Kenya's CIC Insurance says H1 profit up 67 pct as premiums rise

NAIROBI Fri Aug 15, 2014 4:42am EDT

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NAIROBI Aug 15 (Reuters) - Kenya's CIC Insurance posted a 67 percent rise in pretax profit for the first half of this year to 154 million shillings ($1.75 million) due to an expansion in new premiums and investment income.

The insurer, in which Co-operative Bank is the single largest shareholder, said on Friday gross premiums rose 26 percent during the six months to the end of June from a year earlier to stand at 5.9 billion shillings.

Investment income jumped nearly 300 percent to 138 million shillings during the period, the insurer said in a statement.

Operating expenses grew 19 percent to 1.8 billion shillings due to business expansion, while claims grew 33 percent to 4.5 billion shillings.

Earnings per share rose to 0.06 shillings from 0.02 shillings in the year-ago period.

(1 US dollar = 88.0000 Kenyan shilling) (Editing by James Macharia, editing by David Evans)

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