CIC Insurance Group

What CIC Insurance Group does

CIC Insurance Group PLC is a Nairobi-headquartered, publicly listed cooperative-rooted insurer (NSE ticker: CIC) operating since 1968 across Kenya, Uganda, Malawi, and South Sudan. The company offers a diversified financial services portfolio of 125+ products spanning general insurance (motor, home, fire, property), life assurance (individual, group, credit life), asset management (money market funds, unit trusts), pension administration (Jipange Plus, CIC Umbrella Retirement Benefits Scheme), and microinsurance. It holds 8.10% of Kenya's insurance market, recorded KES 23.68 billion in gross written premiums and KES 46.7 billion in total assets, and reported a swing to KES 668.4 million net profit (reversing a prior-year KES 296.8 million loss). Beyond insurance, CIC runs a real estate arm (Ushirika Gardens, subdividing 200 acres in Kiambu County into residential plots in two phases — Ujima Park and Uzuri Pines) and a CIC Pharmacy operation.

The company's technology stack centers on a multi-portal self-service ecosystem (Investment Portal, Savings/M-bima, Pension Portal, General Insurance, Brokers/Agents, Claims, Unit Trust, Easy Bima) plus iOS and Android apps. AI is applied to automated eligibility assessment, pricing, risk scoring, fraud detection, claims processing, AI-powered customer-service chatbots, and personalization/recommendation engines, with a more differentiated use case combining AI, climate science, and satellite imagery for climate-related risk assessment and pricing (notably flood). Distribution combines a 25+ branch physical network across Kenya, agent/broker intermediaries, cooperative society partnerships (CoopCare, Loan Guard, CIC Umbrella Retirement), and digital channels.

Revenue is generated primarily through recurring insurance premiums (general and life), asset management fees, pension administration charges, and microinsurance. A one-time/transactional revenue layer comes from Ushirika Gardens plot sales, while a small recurring service charge (KES 5,000/month per plot) provides an annuity tail. The company is actively deleveraging a KES 4.3 billion Co-op Bank credit facility through the real estate subdivision strategy and has flagged Co-op Bank as its primary financing partner for plot buyers (up to 97% mortgage financing). Customer segments span Individual/Family, SME, Corporate/Enterprise, Cooperatives, Diaspora, and Low-income/Microinsurance, with notable recent moves including the 2025 CARD MBA microinsurance partnership and the 2024 Ushirika Gardens launch.

Name

CIC Insurance Group

Legal name

CIC Insurance Group PLC

Website

https://cic.co.ke

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

501–1,000 employees

Short description

CIC Insurance Group PLC is a Nairobi-headquartered, publicly listed Kenyan cooperative insurer offering 125+ general insurance, life assurance, asset management, pension, and microinsurance products across Kenya, Uganda, Malawi, and South Sudan, serving individuals, SMEs, corporates, cooperatives, diaspora, and low-income customers via 25+ branches and digital portals.

Ownership category

akta.pro rank

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices28 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. General Insurance: Property and casualty insurance products including motor, fire, property, liability, and accident coverage for individuals, businesses, and corporates.
2. Life Assurance: Life insurance products including term life, group life, credit life, and income drawdown retirement solutions.
3. Asset Management: Investment products including money market funds, unit trusts, and pension schemes (Jipange Plus, CIC Umbrella Retirement Benefits Scheme).
4. Microinsurance: Affordable insurance products designed for low-income populations, with partnerships for microinsurance model development in Africa.
5. Real Estate Development (Ushirika Gardens): Land subdivision and sale of residential plots. CIC subdivides 200-acre land in Kiambu County into quarter-acre plots sold to individual and corporate buyers. Pricing ranges from KES 8.5M to 11M per plot.
6. Pension Administration: Pension scheme administration through CIC Pension portal for Jipange Plus and CIC Umbrella Retirement Benefits Scheme.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

CIC Insurance Group is a cooperative-rooted Kenyan insurer offering general insurance (motor, fire, property, liability), life assurance (term, group, credit life), asset management (money market funds, unit trusts, pension schemes) and microinsurance products through wholly-owned subsidiaries and a 25+ branch network across Kenya, with regional operations in Uganda, Malawi and South Sudan. The group also operates CIC Pharmacy and a real estate development (Ushirika Gardens) on 200 acres in Kiambu County, serving individuals, SMEs, corporates and cooperative societies through direct, agent and digital self-service channels.

Product overview

CIC Insurance Group operates as a diversified financial services provider offering insurance and related products across Kenya, Uganda, Malawi, and South Sudan. The portfolio comprises four core business segments—General Insurance (motor, home, fire, property), Life Assurance (individual and group life), Asset Management (investment products), and Microinsurance Limited (low-income segments)—alongside digital service platforms including CIC Easy Bima, M-Bima, Investment Portal, and Pension Portal. The company also operates CIC Pharmacy and real estate development through Ushirika Gardens (subdivided into Ujima Park and Uzuri Pines phases). With 125+ products, KES 23.68 billion in gross written premiums, and KES 46.7 billion in total assets, CIC serves individual, business, corporate, and cooperative segments through multiple service channels including self-service portals and a branch network across Kenya.

Differentiator

Problem solved

Functional benefit

Brands

• Jipange Plus: Retirement and pension solutions product for individual retirement planning
• CoopCare
• Afya Bora
• Seniors Mediplan
• Easy Bima
• Haba Haba na CIC
• Smart Saver
• Academia
• Ushirika Gardens
• CIC Diaspora

Products and services

• General Insurance Property and casualty insurance products including motor (private and commercial), home/domestic package, fire industrial, property/burglary, professional indemnity, and personal accident coverage sold to individuals, SMEs, corporates and cooperative societies through direct, agent and digital channels.
• Life Assurance Life insurance products including individual life policies, employee group life, group credit life, loan guard (loan protection for cooperative members) and board endowment plans, sold to individuals, employees and cooperative members.
• Asset Management Investment and asset management services including money market funds, unit trusts and pension scheme administration (Jipange Plus, CIC Umbrella Retirement Benefits Scheme, Income Draw Down), available to individual, business, corporate and cooperative segments through self-service investment and pension portals.
• Microinsurance Limited Affordable insurance products designed for low-income populations in Kenya and Malawi, delivered through a wholly-owned subsidiary and partnership with CARD Mutual Benefit Association to extend mutual microinsurance models across Africa.
• CIC Easy Bima Digital/mobile insurance platform enabling customers to obtain quotes, purchase and manage general insurance products online without visiting a branch.
• M-Bima Savings Portal Mobile-based savings portal allowing customers to manage savings accounts and access insurance products via mobile devices.
• CIC Investment Portal Self-service investment portal allowing customers to access and manage unit trust and money market fund investments online.
• CIC Pension Portal Self-service portal for pension scheme administration, scheme management and retirement benefits access for Jipange Plus and CIC Umbrella Retirement Benefits Scheme members.
• Jipange Plus Retirement and pension savings product providing structured retirement savings and income drawdown options for individual and business segments.
• Ushirika Gardens Real estate development project subdividing 200 acres of CIC-owned land in Kiambu County (adjacent to Tatu City) into quarter-acre residential plots, with pricing from KES 7.5–11 million per plot and mortgage financing arranged through Co-op Bank up to 97% of purchase price.
• CIC Pharmacy Retail pharmacy operation under CIC Group providing pharmaceutical products and services to customers.
• CIC Diaspora Insurance and investment product line designed for Kenyan diaspora customers, allowing them to access savings, pension and insurance services remotely.

Quantifiable outcome

• 8.10% market share in Kenya's insurance sector
• +2 more outcomes

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature2 records

Partnerships

One partnership is on record.

• CARD Mutual Benefit Association (CARD MBA)coreStrategic or Co-development Partner · 17 June 2025CARD MBA and CIC Insurance Group signed a Memorandum of Understanding for CIC in Kenya and Malawi to adapt the Philippine microinsurance model in Africa. CARD MBA serves millions of low-income Filipinos through a mutual microinsurance model and has already shared its technology with partners in Cambodia, Vietnam, and Indonesia. Other countries including Mozambique, Paraguay, Timor Leste, and Myanmar have expressed interest in this model.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Others

• Kenya Reinsurance Corporation: State-backed Kenyan reinsurer providing reinsurance capacity to CIC and peers; relevant because reinsurance pricing and capacity are key inputs to CIC's underwriting economics.

Direct peers

• Liberty Kenya Holdings: Liberty Holdings' Kenya operation offering life insurance, retirement, and investment products; competes directly with CIC Life Assurance and Pension business.
• Jubilee Insurance: Major Kenyan general and life insurer with regional operations across East Africa; directly comparable in product mix (general, life, health, pensions) and cooperative/corporate distribution.
• ICEA LION Group: Kenyan insurance group combining general insurance, life assurance, pensions, and asset management through ICEA and LION brands - similar integrated insurance/wealth model to CIC.
• Old Mutual Kenya: Kenya arm of Old Mutual Limited providing life insurance, savings, investments, and general insurance, overlapping CIC's general/life/wealth mix.
• Sanlam Kenya: Subsidiary of Sanlam Group offering life insurance, investment, and retirement solutions in Kenya; competes with CIC in life assurance, pensions, and asset management.
• APA Insurance (Apollo Investments): Kenyan general insurer and Apollo Investments group with general and medical insurance; competes with CIC in motor, commercial, and SME segments.
• Britam Holdings: NSE-listed Kenyan financial services group offering general insurance, life insurance, asset management, and retirement products, closely overlapping CIC's four-pillar structure.

Broad incumbents

• Old Mutual Limited: Pan-African and international insurance/wealth group whose Kenya subsidiary competes with CIC and provides a broader capital base and emerging-markets underwriting model.

Emerging players

• AAR Holdings (now AAR Health): East African health-insurance and managed-care provider competing with CIC's Afya Bora, CoopCare, Corporate Medisure and Seniors Mediplan health offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cicgroupplc
• YouTubeyoutube.com/c/CICInsuranceGroupKe/featured
• Facebookfacebook.com/CICGroupPLC
• LinkedInlinkedin.com/company/cic-insurance-company
• Instagraminstagram.com/cicgroupplc/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CIC Insurance Group