CIC Insurance Group yesterday kicked off celebrations to mark its Golden Jubilee. The celebrations come hot on the heels of the recent release of its financial results for the year ending December 31, which saw the company rake in Sh852 million in pre-tax profit, representing a 64 per cent increase from Sh519 million posted over the same period the previous year.
Speaking during the event yesterday, Cooperatives Principal secretary Ali Noor Ismail reaffirmed the government’s commitment to put in place a conducive policy, legal and regulatory environment for co-operatives to operate in.
“The Department has recently signed a Memorandum of Understanding with the Ethics and Anti – Corruption Commission (EACC) on combating and preventing corruption, economic crimes and unethical practices in the cooperative sector.
The MoU will encompass life style audits and assets recovery, integrity testing for co-operative sector officials, and prosecution of cases on corruption and economic crimes,” said Noor.
“These efforts are geared towards enhancing corporate governance and the realisation of the government’s Big Four agenda and Kenya’s Vision 2030, which aims at transforming the country into a newly industrialising, middle-income country providing a high-quality life to all its citizens,” he added.
Started as a department of the Kenya National Federation of Cooperatives (KNFC) in 1968, the company has since become a leading cooperatives enterprise and micro-insurer in Africa, with branches in Uganda, Malawi and South Sudan.
“CIC was born against the backdrop of non-caring, elitist traditional insurers, who had very little regard for or understanding of the ordinary Kenyan.
This called for the establishment of an insurance company that would empathise and treat the common man with dignity”, said Group chairman Japheth Magomere. CIC operated as an agency until 1978 when it became a fully- fledged insurance company. In 1999, the Company name was changed to The Co-operative Insurance Company of Kenya Ltd (CIC).
The name change was part of the company’s market re-positioning strategy of completely transforming from the then small company targeting the co-operative movement only to a respected insurer in the country.
The Company underwrites both life and general classes of insurance and has recently ventured into the asset management business.