Cic Insurance Group Plc · NSEKE:CIC
Cic Insurance — FY2022 Earnings Presentation
28 slides from Cic Insurance's earnings presentation, Mar 22, 2023
Slide 1: Investor Briefing: 2022 End Year Results
Investor Briefing 2022 End Year Results 22nd March 2023 GENERAL •LIFE •HEALTH • ASSET
Slide 2: Agenda
Agenda 1. Overview and Strategy 2. Economic Overview 3. Financial Performance 4. Geographical Segments Performance
Slide 3: Overview & Strategy
OVERVIEW & STRATEGY CIC GROUP
Slide 4: CIC at a Glance
CIC at a Glance & O 23.7B Gross 46.7B Assets 40% Asset Written Premium $ ¢ Management Unit trust Market 6.5% Life 8.7% General 4 countries 25 Branches Assurance Market Business Market Share Share QUICK CIC FACT GENERAL - LIFE- HEALTH - ASSET C i ) CIC GROUP
Slide 5: Our Philosophies and Values
Our Philosophies and Values Our Purpose A financial service industry institution predominately owned by the Co-operative Movement transforming lives. Why we exist as CIC Insurance Group We operate in Kenya and the region using the co-operative model to ensure that we economically and socially tr
Slide 6: Group Structure
Group Structure CIC CIC CIC CIC CIC GENERAL LIFE AFRICA CIC AFRICA AFRICA ASSE CO-OPERATIVES INSURANC ASSURANC T UGANDA INSURANC LTD E LTD E LTD MANAGEMENT LTD E (MALAWI) 100% 100% LTD 93% (SOUTH SUDAN LTD) 91% 100% 69% CIC CICAFRICA CO-OPERATIVES CO-OPERATIVES GENERAL LIFE LIFE GENERAL INSURANCE AS
Slide 7: Ownership Structure
Ownership Structure SHAREHOLDER CATEGORY VS % OF SHARES HELD FOREIGN INVESTOR LOCAL INDIVIDUAL INVESTORS LOCAL INSTITUTIONAL INVESTORS 1% 22% 77%
Slide 8: Senior Management Team
Senior Management Team S28 Mr. Patrick Nyaga Mr. Philip Kimani Mr. Fred Ruoro Mr. Meshack Miyogo Mr. Humphery Gathungu Group Chief Executive Officer. Group Chief Financial Officer Managing Director Managing Director Managing Director CIC General Insurance Limited CIC Life Assurance Limited CIC Asset
Slide 9: Senior Management Team
Senior Management Team Mr. Henry Malmqvist Mr. Joseph Ka Mr. Richard Nyakenogo Mr. Michael Mugo Mr. Muyesu Luvai Group Chief Information Officer General Manager Marketing and General Manager Co-operatives General Manager Branch Group Chief Internal Auditor Customer Experience Distribution a Ms. Salo
Slide 10: Our Journey of Growth & Value Creation
Our Journey of Growth & Value Creation
Slide 11: Key Highlights on Our Strategy Execution
Key Highlights on Our Strategy Execution Transformati Key Highlights onal Initiative Digitization We have implemented various digital solutions as below: 1. Life business customer mobile App 2. Whatsup for Business 3. Revamped CICAM mobile App 4. Customer Relationship Management (CRM) system 5. Key
Slide 12: Key Highlights on Our Strategy Execution
Key Highlights on Our Strategy Execution Transformati Key Highlights onal Initiative Innovative Launched various innovative solutions such products as: 1. CIC Motoring Assist- This is a FREE 24/7 road rescue assistance service available for all CIC comprehensive customers. 2. CoopCare Health Insuran
Slide 13: Awards 2022
Awards 2022 AKI Awards - Overall Winner Champions of Governance Awards: Group Life Company of the Year Overall Winner Champion of Governance AKI Group Life Best Practice Award 2022 in the insurance sector Winner Company Secretary of the Year Other Awards AKI Awards: 2nd Runners up Most Improved Comp
Slide 14: Economic Overview
ECONOMIC OVERVIEW CIC GROUP
Slide 15: Economic Overview Summary
ECONOMIC OVERVIEW SUMMARY Improved Listed Equities Performance Kenya and Regions GDP growth % 10.0% 7.5% 2,000 180 8.0% 160 6.0% 5.4% 4.7% 4.5% 140 3.7% 3.8% 120 4.0% 100 2.0% 80 0.0% 1,000 60 Kenya Uganda South Sudan Malawi -2.0% -2.3% -4.0% -4.1% -6.0% 2022 2021 NSE 20-LHS NASI-RHS 16.00 Yield Cur
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS s GENERAL - LIFE - HEALTH - ASSET C i ) CIC GROUP
Slide 17: 2022 Gross Written Premium
2022 Gross Written Premium GWP per Country KShs Billions GWP Per Line of Business KShs Billions 20% 25.00 25.00 23.68 20% 23.68 21.02 20% 19.69 19.69 20.00 20.00 17.54 15.00 15.00 13% 18% 40% 10.00 9.69 10.00 8.56 6.57 6.10 29% 3% 5.59 5.00 6% 61% 5.00 4.36 188 % 1.44 1.11 0.87 0.82 1.161.12 0.35 0.
Slide 18: Financial Performance Contribution
Financial Performance Contribution GWP Contribution per Country - 2022 PBT Contribution per Country -2022 100% 100% 89% 90% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 6% 10% 3% 3% 4% 3% 2% 0% 0% Kenya Uganda Malawi S.Sudan Kenya Uganda Malawi S.Sudan
Slide 19: 2022 Profit Before Tax at Kshs 2,030 Million
2022 Profit Before Tax at Kshs 2,030 Million Profit / (Loss) Before Tax in Kshs Millions Consolidated Insurance Business Asset Management Non- Insurance Business 2,500 2,000 111% 72% 23% 33% 700 1,800 1,733 644 2,030 - 2,000 1,600 600 FY'2022 FY'2021 523 1,400 (100) 500 1,500 1,200 1,008 400 (200) 1
Slide 20: Five Year Financial Highlights
Five Year Financial Highlights GWP Kes Billions AUM Kes Billions CAGR 7% 23.68 140 CAGR 26% 127 25 120 19.69 20 17.70 16.99 100 94 16.63 80 15 80 60 51 10 40 40 5 20 0 - FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 2018 2019 2020 2021 2022 Investment Income Kes Billions PBT Kes Billions Growth 3 6% 2500
Slide 21: Five Year Financial Highlights
Five Year Financial Highlights Total Assets Kes Billions Return of Equity % CAGR 7% 50.0 46.7 13% 45.0 41.5 38.8 40.0 35.3 35.0 33.1 8% 30.0 6% 25.0 4% 20.0 15.0 10.0 2018 2019 2020 2021 2022 5.0 - -4% 2018 2019 2020 2021 2022 General Insurance Loss Ratio Life Assurance Loss ratio Opex Ratio 79% 72%
Slide 22: 2022 Group Financial Performance
2022 Group Financial Performance Performance underpinned by resilient growth in topline and improved underwriting results GWP Fees & Commissions Income Investment Income Kshs 23.7 B Kshs 2.39 B Kshs 2.53B (2021:Kshs 19.7 B) (2021:Kshs 2.14 B) (2021:Kshs 2.3B) 20% 12% 9% Underwriting Result-General P
Slide 23: Geographical Segments Performance
GEOGRAPHICAL SEGMENTS PERFORMANCE
Slide 24: Market Segment Performance: Kenya
Market Segment Performance Kenya GWP Fees & Commissions Income Capital Adequacy Ratio (CAR) Kshs 21.02 B Kshs 2.2 B General Life (2021:Kshs 17.5 B) (2021:Kshs 1.9B) Insurance Assurance 20% 16% 124% 118% Underwriting Result General Profit Before Tax Kshs (152) M) Kshs 1,794 M GWP went up by 21% ref
Slide 25: Uganda
Uganda Resilient premium growth and focus on underwriting GWP Profit / (loss) Before Tax Capital Adequacy Ratio (CAR) Kshs 1.4B Kshs 68 M (2021:Kshs 1.1 B) (2021:Kshs (20) M) General Life Insurance Assurance 29% 442% 209% 133% Underwriting Result-General) Investment Income Kshs (36) M Kshs 83 M (202
Slide 26: Malawi
Malawi Strong Profits despite economic shocks GWP Profit Before Tax Solvency Ratio Kshs 0.87 B Kshs 99 M (2021:Kshs 0.82 B) (2021:Kshs 202 M) General Life Insurance Assurance 6% -51% 20.5% 252% Underwriting Result-General Investment Income Kshs (35) M Kshs 82 M (2021:Kshs 47 M (2021:Kshs 64M) Resi
Slide 27: South Sudan
South Sudan Strong operating profit results despite volatile operating environment GWP Profit Before Tax Solvency Ratio Kshs 0.35B Kshs 67 M (2021:Kshs 0.22 B) (2021:Kshs 212 M) General Life 61% -68% Insurance Assurance 148% 148% Underwriting Result-General Investment Income Kshs (110) M Kshs 256 M
Slide 28: Thank you
Thank you We keep our word