NAIROBI, March 12 Kenya's CIC Insurance
plans to issue bonus shares, increase its share capital and
expand its business to Malawi this year after reporting a
marginal rise in full-year pretax profit.
The insurer, in which Co-operative Bank is the
single largest shareholder, said in a statement that it plans to
double its share capital to 6 billion shillings ($69.52 million)
and issue one bonus share for every five shares held.
Pretax profit rose slightly to 1.67 billion shillings from
1.65 billion shillings a tear earlier, largely because of a
modest rise in investment income against rising operating costs,
commissions and claims.
Investment income rose 7 percent to 1.7 billion shillings,
while claims increased by 30 percent to 6 billion shillings and
operating rose 20 percent to 2.4 billion shillings.
Earnings per share ticked up to 0.67 shillings from 0.64
shillings in 2012. The insurer said it would pay a dividend of
0.10 shillings per share, unchanged from the previous year.
($1 = 86.3000 Kenyan shillings)
(Reporting by James Macharia; Editing by David Goodman)