wazua Sun, Jan 12, 2025
Welcome Guest Search | Active Topics | Log In | Register

4 Pages<1234>
CIC Insurance FY 2017
Options
Previous Topic · Next Topic
mlennyma
#21 Posted : Thursday, May 03, 2018 1:13:44 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,183
Location: nairobi
Ericsson wrote:
Metch wrote:
Ericsson wrote:
Highlights for 2017;
--Insurance premium growth slowed down during the period to December 2017 to 6.6% compared to an annual growth of 12.3% in a similar period of 2016.
--The non-life segment contributed 60% while long-term insurance business contributed 40% of the total premium written industry wide in 2017.
--Net claims and Operating expenses grew by 21% and 8% respectively.
--Overall growth was by 21% in 2017 despite the tough political environment.
--CIC General Business grew by 21% with the biggest payout been to Crop Insurance and Gikomba Fire
--The life sector grew faster by 13.6% compared to an 2.5% growth in non-life segment.
--CIC Life Assurance grew by 9% with the expenses stagnant at 2% YoY.
--Funds under management by CIC Asset Management at 32.5B

Strategic Initiatives 2018:
--Grow pension and individual life business.
--Innovative products and services that meet customer expectations.


What's the 'strategic initiative' for the technically insolvent subsidiaries?


They say Uganda is expected to break even this year

Expect more blood when it goes ex div.but i expect good H1 since most claims come during H2...iam looking for an exit route in the next rally hope it comes
"Don't let the fear of losing be greater than the excitement of winning."
Back to top
WWW
 Report Abusive | Report SPAM | Edit by user: Thursday, May 03, 2018 1:17 PM | Reason: Not specified
Ericsson
#22 Posted : Thursday, May 03, 2018 4:21:52 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
mlennyma wrote:
Ericsson wrote:
Metch wrote:
Ericsson wrote:
Highlights for 2017;
--Insurance premium growth slowed down during the period to December 2017 to 6.6% compared to an annual growth of 12.3% in a similar period of 2016.
--The non-life segment contributed 60% while long-term insurance business contributed 40% of the total premium written industry wide in 2017.
--Net claims and Operating expenses grew by 21% and 8% respectively.
--Overall growth was by 21% in 2017 despite the tough political environment.
--CIC General Business grew by 21% with the biggest payout been to Crop Insurance and Gikomba Fire
--The life sector grew faster by 13.6% compared to an 2.5% growth in non-life segment.
--CIC Life Assurance grew by 9% with the expenses stagnant at 2% YoY.
--Funds under management by CIC Asset Management at 32.5B

Strategic Initiatives 2018:
--Grow pension and individual life business.
--Innovative products and services that meet customer expectations.


What's the 'strategic initiative' for the technically insolvent subsidiaries?


They say Uganda is expected to break even this year

Expect more blood when it goes ex div.but i expect good H1 since most claims come during H2...iam looking for an exit route in the next rally hope it comes


Book closure is 21 May 2018
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
Ericsson
#23 Posted : Thursday, May 03, 2018 10:39:25 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
The Group CEO is being overpaid.
A company the size and stature of CIC, the MD at par with the likes of KCB, Equity, Barclays ceos in salary pay.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
VituVingiSana
#24 Posted : Thursday, May 03, 2018 11:25:34 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
Ericsson wrote:
The Group CEO is being overpaid.
A company the size and stature of CIC, the MD at par with the likes of KCB, Equity, Barclays ceos in salary pay.

Oigara made 240mn, the most overpaid CEO to-date when one considers KCB has a huge book of business thanks to GoK.

CIC's 73mn is nuts when compared to James Mwangi's 64mn!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Back to top
 Report Abusive | Report SPAM
Ericsson
#25 Posted : Thursday, May 03, 2018 11:30:49 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
The Group CEO is being overpaid.
A company the size and stature of CIC, the MD at par with the likes of KCB, Equity, Barclays ceos in salary pay.

Oigara made 240mn, the most overpaid CEO to-date when one considers KCB has a huge book of business thanks to GoK.

CIC's 73mn is nuts when compared to James Mwangi's 64mn!



I said salary not bonuses.
CIC the 73mn doesn't have bonus
Oigara salary sh.5.4mn per month
Cic Tom Gitogo sh.4.3mn per month

Cic has a the sacco business
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM | Edit by user: Thursday, May 03, 2018 11:43 PM | Reason: Not specified
VituVingiSana
#26 Posted : Thursday, May 03, 2018 11:43:59 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
The Group CEO is being overpaid.
A company the size and stature of CIC, the MD at par with the likes of KCB, Equity, Barclays ceos in salary pay.

Oigara made 240mn, the most overpaid CEO to-date when one considers KCB has a huge book of business thanks to GoK.

CIC's 73mn is nuts when compared to James Mwangi's 64mn!


I said salary not bonuses.
CIC the 73mn doesn't have bonus
Oigara salary sh.5.4mn per month
Cic Tom Gitogo sh.4.3mn per month

Let's see what much better run Jubilee paid its former CEO.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Back to top
 Report Abusive | Report SPAM
Ericsson
#27 Posted : Saturday, May 05, 2018 7:19:31 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
heri wrote:
Ericsson wrote:
CIC Africa (Uganda) Limited reported a loss of KShs 67 million for
the year ended 31 December 2017, with accumulated losses of
KShs 336 million. In addition, the company was in a net liability
position of KShs 75 million. Therefore the company is technically
insolvent.

CIC Africa Co-operatives Insurance Limited based in Malawi reported a loss of KShs.74 million for the year ended 31 December 2017. In addition, the company was in a net liability position of KShs 13 million. Therefore the company is technically insolvent.

As at 31 December 2017, the Group held in its books of account a Chase Bank Limited corporate bond amounting to KShs 155 million which is 23 % of the total corporate bonds portfolio. Chase Bank Limited was placed under receivership for a maximum period of 12 months effective April 7, 2016. Trading of the corporate bond at the Nairobi Securities Exchange Limited was suspended on 8 April 2016 following a directive from the Capital Markets Authority. This suspension was yet to be lifted as at 31 December 2017.



OMG. i am already 20% down having bought at 5.70 .


Fair value of it based on the profits of 2017 is between 3-3.50.
The current PE is 26 with dividend yield of 2.5.
Very unattractive to buy currently
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
mlennyma
#28 Posted : Saturday, May 05, 2018 7:53:44 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,183
Location: nairobi
https://www.standardmedi...it-from-lenders-collapse
"Don't let the fear of losing be greater than the excitement of winning."
Back to top
WWW
 Report Abusive | Report SPAM
Ericsson
#29 Posted : Saturday, May 05, 2018 9:41:36 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
mlennyma wrote:
https://www.standardmedia.co.ke/business/article/2001279133/cic-takes-hit-from-lenders-collapse


After investing part of the sh.5bn corporate bond in now insolvent subsidiaries now this
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
Ericsson
#30 Posted : Monday, May 07, 2018 10:51:33 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
On the positive side medical insurance business they are doing well going by the annual report;
Premiums grew by sh.893mn in 2017
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
mlennyma
#31 Posted : Monday, May 07, 2018 11:41:36 AM
Rank: Elder


Joined: 7/21/2010
Posts: 6,183
Location: nairobi
Ericsson wrote:
On the positive side medical insurance business they are doing well going by the annual report;
Premiums grew by sh.893mn in 2017

they have also grabbed safaricom medical cover
"Don't let the fear of losing be greater than the excitement of winning."
Back to top
WWW
 Report Abusive | Report SPAM
Metch
#32 Posted : Monday, May 07, 2018 11:55:02 AM
Rank: Member


Joined: 12/22/2015
Posts: 224
Location: Mombasa, Kenya
mlennyma wrote:
Ericsson wrote:
On the positive side medical insurance business they are doing well going by the annual report;
Premiums grew by sh.893mn in 2017

they have also grabbed safaricom medical cover


that cover is 2B worth.
but the market has a bad attitude so i'll wait to jump in
Start!
Back to top
 Report Abusive | Report SPAM
Ericsson
#33 Posted : Monday, May 07, 2018 11:58:06 AM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
Metch wrote:
mlennyma wrote:
Ericsson wrote:
On the positive side medical insurance business they are doing well going by the annual report;
Premiums grew by sh.893mn in 2017

they have also grabbed safaricom medical cover


that cover is 2B worth.
but the market has a bad attitude so i'll wait to jump in


waaah the market's bad attitude should be your good attitude or timing to buy based on the news
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
Metch
#34 Posted : Monday, May 07, 2018 12:03:44 PM
Rank: Member


Joined: 12/22/2015
Posts: 224
Location: Mombasa, Kenya
Ericsson wrote:
Metch wrote:
mlennyma wrote:
Ericsson wrote:
On the positive side medical insurance business they are doing well going by the annual report;
Premiums grew by sh.893mn in 2017

they have also grabbed safaricom medical cover


that cover is 2B worth.
but the market has a bad attitude so i'll wait to jump in


waaah the market's bad attitude should be your good attitude or timing to buy based on the news


Exactly! Following closely as we head south
Start!
Back to top
 Report Abusive | Report SPAM
Ericsson
#35 Posted : Monday, May 07, 2018 12:14:41 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
Tom Gitogo's pay for 2018 including bonuses may now reach sh.200mn
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
Ericsson
#36 Posted : Monday, May 07, 2018 12:55:14 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
mlennyma wrote:
Ericsson wrote:
On the positive side medical insurance business they are doing well going by the annual report;
Premiums grew by sh.893mn in 2017

they have also grabbed safaricom medical cover


Grabbed it from Jubilee
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
snifadog
#37 Posted : Monday, May 07, 2018 12:58:21 PM
Rank: Member


Joined: 6/6/2016
Posts: 165
Location: Nairobi
corporate medical insurances are heavily undercut on pricing and result in massive underwriting losses. this one will sink their medical insurance business again
Back to top
 Report Abusive | Report SPAM
Ericsson
#38 Posted : Monday, May 07, 2018 1:07:49 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
snifadog wrote:
corporate medical insurances are heavily undercut on pricing and result in massive underwriting losses. this one will sink their medical insurance business again


It can go either way and turn out to be a profitable venture
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Back to top
WWW
 Report Abusive | Report SPAM
snifadog
#39 Posted : Monday, May 07, 2018 2:20:58 PM
Rank: Member


Joined: 6/6/2016
Posts: 165
Location: Nairobi
a very dangerous game to play
Back to top
 Report Abusive | Report SPAM
Ericsson
#40 Posted : Monday, May 07, 2018 4:58:51 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,702
Location: NAIROBI
snifadog wrote:
corporate medical insurances are heavily undercut on pricing and result in massive underwriting losses. this one will sink their medical insurance business again


Contract with jubilee terminated due to poor service from provider.
Attempts to ammend were futile.
Hooray cic
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 (4)
4 Pages<1234>
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 © 2025 Wazua.co.ke. All Rights Reserved.