperhill in

Nairobi Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper ha ...

, Kenya. CIC Insurance Group is leading

Micro Micro may refer to: Measurement * micro- (μ), a metric prefix denoting a factor of 10−6 Places * Micro, North Carolina, town in U.S. People * DJ Micro, (born Michael Marsicano) an American trance DJ and producer *Chii Tomiya (都宮ちい ...

and

Co-operative A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-control ...

insurance provider in Kenya with its subsidiaries involved in

fund Fund may refer to: * Funding is the act of providing resources, usually in form of money, or other values such as effort or time, for a project, a person, a business, or any other private or public institution ** The process of soliciting and gathe ...

, Reits and

Asset Management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

general A general officer is an Officer (armed forces), officer of highest military ranks, high rank in the army, armies, and in some nations' air forces, space forces, and marines or naval infantry. In some usages the term "general officer" refers t ...

Health Health, according to the World Health Organization, is "a state of complete physical, mental and social well-being and not merely the absence of disease and infirmity".World Health Organization. (2006)''Constitution of the World Health Organiza ...

and Group & Individual Life, pension and

annuities In investment, an annuity is a series of payments made at equal intervals.Kellison, Stephen G. (1970). ''The Theory of Interest''. Homewood, Illinois: Richard D. Irwin, Inc. p. 45 Examples of annuities are regular deposits to a savings account, mo ...

. The Group expanded regionally to set its footprint in Uganda, South Sudan and Malawi in 2015.

History

The Group's origins in Kenya date back to 1968 when it was a department within the Kenya National Federation of Co-operatives. In 1978, the department was registered and licensed as Co-operative Insurance Services Limited, a composite insurance company to write all classes of business with its target market, the

cooperative movement The history of the cooperative movement concerns the origins and history of cooperatives across the world. Although cooperative arrangements, such as mutual insurance, and principles of cooperation existed long before, the cooperative movement bega ...

. In 1999, the company was changed to the Co-operative Insurance Company of Kenya Limited (CIC) and later to CIC Insurance Group Limited in 2010. This change was in preparation for the de-merger of its life and general business operations. The Group made its debut on the

Nairobi Securities Exchange The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...

(NSE) on 18 July 2012. This made it the 6th insurance company to be listed on the NSE and the 60th company to be listed on the NSE overall. In 2014, CIC Group announced its intention to expand to Uganda, South Sudan, Tanzania, Rwanda and Malawi. In South Sudanese market, the Group plans to set up a

greenfield Greenfield or Greenfields may refer to: Engineering and Business * Greenfield agreement, an employment agreement for a new organisation * Greenfield investment, the investment in a structure in an area where no previous facilities exist * Greenf ...

operation in which it would hold 69 per cent of issued capital in a new local entity while the Cooperative Bank of South Sudan (a subsidiary of the

Cooperative Bank of Kenya Co-operative Bank of Kenya is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator. The bank has introduced Agency banking mo ...

) would take up the remaining 31 per cent. This expansion would be pegged on the resolution of the

South Sudanese Civil War The South Sudanese Civil War was a multi-sided civil war in South Sudan between forces of the government and opposition forces. In December 2013, President Kiir accused his former deputy Riek Machar and ten others of attempting a coup d'état. ...

. In Uganda, the Group aims to partner with the Uganda Cooperatives Savings and Credit Union to establish an insurance company in which CIC Insurance Group would own 40 per cent of the unit. CIC Group stated that in Malawi, it would start with a 70 per cent stake in a new subsidiary with the remaining being held by the Malawi Union of Savings and Credit Cooperative and the Farmers Union of Malawi (FUM). According to the Insurance Regulatory Authority report released in September 2014, CIC Insurance was ranked third in market share with 9% of the market behind

Jubilee Insurance The Jubilee Insurance Company of Kenya (JICK), mostly known as Jubilee Insurance, is an insurance company in Kenya, which has the largest economy in the East African Community. It is a wholly owned subsidiary of Jubilee Holdings Limited, a mul ...

and

Britam Britam Holding PLC is a leading diversified financial services group and is listed on the Nairobi Securities Exchange. The group has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi. Br ...

, who controlled 11.9% and 11.2% respectively.

Subsidiaries and associated companies

The companies that comprise the CIC Insurance Group Limited include, but are not limited, to the following: # CIC General Insurance Limited –

, Kenya – 100% Shareholding – The flagship company of the group. Offering

general insurance General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determine ...

. # CIC Life Assurance Limited – Nairobi, Kenya – 100% Shareholding – Offering

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

. # CIC Asset Management Limited – Nairobi, Kenya – 100% Shareholding – Offering

financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...

investment management Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...

Investment advisory An Investment advisory, in financial/investment organizations, is the unit linking the investment professionals in the central asset management unit (Investment Research, Portfolio Management) to the relationship managers and/or to important clien ...

and

REIT A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping ce ...

s # CIC Africa Insurance (SS) Limited –

Juba Juba () is the capital and largest city of South Sudan. The city is situated on the White Nile and also serves as the capital of the Central Equatoria State. It is the world's newest capital city to be elevated as such, and had a populatio ...

, South Sudan 69% Shareholding – Offering Insurance. (31% shareholding is by Co-op Bank South Sudan) # CIC Africa Insurance (Malawi) Limited – ??% Shareholding – Offering Insurance. (??% Malawi Union of Savings and Credit Cooperatives) # CIC Africa Insurance Uganda Limited – Kampala, Uganda – ??% Shareholding #

Takaful Insurance of Africa Takaful ( ar, التكافل, sometimes translated as "solidarity" or mutual guarantee) Khan, ''What Is Wrong with Islamic Economics?'', 2013: p.403 is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic ...

Limited

Ownership

The shares of the CIC Insurance Group Limited are listed on the NSE, where it trades under the symbol CIC. As of 31 December 2013, the five largest shareholders in the Group's stock are depicted in the table below:

Governance

CIC Insurance Group Limited is governed by a twelve-person board of directors with Dr. Nelson Kuria serving as the Group Chairman and Patrick Nyaga as the Group CEO.

References

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External links

CIC Insurance Group Homepage

Cooperative Bank of Kenya Homepage

Insurance Regulatory Authority

CIC Life Assurance Credit Ratings
Insurance companies of Kenya Financial services companies established in 1968 Companies listed on the Nairobi Securities Exchange Kenyan companies established in 1968