The CIC Insurance Group Plc (NASE: CIC)

The CIC Insurance Group Income Statement

Financials in millions KES. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums & Annuity Revenue	25,350	25,401	20,734	14,703	13,939	14,397
Total Interest & Dividend Income	2,575	2,104	1,299	1,666	1,426	1,486
Gain (Loss) on Sale of Investments	-121.58	-121.58	-4.97	149.42	-140.75	119.91
Other Revenue	-110.7	369	223.53	2,146	1,521	1,362
Total Revenue	28,891	28,916	23,381	18,665	16,746	17,364
Revenue Growth (YoY)	18.56%	23.67%	25.27%	11.46%	-3.56%	5.50%
Policy Benefits	24,378	24,613	21,288	10,529	9,955	10,040
Policy Acquisition & Underwriting Costs	-	-	-	2,480	2,159	2,241
Selling, General & Administrative	-	-	-	4,606	3,944	4,195
Provision for Bad Debts	3.03	3.03	-1.11	-4.34	-	-
Other Operating Expenses	1,498	1,451	1,318	137.08	118.47	116.62
Total Operating Expenses	25,879	26,067	22,610	17,754	16,172	16,588
Operating Income	3,012	2,849	771.24	911.14	573.84	776.27
Interest Expense	-595.32	-517.82	-440.31	-431.08	-441.5	-670.12
Earnings From Equity Investments	-3.04	-3.04	4.67	-	-7.31	-19.73
Currency Exchange Gain (Loss)	82.66	82.66	191.76	398.31	82.98	67.39
Other Non Operating Income (Expenses)	0.74	0.74	14.15	56.26	-19.6	23.92
EBT Excluding Unusual Items	2,497	2,412	541.5	934.63	188.42	177.74
Asset Writedown	132.38	132.38	281.83	10.79	6.33	207.85
Other Unusual Items	-	-	-	14.3	-274.29	-
Pretax Income	2,630	2,544	823.34	959.71	-79.54	385.59
Income Tax Expense	1,183	1,102	666.2	291.28	217.29	64
Earnings From Continuing Ops.	1,446	1,442	157.14	668.44	-296.83	321.59
Minority Interest in Earnings	56.14	56.14	-0.67	-79.06	63.92	-12.26
Net Income	1,502	1,498	156.47	589.38	-232.91	309.33
Net Income to Common	1,502	1,498	156.47	589.38	-232.91	309.33
Net Income Growth	0.14%	857.36%	-73.45%	-	-	-34.29%
Shares Outstanding (Basic)	2,539	2,616	2,616	2,616	2,616	2,616
Shares Outstanding (Diluted)	2,539	2,616	2,616	2,616	2,616	2,616
Shares Change (YoY)	-0.81%	-	-	-	-	-
EPS (Basic)	0.59	0.57	0.06	0.23	-0.09	0.12
EPS (Diluted)	0.59	0.57	0.06	0.23	-0.09	0.12
EPS Growth	0.97%	857.38%	-73.45%	-	-	-34.29%
Free Cash Flow	5,885	5,460	4,817	2,002	2,395	2,391
Free Cash Flow Per Share	2.32	2.09	1.84	0.77	0.92	0.91
Dividend Per Share	-	0.130	0.130	-	-	-
Operating Margin	10.43%	9.85%	3.30%	4.88%	3.43%	4.47%
Profit Margin	5.20%	5.18%	0.67%	3.16%	-1.39%	1.78%
Free Cash Flow Margin	20.37%	18.88%	20.60%	10.73%	14.30%	13.77%
EBITDA	3,100	2,929	834.92	1,025	726.3	963.87
EBITDA Margin	10.73%	10.13%	3.57%	5.49%	4.34%	5.55%
D&A For EBITDA	88.26	80.07	63.69	114.11	152.46	187.6
EBIT	3,012	2,849	771.24	911.14	573.84	776.27
EBIT Margin	10.43%	9.85%	3.30%	4.88%	3.43%	4.47%
Effective Tax Rate	45.00%	43.32%	80.91%	30.35%	-	16.60%
Revenue as Reported	-	-	-	19,168	16,836	17,640

Source: S&P Capital IQ. Insurance template. Financial Sources.