Wazua
»
Investor
»
Stocks
»
CIC Insurance 2019
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
kmucheke wrote:
CIC Insurance posts Sh259 million profit in half-yearQuote:CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.
The return to profitability was helped by improved performance in the underwriting business and higher investment income. Quote:CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.
Gains made in the first half been reversed in the second half. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Elder Joined: 7/21/2010 Posts: 6,192 Location: nairobi
|
Ericsson wrote:kmucheke wrote:
CIC Insurance posts Sh259 million profit in half-yearQuote:CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.
The return to profitability was helped by improved performance in the underwriting business and higher investment income. Quote:CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.
Gains made in the first half been reversed in the second half. this thing has no benefit to the shareholder "Don't let the fear of losing be greater than the excitement of winning."
|
|
|
Rank: Veteran Joined: 7/1/2014 Posts: 926 Location: sky
|
what has spooked the market? serious selloff yesterday and today with a minimum of 1.94. Anyway it seems like day trading is not working, i just bought some few cic at 1.94 and im trying to put a sell order at 2.10 but its showing i have no shares There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
|
|
|
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
|
littledove wrote:what has spooked the market? serious selloff yesterday and today with a minimum of 1.94. Anyway it seems like day trading is not working, i just bought some few cic at 1.94 and im trying to put a sell order at 2.10 but its showing i have no shares We are jokers.... I honestly dont know why we do this... Talk big , implement stuff that doesnt even work efficiently. Intra day actually started with bonds but years later very few brokers can hack an intra day trade.... Avail... trade.... settle... avail... trade.... settle. possunt quia posse videntur
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
littledove wrote:what has spooked the market? serious selloff yesterday and today with a minimum of 1.94. Anyway it seems like day trading is not working, i just bought some few cic at 1.94 and im trying to put a sell order at 2.10 but its showing i have no shares This things you wait for about 6 months after launch to test. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
mlennyma wrote:Ericsson wrote:kmucheke wrote:
CIC Insurance posts Sh259 million profit in half-yearQuote:CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.
The return to profitability was helped by improved performance in the underwriting business and higher investment income. Quote:CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.
Gains made in the first half been reversed in the second half. this thing has no benefit to the shareholder Foundation is not that firm. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
Ericsson wrote:mlennyma wrote:Ericsson wrote:kmucheke wrote:
CIC Insurance posts Sh259 million profit in half-yearQuote:CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.
The return to profitability was helped by improved performance in the underwriting business and higher investment income. Quote:CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.
Gains made in the first half been reversed in the second half. this thing has no benefit to the shareholder Foundation is not that firm. FY2021 results to be out this week Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
|
Ericsson wrote:Ericsson wrote:mlennyma wrote:Ericsson wrote:kmucheke wrote:
CIC Insurance posts Sh259 million profit in half-yearQuote:CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.
The return to profitability was helped by improved performance in the underwriting business and higher investment income. Quote:CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.
Gains made in the first half been reversed in the second half. this thing has no benefit to the shareholder Foundation is not that firm. FY2021 results to be out this week possunt quia posse videntur
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
maka wrote:Ericsson wrote:Ericsson wrote:mlennyma wrote:Ericsson wrote:kmucheke wrote:
CIC Insurance posts Sh259 million profit in half-yearQuote:CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.
The return to profitability was helped by improved performance in the underwriting business and higher investment income. Quote:CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.
Gains made in the first half been reversed in the second half. this thing has no benefit to the shareholder Foundation is not that firm. FY2021 results to be out this week - Gross Written Premiums +15.9% to 19.6B - Total Income +13.9% to 19.1B - Total Assets +7.1% to 41.5B - PBT of 959M vs -79.5M in 2020 - PAT of 668.4M vs -296.8M in 2020 - EPS 0.23 [2020: -0.09] - No dividends Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Chief Joined: 1/3/2007 Posts: 18,249 Location: Nairobi
|
https://www.businessdail...l-200-acre-land-3757874 CIC Insurance to subdivide 200 acre land for easy sale >>> Good luck to CIC shareholders Even ABSA's First Assurance has trouble selling its properties. Kenya Re has been struggling with selling the Kisumu building. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
VituVingiSana wrote:https://www.businessdailyafrica.com/bd/markets/market-news/cic-to-subdivide-and-sell-200-acre-land-3757874 CIC Insurance to subdivide 200 acre land for easy sale
>>> Good luck to CIC shareholders
Even ABSA's First Assurance has trouble selling its properties.
Kenya Re has been struggling with selling the Kisumu building. Britam also in the same predicament. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Member Joined: 12/24/2008 Posts: 112
|
CIC probably left with little option...sometimes the sum of the bits is greater than the sum of the whole...their staff and those of co-op bank and the wider sacco sector could provide a captive market...good decision which Kenya Re could emulate by selling off floors or half floors of ALL their commercial properties...and still remain a significant stakeholder in these properties by say retaining up to 20% of the space for their own needs...
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
Elephant Man wrote:CIC probably left with little option...sometimes the sum of the bits is greater than the sum of the whole...their staff and those of co-op bank and the wider sacco sector could provide a captive market...good decision which Kenya Re could emulate by selling off floors or half floors of ALL their commercial properties...and still remain a significant stakeholder in these properties by say retaining up to 20% of the space for their own needs... Kenya Re are okay,they have a huge cash pile and are debt free.They need to be aggressive in their investment strategy e.g in quoted equities. CIC have a ksh.4.3bn debt and their cash position not that good. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
Elephant Man wrote:CIC probably left with little option...sometimes the sum of the bits is greater than the sum of the whole...their staff and those of co-op bank and the wider sacco sector could provide a captive market...good decision which Kenya Re could emulate by selling off floors or half floors of ALL their commercial properties...and still remain a significant stakeholder in these properties by say retaining up to 20% of the space for their own needs... At ksh.7.5mn each how many of their staff will be able to afford. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Member Joined: 12/24/2008 Posts: 112
|
Thank you @ Ericsson...please excuse my ignorance as I really have no idea how many CIC staff can afford to pay Kshs 7.5m for a piece of land in Kiambu! Do you?
What I do know it that not too long ago, a teachers sacco bought a dud bank - what does that tell you?
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
https://www.businessdail...from-co-op-bank-3786394
CIC Insurance Group last year obtained a moratorium on interest payments on a Sh3.4 billion loan owed to Co-operative Bank , saving the underwriter Sh425 million in finance costs in 2021. The five-year loan matures in September 2024 and carries a fixed interest rate of 12.5 percent, with the principal due in a single bullet payment at the end of the period. “During the year, the company obtained a moratorium of repayment of interest until October 2022, hence no interest repayments have been made during the year,” CIC says in its latest annual report. The moratorium on interest payment is part of the accommodation Co-op Bank has given the insurer to give it more financial flexibility. The loan was previously secured — in addition to the land — by cash deposits and corporate guarantees but these have since been dropped. Co-op owns a 24.8 percent stake in the insurer. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
https://www.businessdail...-by-6-1m-shares-3787788
Co-op Bank chief executive Gideon Muriuki bought an additional 6.1 million shares in CIC Insurance Group in the year ended December, becoming the latest prominent member in the sacco sector to invest more in the company. The insurer’s latest annual report shows that Mr Muriuki held 137.8 million shares equivalent to a 5.3 percent stake in the review period. This was up from 131.7 million shares he held in the prior year. CIC’s chairman Nelson Kuria, who previously led the company as the chief executive, also bought an additional one million shares in the Nairobi Securities Exchange-listed firm last year. His holdings rose to 15.3 million shares from 14.2 million shares but the stake remained unchanged at 0.6 percent. CIC’s current chief executive Patrick Nyaga holds 12.1 million shares in the company equivalent to a 0.5 percent stake. He bought most of the shares soon after he was appointed CEO in June 2020. Skin in the game Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Elder Joined: 12/4/2009 Posts: 10,784 Location: NAIROBI
|
https://www.capitalfm.co...on-medical-cover-tender/Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
|
|
|
Rank: Member Joined: 2/15/2010 Posts: 157 Location: Kenya
|
Ericsson wrote:https://www.businessdailyafrica.com/bd/corporate/companies/cic-skips-sh425m-interest-on-loan-from-co-op-bank-3786394
CIC Insurance Group last year obtained a moratorium on interest payments on a Sh3.4 billion loan owed to Co-operative Bank , saving the underwriter Sh425 million in finance costs in 2021.
The five-year loan matures in September 2024 and carries a fixed interest rate of 12.5 percent, with the principal due in a single bullet payment at the end of the period.
“During the year, the company obtained a moratorium of repayment of interest until October 2022, hence no interest repayments have been made during the year,” CIC says in its latest annual report.
The moratorium on interest payment is part of the accommodation Co-op Bank has given the insurer to give it more financial flexibility. The loan was previously secured — in addition to the land — by cash deposits and corporate guarantees but these have since been dropped.
Co-op owns a 24.8 percent stake in the insurer. These people might need a rights issue ASAP to sort this Co-OP loan, like Sanlam. Unless I misread it has increased to 4.9B, the value of the Kiambu land is 4B.In 2023 they were only able to pay 111M and collected less than 100M in land deposits. So they'd have to do something to the land that adds 900M in value and then the land would have to appreciate by 12% plus annually?
|
|
|
Rank: Elder Joined: 6/23/2009 Posts: 13,865 Location: nairobi
|
DtheK wrote:Ericsson wrote:https://www.businessdailyafrica.com/bd/corporate/companies/cic-skips-sh425m-interest-on-loan-from-co-op-bank-3786394
CIC Insurance Group last year obtained a moratorium on interest payments on a Sh3.4 billion loan owed to Co-operative Bank , saving the underwriter Sh425 million in finance costs in 2021.
The five-year loan matures in September 2024 and carries a fixed interest rate of 12.5 percent, with the principal due in a single bullet payment at the end of the period.
“During the year, the company obtained a moratorium of repayment of interest until October 2022, hence no interest repayments have been made during the year,” CIC says in its latest annual report.
The moratorium on interest payment is part of the accommodation Co-op Bank has given the insurer to give it more financial flexibility. The loan was previously secured — in addition to the land — by cash deposits and corporate guarantees but these have since been dropped.
Co-op owns a 24.8 percent stake in the insurer. These people might need a rights issue ASAP to sort this Co-OP loan, like Sanlam. Unless I misread it has increased to 4.9B, the value of the Kiambu land is 4B.In 2023 they were only able to pay 111M and collected less than 100M in land deposits. So they'd have to do something to the land that adds 900M in value and then the land would have to appreciate by 12% plus annually? We live in interesting times
COOP 255,000 ABP 15.85; IMH 5,000 ABP 35.55; KQ 804,000 ABP 6.26; MTN 23,800 ABP 5.20
|
|
|
Wazua
»
Investor
»
Stocks
»
CIC Insurance 2019
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|