wazua Sun, Dec 22, 2024
Welcome Guest Search | Active Topics | Log In | Register

9 Pages«<789
CIC Insurance 2019
Options
Previous Topic · Next Topic
Ericsson
#161 Posted : Friday, November 19, 2021 8:44:10 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
Location: NAIROBI
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year

Quote:
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
Back to top
WWW
 Report Abusive | Report SPAM
mlennyma
#162 Posted : Friday, November 19, 2021 10:14:43 AM
Rank: Elder


Joined: 7/21/2010
Posts: 6,183
Location: nairobi
Ericsson wrote:
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year

Quote:
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."
Back to top
WWW
 Report Abusive | Report SPAM
littledove
#163 Posted : Wednesday, November 24, 2021 9:52:53 AM
Rank: Veteran


Joined: 7/1/2014
Posts: 903
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
Back to top
WWW
 Report Abusive | Report SPAM
maka
#164 Posted : Wednesday, November 24, 2021 10:42:49 AM
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
Back to top
 Report Abusive | Report SPAM
Ericsson
#165 Posted : Wednesday, November 24, 2021 5:00:28 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
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
Back to top
WWW
 Report Abusive | Report SPAM
Ericsson
#166 Posted : Wednesday, November 24, 2021 5:02:02 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
Location: NAIROBI
mlennyma wrote:
Ericsson wrote:
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year

Quote:
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
Back to top
WWW
 Report Abusive | Report SPAM
Ericsson
#167 Posted : Tuesday, March 15, 2022 10:02:26 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
Location: NAIROBI
Ericsson wrote:
mlennyma wrote:
Ericsson wrote:
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year

Quote:
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
Back to top
WWW
 Report Abusive | Report SPAM
maka
#168 Posted : Wednesday, March 16, 2022 11:32:44 AM
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-year

Quote:
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
Back to top
 Report Abusive | Report SPAM
Ericsson
#169 Posted : Wednesday, March 16, 2022 1:57:37 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
Location: NAIROBI
maka wrote:
Ericsson wrote:
Ericsson wrote:
mlennyma wrote:
Ericsson wrote:
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year

Quote:
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
Back to top
WWW
 Report Abusive | Report SPAM
VituVingiSana
#170 Posted : Thursday, March 24, 2022 12:25:07 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,103
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
Back to top
 Report Abusive | Report SPAM | Edit by user: Thursday, March 24, 2022 12:26 AM | Reason: Not specified
Ericsson
#171 Posted : Thursday, March 24, 2022 6:53:00 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
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
Back to top
WWW
 Report Abusive | Report SPAM
Elephant Man
#172 Posted : Friday, March 25, 2022 9:00:30 PM
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...
Back to top
 Report Abusive | Report SPAM
Ericsson
#173 Posted : Friday, March 25, 2022 11:17:24 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
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
Back to top
WWW
 Report Abusive | Report SPAM
Ericsson
#174 Posted : Sunday, March 27, 2022 7:12:07 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
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
Back to top
WWW
 Report Abusive | Report SPAM
Elephant Man
#175 Posted : Sunday, March 27, 2022 8:03:26 AM
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?
Back to top
 Report Abusive | Report SPAM
Ericsson
#176 Posted : Tuesday, April 19, 2022 8:45:05 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
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
Back to top
WWW
 Report Abusive | Report SPAM | Edit by user: Tuesday, April 19, 2022 12:16 PM | Reason: Not specified
Ericsson
#177 Posted : Thursday, April 21, 2022 12:25:03 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
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
Back to top
WWW
 Report Abusive | Report SPAM
Ericsson
#178 Posted : Saturday, December 31, 2022 5:03:00 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,684
Location: NAIROBI
https://www.capitalfm.co...on-medical-cover-tender/
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
Users browsing this topic
Guest (8)
9 Pages«<789
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.

Wazua Investor Theme
Powered by YAF | YAF © 2003-2009, Yet Another Forum.NET
Copyright © 2024 Wazua.co.ke. All Rights Reserved.