CIC Insurance Group Ltd (NSE: CIC) HY18 Earnings Note
CIC Insurance Group announced a 54.4% y/y growth in HY18 EPS (KES 0.21) due to a 18.4% y/y growth in gross earned premium (GEP). Total operating expense growth was relatively stable at 9.1% y/y mainly due to a fast growth in claims (15.1% y/y). We are currently reviewing our recommendation on CIC in an upcoming insurance sector update.
1) Insurance Premium growth faster than industry.
2) Muted Operating expense growth
3) Claims ratio down to 52.0% from 65.0% in FY17.
4) 16.9% y/y drop in investment income
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