Group Annual Report and Financial Statements 2025 - FINAL

CIC INSURANCE GROUP PLC ANNUAL REPORT & FINANCIAL STATEMENTS

THE CIC INSURANCE GROUP PLC

ANNUAL REPORT & FINANCIAL STATEMENTS 2025

2

INSURANCE

CIC TRAVEL

We keep our word

We keep our word

1

CORPORATE INFORMATION

OUR REPORTING ECOSYSTEM 11

OUR PHILOSOPHIES AND VALUES 13

WHO WE ARE 13

CIC GROUP QUICK FACTS 14

OUR HISTORY 16

COMPANY GROUP STRUCTURE & SHAREHOLDING 18

WHAT WE OFFER 19

SHAREHOLDING STRUCTURE 20

2

AWARDS AND ACCOLADES 22

OUR LEADERSHIP 23

CHAIRMAN'S STATEMENT 24

BOARD OF DIRECTORS 29

GROUP MD & CEO STATEMENT 32

BOARD OF MANAGEMENT 37

3

DELIVERING SUSTAINABLE VALUE

OUR VALUE DRIVERS 44

SUMMARY OF OUR VALUE DRIVERS 48

STAKEHOLDERS VALUE CREATION 51

RISK INTELLIGENCE AS A FOUNDATION FOR

SUSTAINABLE PERFORMANCE 55

4

CORPORATE GOVERNANCE STATEMENT

GENERAL GOVERNANCE FRAMEWORK 58

OUR BOARD 59

CATEGORIES OF DIRECTORS 60

AUDIT AND RISK COMMITTEE IN 2025 62

BOARD DIVERSITY 64

MINORITY SHAREHOLDER PROTECTION 67

GOVERNANCE AUDIT 69

LEGAL & COMPLIANCE AUDIT 71

5

SUSTAINABILITY AS A STRATEGIC ENABLER

OUR COMMITMENTS 77

GOVERNANCE ARCHITECTURE FOR SUSTAINABILITY 78

EMPOWERING PEOPLE 79

THE SOCIETY 81

OPERATING ENVIRONMENT 84

BUSINESS PERFORMANCE REVIEW 86

REPORT OF THE DIRECTORS 87

DIRECTORS' REMUNERATION REPORT 89

6

FINANCIAL STATEMENTS

INDEPENDENT AUDITOR'S REPORT 93

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHERCOMPREHENSIVE INCOME 96

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 98

COMPANY STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME 99

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 101

COMPANY STATEMENT OF CHANGES IN EQUITY 103

CONSOLIDATED STATEMENT OF CASH FLOWS 104

COMPANY STATEMENT OF CASH FLOWS 105

NOTES TO THE FINANCIAL STATEMENTS 106

CIC AGM Proxy form 226

EasyBima

EasyBima is a monthly motor insurance cover that enables you to pay for your motor vehicle insurance on a monthly basis, easing your financial burden.

To find out more, SMS "EasyBima" to 22471.

CIC INSURANCE GROUP PLC

0703 099 120 callc@cic.co.ke

GENERAL | LIFE | HEALTH | ASSET

https://www.cic.co.ke

KENYA | SOUTH SUDAN | UGANDA | MALAWI

We keep our word

ANNUAL REPORT & FINANCIAL STATEMENTS 2025

7

CORPORATE INFORMATION

The CIC Insurance group plc and its subsidiaries corporate information for the year ended 31 December 2025

DIRECTORS

Dr. Nelson Kuria: Group Chairman

James Njue: Group Vice Chairman

Patrick Nyaga: Group Managing Director & Chief Executive Officer

Gordon Owuor Michael Wambia Dr. Rogers Kinoti Julius Mwatu Sharon Kisire Ludia Rono Agnes Gathaiya

COMPANY SECRETARY

Gail Odongo

Certified Public Secretary (Kenya)

P. O. Box 59485 - 00100

Nairobi, Kenya

REGISTERED

OFFICE

CIC Plaza

Upper Hill, Mara Road

P. O. Box 59485 - 00200

Nairobi, Kenya

SENIOR MANAGEMENT

Patrick Nyaga: Group Managing Director & CEO

Philip Kimani: Group Chief Finance Officer

Humphrey Gathungu: Managing Director, CIC Asset Management Limited

Meshack Miyogo: Managing Director: CIC Life Assurance Limited Fred Ruoro: Managing Director: CIC General Insurance Limited Michael Mugo: MD Designate-CIC Microinsurance

Julius Ndugire: Managing Director: CIC Africa Insurance (SS) Limited

Zachary Wambugu: Managing Director: CIC Africa Co-operatives Limited Malawi

James Kinyua: Managing Director: CIC Africa (Uganda) Limited

Gail Odongo: General Counsel and Group Company Secretary

Muyesu Luvai: Director, Special Projects Susan Robi: Director, Risk and Compliance Richard Nyakenogo: Director, Co-operatives

Henry Njerenga: Director, Branch & Distribution

Joyce Mwashigadi: Director, People & Culture

Dr. Lydiah Kiburu: Group Director, Business Excellence

Collins Kiriyo: Ag. Director, Internal Audit

Cyril Juma- Ag. Group Actuary

AUDITOR

PricewaterhouseCoopers LLP

Certified Public Accountants (Kenya)

PwC Towers, Waiyaki Way / Chiromo Road Westlands

P. O. Box 43963 - 00100

Nairobi, Kenya

PRINCIPAL BANKER

The Co-operative Bank of Kenya Limited

P. O. Box 67881 - 00100

Nairobi, Kenya

CONSULTING ACTUARIES

QED Actuaries and Consultants Kenya Limited

Capita Registrars, Royal Office, 1st Floor No. 17 Mogotio Road, Off Chiromo Lane

P.O. Box 101795 - 00101

Westlands, Nairobi, Kenya

REGISTRARS

Co-operative Bank Share Registrar Services

KUSSCO Building

Kilimanjaro Avenue - Upperhill

Save. Protect. Invest

No data. No stress

Dial *304# - It's that Simple

OUR REPORTING ECOSYSTEM

This Annual Report and Financial Statements 2025 contains information on our financial and non-financial performance for the financial year 2025. It highlights how we generate value for our stakeholders through our inputs, strategy, sustainability initiatives, and governance oversight. As a business, we are dedicated to transparency and accountability in all our engagements, ensuring sustainable impact for our stakeholders.

Frameworks

This report has been prepared in line with globally recognised best practices and applicable statutory and regulatory requirements, including the Companies Act, 2015, Capital Markets Authority guidelines, and the Nairobi Securities Exchange Listings Manual. It further aligns with international reporting and accounting frameworks, notably the International Integrated Reporting Council (IIRC) Framework and IFRS Accounting Standards. The report also references leading sustainability frameworks, including the Global Reporting Initiative (GRI) Standards and the United Nations Sustainable Development Goals (SDGs)

Scope and Boundary

This report focuses on the performance of the Group across our geographical footprint covering Kenya and the regional businesses. The Kenyan operations offer Life Assurance, General Insurance and Asset Management services. We have regional subsidiaries in South Sudan, Uganda, and Malawi where we offer General Insurance and Life Assurance solutions. The time frame for this report is from 1st January to 31st December 2025.

Assurance

The Annual Financial Statements for the CIC Group, CIC General Insurance, CIC Life Assurance, CIC Asset Management and CIC Africa South Sudan were audited by PricewaterhouseCoopers LLP (Kenya). CIC Africa Uganda was audited by KPMG (Uganda), while CIC Africa Malawi was audited by Deloitte & Touche (Malawi).

Approved by the Board of Directors on 30th March, 2026 and signed on its behalf by:

Dr. Nelson Kuria, OGW, MBS

Group Chairman

Patrick Nyaga

Group MD & CEO

FCPA, Julius Mwatu

Director

CIC AT A GLANCE

CIC Insurance Group is a leading Co-operatives insurer in Africa, offering insurance and investment services across Kenya, Uganda, South Sudan, and Malawi.

Our diverse portfolio includes General Insurance, Life Assurance, Microinsurance, Asset Management and Pharmaceutical services. As a pioneer and market leader in microinsurance, we are committed to driving financial inclusion. Through continuous innovation and a strong focus on service excellence, CIC has earned both national and international recognition.

Kenya - 1968

South Sudan - 2013 Uganda - 2014

Malawi - 2014

Our Purpose (Mission)

Enable people achieve financial freedom

Vision

To be a world-class provider of insurance and other financial services

CIC Tagline/ Slogan

"We keep our word"

We recognize that for our business to grow, we have

a role to play in reversing the mistrust partly contributed by our industry players through various malpractices such as mis-selling or failure to honor claims thus undermining the growth we desire.

We shall honor our promises to all our stakeholders.

Our Values

• Trust & Integrity - We keep our word

• Human Centred Innovation - We pioneer solutions that transforms lives

• Resourceful Collaborations - We achieve the impossible together

• Inclusive Impact - We create prosperity for every community

• Velocity and Excellence - We deliver exceptional results with unstoppable momentum.

• Empathy & Cooperative Spirit - We honor our cooperative heritage

CIC GROUP QUICK FACTS

29.46B

Insurance Revenue

1.25B

Profit before tax

195B

Assets Under Management

19.89B

Claims Paid

73.7B

Total Assets

136%

Net promoter score

6590

Co-operative Board

members trained

%

Over

8000Agents and brokers

1068Employees

Cooperative training engagements

OVER

2M.Lives covered

43M

Cumulatively spent on educating needy students

Countries

4

82%

Leadership

Corporate Governance Score

Our Prioritized SDGs

SDG 1: No Poverty

SDG 3: Good Health and Well-Being

SDG 8: Decent Work and Economic Growth

SDG 9: Industry, Innovation, and Infrastructure SDG 12: Responsible Consumption and Production SDG 13: Climate Action

26

Branches

(Kenya)

Investment in Digital

2

Branches

(South Sudan)

6

Branches

(Uganda)

•

•

3

Branches

(Malawi)

EasyBima digital platform - self-service,

customized payment options, including monthly payment of premiums.

Asset management mobile App -upgraded with unique offering for chamas

CIC INSURANCE

1968

CIS started as an insurance agency wiLhin Lhe Kenya National Federation of

Co-operatives (KNFC).

'I

Incorporated and licensed as Co-operaLive Insurance Services Ltd (CIS)

• • •

Name change from CIS to the Cooperative Insurance of Kenya Ltd (CIC)

Name change to CIC Insurance Group Limited in preparation for the demerger of our Life and General Business operations.

We fully demerge resulting in the formation of:

° CIC Life Assurance Limited,

• CIC General Insurance Limited

• CIC Asset Management

Limited

CIC Insurance group listed it's shares by introduction at the Nairobi SecuriLies Exchange on Thursday 19th July 2012

Entry inLo Southern Sudan and commencement of Regional Expansion.

O

Opening of CIC Plaza II and Successful Corporate Bond issue (oversubscribed by 1119L). Entry into Malawi and Uganda markets.

Successkl implementation oF a unified CIC Brand.

Successful launch of Lhe CIC Foundation.

• CIC Group awarded Best Company to Work for Deloitte - 2016.

  CIC Life awarded : Group Life Company of the Year - AKI.

  AKI Awards: Overall Winner 2017 Group Life Company of the Year - AKI Group LiFe BesL Practice

  
  
  

  - AKI Awards - Overall Winner 2018 Group LiFe Company oF the Year

  
  
  

• AKI Group Life 8est Practice. Fire Award ° Winner Insurance CaEegory 2018

  
  
  
  
  
  
  

• Marked 50 Years of service to Lhe people

• Name change to Public Listed Company (PLC) in compliance with the requirements of the Companies Act

• Successfully paid the 2014 KShs Sb Corporate Bond upon maturity.

• AKI Awards: Overall Winner 2019 Group LiFe Company oF the Year AKI Group Life Best Practice

• AKI Awards: CIC General - second runners, Insurance Motor Data System Award

  
  
  

  • CIC Goes Cashless

  • Customer Digital MoEor Certificates

  • CIC launches Records and Information Management SysLem

  • Winner - AKI Group Life Company of the Year

  • Second runners up AKI Motor Data SysEem Award

  • CIC General awarded Best Automotive Insurer

    - Automotive Industry

    Excellence Awards

  • Best Motor Insurer - Cheki Awards

    
    
    

    ° Awarded 2nd Runners up

    - FIRE Awards

    • Insurance Category 2021

    • Decade of Excellence Insurance Kenya - Global Banking and Finance Awards 2021

      ° Best General Insurance Company Kenya -International Business Magazine Awards 2021

    • Best Life Insurance CompanyKenya-International Business Magazine Awards 2021

    ° Best Asset Management Company Kenya -International Business Magazine Awards 2021

    2022

    
    
    

• CIC launches new medical product for cooperative members dubbed "CIC CoopCare" to oFfer solu tion For the CooperaE ives and Sacco markeEs

• CIC launches MoEoring AssisE in conjunction with AA Kenya

• Launch oF revamp ed website includin g regional siEes

• CIC introduces Ushirika Gardens and started Ehe sale of iEs 200 acres of land

• Winner - AKI Group Life Company of the Year 2021

• Winner - Medical Underwriter oF the Year - Group Medical - CIC General Insurance

• Overall Winner - Champion oF Governance Award

• Winner - Company Secretary of Lhe Year Award

  
  
  

• Third runners up - minimum loss raEio

• Third runners up - Most Improved company

  
  
  
  
  
  
  

  2023

  • Four AKI Awards - Winner of the annualized premium, agricultural insurance

    and domestic package insurance premium volume awards and second runner up Group LiFe best loss raLio award.

  • Eight Think Business Awards- winner category -Life Insurance and Medical Underwriter of Ehe Year, Most Customer-centric Life Underwriter, the Training Award, Best Insurance Product lnnova tion, Life Claims Settlement Award.

    
    
    

    Four AKI Awards - Winner of the annualized premium, agricultural insurance and domestic package insurance premium volume awards and second runner up Group Life best loss ratio award. EighE Think Business Awards-winner category - Life Insurance and Medical Underwriter oI the Year, Most Customer-centric Life Underwriter, Lhe Training Award, Best Insurance Product Innovation, Life Claims Settlement Award

    G

    
    
    
    
    

• Launched Lhe CIC Pharmacy Regional products diversification: SouLh Sudan (hotel combined policy) and Malawi (Tiwale education policy, Sunga savings policy, Nkuta funeral policy , Malesa investment policy).

• Obtained our Microinsurance license

COMPANY GROUP STRUCTURE & SHAREHOLDING

CIC Insurance Group is a leading Co-operatives insurer in Africa, offering insurance and investment services across Kenya,Uganda,

South Sudan, and Malawi.

Our diverse portfolio includes General Insurance, Life Assurance, Microinsurance, Asset Management and Pharmaceutical services. As a pioneer and market leader in microinsurance, we are committed to driving financial inclusion. Through continuous innovation and a strong focus on service excellence, CIC has earned both national and international recognition.

CIC Africa

Co-operatives Ltd (Malawi)

Co-operatives

Life Assurance Ltd

CIC Micro

Insurance Ltd

Co-operatives

General

Insurance Ltd

CIC Pharmacy

Ltd

CIC Africa Insurance

(SS) Limited

CIC General

Insurance Ltd

CIC Life

Assurance Ltd

CIC

General Insurance Uganda Ltd

CIC Asset

Management Ltd

E

CIC Africa

Uganda Ltd

CIC

Africa Life Insurance Ltd

Kenya Uganda

Malawi

South Sudan

CICAM (UG) Ltd

NOT

WHAT WE OFFER

CIC Insurance Group is a premier Co-operatives insurer in Africa, delivering insurance and investment services across Kenya, Uganda, South Sudan, and Malawi.

We provide a diverse portfolio of products and services including General Insurance, Life Assurance, Medical Insurance, Micro-Insurance, Asset Management solutions and Pharmaceutical services as below:

Life Assurance: General Insurance:

Term policies (Protection), Endowment

(Savings + protection), Whole life (Savings

+ protection), Unit link (Investments + Protection), Pensions and Annuities, Education policies, Group Life and Group Credit Life for Banks and Co-operatives.

Engineering, Fire, Liability, Marine, Motor private, Motor commercial, Accident, Theft, Workmen's compensation, Miscellaneous (crop insurance, political violence and terrorism, sportsmen, forestry and aquaculture insurance), medical insurance products covering corporate schemes, individuals and SMEs.

Asset Management: Pharmaceutical Services:

Unit trusts with various funds i.e. Money Market, Equity Fund, Balanced Fund, Fixed Income, Wealth Fund, Dollar Fund and pension fund management that include Segregated Schemes, Umbrella Retirement Schemes, Discretionary Wealth Management & Income Drawdown Fund.

CIC Pharmacy provides comprehensive pharmaceutical services that adhere to industry best practices and regulatory guidelines. Our goal is to ensure our clients have easy access to reliable, safe, and efficient healthcare solutions.

Microinsurance

Coopcare product, Livestock, Biashara Salama, Jikinge, Group Funeral Expense and personal accident cover for students on attachment.

The key services provided include:

• Risk Assessment and Underwriting

• Claims Processing and Settlement

• Policy Management

• Investment management

• Financial Planning and Retirement Solutions

• Insurance Education and Training Programs

• Loss Prevention

• Fraud Prevention

SHARE HOLDER STRUCTURE

Summary of Shareholding as at 31st December 2025

Local

Individuals

! 630,397,810

21.91%

% Shareholding

Local !

Companies I

Junior I

Inveslors

I

Number of Shares

I 147,476

I I I

CIC INSURANCE

East African Investors

Number oF Shares

0.03%

% Sharehotd ing

I

Foreign

Companies

Foreign

Individuals

2,972,478

Brokerage

I I I I

Totals

323,730

Nuibe o# Sha eholde s

24,089

ToLal Shares

held 2@877@092,115

Project Management Institute Awards

1st Runners Up

Project of the year under 10M (Implementation of impact system for microinsurance)

Fire Awards

1st Runners Up

Insurance category

2nd Runners Up

ESG Reporting (GRI) category

Think Business Awards

Winner

Training Award

2nd Runners Up

Fraud Detection and prevention (CIC General Business)

2nd Runners Up

Claims Settlements (CIC Life Assurance)

Kenya National Chamber of

Commerce and Industry Awards

Winner

Best Insurance Service Provider

KENYA

AKI Awards

Winner

Most improved Company 2024 (Life Insurance Awards)

Winner

Highest growth in number of life policies 2024 (Life Insurance Agents Awards)

Winner

Company of the Year 2025 (Group Life Best Practice Award)

SUDAN

South Sudan National Chamber of Commerce - Quality Awards

Winner

Insurance and Life Insurance Company of the Year

AWARDS AND ACCOLADES - 2025

ANNUAL REPORT & FINANCIAL STATEMENTS 2025

22

ANNUAL REPORT & FINANCIAL STATEMENTS 2025

23

THE CIC INSURANCE GROUP PLC

Dr. Nelson Kuria

GROUP CHAIRMAN

The Group recorded a revenue of KSh 29.5 billion, representing a 12% increase from KSh 26.3 billion in 2024. Total assets grew by 19% to KSh 73.7 billion, while Assets Under Management increased by 28% to KSh 195 billion.

ANNUAL REPORT & FINANCIAL STATEMENTS 2025

24

THE CIC INSURANCE GROUP PLC

MESSAGE FROM THE GROUP CHAIRMAN

Dear Shareholders,

It is my privilege, on behalf of the Board of Directors, to present the Annual Report and Financial Statements of CIC Insurance Group Plc for the year ended 31 December 2025.

This report highlights the Group's financial performance, strategic progress, and continued commitment to creating long-term value for our shareholders and stakeholders. It further reflects our unwavering dedication to sound governance, accountability, and sustainable growth.

Financial Performance

Despite a dynamic operating environment, CIC Insurance Group delivered solid topline growth during the year under review.

The Group recorded revenue of KSh 29.5 billion, representing a 12% increase from KSh 26.3 billion in 2024. Total assets grew by 19% to KSh 73.7 billion, while Assets Under Management increased by 28% to KSh 195 billion. These results demonstrate sustained customer confidence, expansion across key markets, and the resilience of the Group's diversified business model.

Profit Before Tax for the year stood at KSh 1.25 billion, compared to KSh 3.9 billion in 2024. The decline in profitability was largely attributable to the non-recurrence of a significant one-off gain recognised in the prior year, together with elevated claims experienced during the year.

Notwithstanding this decline, the Board remains confident in the underlying strength of the business, the Group's capital position, and our long-term strategic direction as we commence implementation of our 2026-2030 strategic plan.

Operating Environment

The Kenyan economy remained relatively stable during 2025, supported by improved macroeconomic fundamentals and a more predictable policy environment. GDP growth averaged approximately 4.8%-5.0%, while inflation remained contained at 4.1%, within the Central Bank of Kenya's target range.

The Kenya Shilling appreciated marginally by 0.2% against the US Dollar to close at KSh 129.0, supported by improved foreign exchange reserves, diaspora remittances, and stronger tourism inflows. This macroeconomic stability contributed to a more balanced operating environment for businesses.

Within the financial services sector, institutions continued to operate in an environment characterised by evolving regulatory requirements, increasing governance expectations, and rapidly changing customer preferences. While the insurance industry continues to offer significant growth opportunities, profitability across the sector remained sensitive to claims experience, pricing adequacy, and cost pressures.

Against this backdrop, the Board remains focused on ensuring that the Group is well-positioned to navigate emerging risks while capitalising on available opportunities.

Governance and Oversight

At CIC Insurance Group, strong corporate governance remains central to the Board's stewardship mandate and our long-term success. As a listed financial services institution operating in a highly regulated environment, we remain committed to maintaining the highest standards of integrity, accountability, and ethical leadership.

Throughout the year, the Board continued to provide strategic oversight while ensuring the Group maintains robust governance structures aligned to regulatory requirements and international best practices. Our governance framework promotes disciplined decision-making, prudent capital allocation, and effective risk management, all of which are critical to protecting stakeholder interests and sustaining long-term performance.

The Board also continues to oversee the integration of Environmental, Social, and Governance (ESG) considerations into the Group's strategic agenda, recognising that responsible business practices are fundamental to long-term value creation.

Reflecting on Our 2021-2025 Strategic

Journey

The year 2025 marked the conclusion of the Group's 2021-2025 strategic cycle - a period during which CIC Insurance Group demonstrated resilience, strengthened its financial position, and expanded its market presence.

Over the last five years, the Group has made significant progress in strengthening its core businesses, deepening its engagement with the cooperative movement, enhancing its product portfolio, and investing in digital transformation initiatives aimed at improving operational efficiency and customer experience.

We have also continued to strengthen our footprint across the region, with operations in Kenya, Uganda, Malawi, and South Sudan, while maintaining our leadership position within the cooperative insurance ecosystem.

This progress reflects the dedication of our employees, the trust of

our customers, and the continued support of our shareholders.

The Board remains confident in the underlying strength of the business, the Groups' capital position and our long term strategic direction

ANNUAL REPORT & FINANCIAL STATEMENTS 2025

25

MESSAGE FROM THE GROUP CHAIRMAN

Our Future Direction

As we enter a new strategic cycle, we do so with confidence, clarity

of purpose, and optimism for the future.

Our 2026-2030 EDGE Strategy will guide the next phase of the Group's growth and transformation. The strategy is designed to position CIC Insurance Group for sustained success in an increasingly dynamic and competitive financial services landscape.

Anchored on the EDGE framework, the strategy prioritises:

• Exceptional customer focus

• Digital transformation and innovation

• Driving sustainable growth

• Embedding an empowered One CIC culture

  Through this strategy, we will continue strengthening our partnerships within the cooperative movement while broadening our reach to new customer segments and markets across the region.

  Delivering Shareholder Value

  Delivering sustainable returns to shareholders remains a core priority for the Board and Management. The continued growth in the Group's asset base and market presence reflects the strength of our business model and disciplined strategic execution. Through prudent financial management and disciplined capital allocation, the Group has maintained a strong balance sheet while continuing to invest in innovation, operational excellence, and future growth initiatives.

  Consistent with this commitment, the Board remains focused on balancing shareholder returns through dividend distributions while preserving sufficient capital to support future expansion and strategic investments.

  Appreciation

  On behalf of the Board, I wish to express my sincere appreciation to my fellow Directors for their steadfast guidance, commitment, and stewardship throughout the year.

  I also extend heartfelt gratitude to the Group Managing Director &CEO, management team, and all employees for their dedication, resilience, and hard work in executing the Group's strategy.

  Finally, I thank our shareholders, customers, business partners, regulators, and all stakeholders for your continued trust and confidence in CIC Insurance Group.

  Conclusion

  As we look to the future, I remain confident that CIC Insurance Group is well-positioned to build on its strong foundation, deliver sustainable growth, and create enduring value for all stakeholders. Together, we will continue advancing our purpose of enabling individuals, businesses, and communities to achieve financial freedom and prosperity.

  Thank you.

  Dr. Nelson Kuria, OGW, MBS Group Chairman

  UJUMBE KUTOKA KWA MWENYEKITI WA KUNDI

  Wapendwa Wadau,

  Kwa niaba ya Bodi ya Wakurugenzi, ni heshima kwangu kuwasilisha Ripoti ya Mwaka na Taarifa za Kifedha za CIC Insurance Group Plc kwa mwaka ulioishia tarehe 31 Desemba 2025.

  Ripoti hii inaangazia utendaji wa kifedha wa Kundi, maendeleo ya kimkakati, na dhamira endelevu ya kuunda thamani ya muda mrefu kwa wanahisa na wadau wetu. Inaendelea kuonyesha kujitolea kwetu kusikoterereka kwa uongozi bora, uwajibikaji, na ukuaji endelevu.

  Utendaji wa Kifedha

  Licha ya mazingira ya uendeshaji yanayobadikabadilika, CIC Insurance Group ilirekodi ukuaji imara wa mapato ya jumla katika mwaka uliofanyiwa tathmini.

  Kundi hili lilirekodi mapato ya shilingi bilioni 29.5, yanayowakilisha ongezeko la asilimia 12 kutoka shilingi bilioni 26.3 katika mwaka wa 2024. Jumla ya mali iliongezeka kwa asilimia 19 hadi shilingi bilioni 73.7, huku Mali Zilizo chini ya Usimamizi zikiongezeka kwa asilimia 28 hadi shilingi bilioni 195. Matokeo haya yanaonyesha imani endelevu ya wateja, upanuzi katika masoko muhimu, na uthabiti wa mtindo mseto wa biashara ya kundi hili.

  Faida kabla ya ushuru wa mwaka ilikuwa shilingi bilioni 1.25, ikilinganishwa na shilingi bilioni 3.9 katika mwaka wa 2024. Kupungua kwa faida kulichangiwa kwa kiasi kikubwa na kutokuwepo tena kwa faida kubwa ya mara moja iliyopatikana katika mwaka uliopita, pamoja na ongezeko katika madai ya fidia ya bima mwaka huu.

  Licha ya kupungua huku, Bodi inasalia na imani katika nguvu za kimsingi za biashara, nafasi ya mtaji wa Kundi, na mwelekeo wetu wa kimkakati wa muda mrefu tunapoanza utekelezaji wa mpango wetu wa kimkakati wa 2026-2030.

  Mazingira ya Uendeshaji

  Uchumi wa Kenya uliendelea kuwa thabiti kiasi mwaka wa 2025, ukiungwa mkono na misingi bora ya kiuchumi na mazingira bora ya sera yanayotabirika. Ukuaji wa Pato la Taifa ulikuwa wastani wa takriban 4.8% hadi 5.0%, huku mfumuko wa bei ukisalia kudhibitiwa kwa 4.1%, katika kiwango kinacholengwa na Benki Kuu ya Kenya.

  Shilingi ya Kenya iliimarika kidogo kwa 0.2% dhidi ya Dola za Marekani ikifunga kwa shilingi 129.0. Hili liliungwa mkono na, kuimarishwa kwa akiba za fedha za kigeni, uhamishaji wa fedha kutoka diaspora, na kuongezeka kwa mapato ya utalii. Utulivu huu wa kiuchumi ulichangia mazingira bora ya uendeshaji kwa biashara.

  Katika sekta ya huduma za kifedha, taasisi ziliendelea kufanya kazi katika mazingira yaliyojulikana kwa mahitaji ya udhibiti yanayobadilika, matarajio ya utawala yanayoongezeka, na mapendeleo ya wateja yanayobadilika kwa kasi. Ingawa sekta ya bima inaendelea kutoa fursa kubwa za ukuaji, faida katika sekta nzima ilisalia kujikita kwa uzoefu wa madai ya fidia za bima, utoshelevu wa bei, na shinikizo la gharama.

  Kwa muktadha huu, Bodi inaendelea kujikita katika kuhakikisha kwamba Kundi liko katika nafasi nzuri ya kukabiliana na hatari zinazojitokeza huku likinufaika kikamilifu na fursa zilizopo.

  Utawala na Usimamizi

  Katika CIC Insurance Group, uongozi bora wa kampuni unasalia kuwa kiini cha wajibu wa usimamizi wa Bodi na mafanikio yetu ya muda mrefu.

  Kama taasisi ya huduma za kifedha iliyoorodheshwa na inayofanya kazi katika mazingira yanayodhibitiwa kikanuni, tunaendelea kujitolea kudumisha viwango vya juu kabisa vya uadilifu, uwajibikaji, na uongozi wa maadili.

  Mwaka huu, Bodi imeendelea kutoa usimamizi wa kimkakati huku ikihakikisha Kundi linadumisha mifumo imara ya uongozi inayojikita katika mahitaji ya udhibiti na mbinu bora za kimataifa. Mfumo wetu wa uongozi unakuza utoaji maamuzi wenye nidhamu, mgawanyo makini wa mtaji, na usimamizi madhubuti wa hatari. Haya yote yakiwa muhimu kwa kulinda maslahi ya wadau na kudumisha utendaji wa muda mrefu.

  Bodi pia inaendelea kusimamia ujumuishaji wa masuala ya Mazingira,

  ikitambua kwamba mbinu za biashara zenye uwajibikaji ni muhimu

  sana katika uundaji wa thamani ya muda mrefu.

  Bodi inasalia na imani katika nguvu za

  kimsingi za biashara, nafasi ya mtaji wa kundi, na mwelekeo wetu wa kimkakati wa muda mrefu

  Ongezeko ya mapato ya shilingi

  +12% hadi Kshs 29.5B

  ya Kijamii, na Uongozi (ESG) katika ajenda ya kimkakati ya Kikundi,

  Ongezeko la jumla ya mali

  +19% hadi Kshs 73.7B

UJUMBE KUTOKA KWA MWENYEKITI WA KUNDI

Kutafakari Safari Yetu ya Kimkakati ya 2021 hadi 2025

Mwaka 2025 ndio uliokuwa mwisho wa mzunguko wa kimkakati wa Kundi wa 2021-2025 - kipindi ambacho CIC Insurance Group ilionyesha ustahimilivu, na kuimarisha nafasi yake ya kifedha, na kupanua uwepo wake katika soko.

Katika miaka mitano iliyopita, Kundi limepiga hatua kubwa katika kuimarisha wajibu wake wa msingi, kuimarisha ushirikiano wake na harakati za vyama vya ushirika, kuboresha mfululizo wa bidhaa zake, na kuwekeza katika mipango ya mabadiliko ya kidijitali inayolenga kuboresha ufanisi wa uendeshaji wa shughuli zake na uzoefu wa mteja.

Vilevile tumeendelea kuimarisha uwepo wetu katika kanda. Tumeweza kuendesha shughuli zetu za kibiashara nchini Kenya, Uganda, Malawi, na Sudan Kusini, huku tukidumisha nafasi yetu ya uongozi ndani ya mfumo wa bima za ushirika.

Hatua hizi zinaonyesha kujitolea kwa wafanyakazi wetu, imani ya wateja wetu, na msaada endelevu kutoka kwa wanahisa wetu.

Mwelekeo wetu wa Baadaye

Tunaingia katika mzunguko mpya wa kimkakati, kwa ujasiri, kwa uwazi wa madhumuni, na kwa matumaini makuu kuhusu siku zijazo. Mkakati wetu wa EDGE wa 2026-2030 utaongoza awamu inayofuata ya ukuaji na mageuzi ya Kundi. Mkakati huu umeundwa ili kuweka CIC Insurance Group katika mafanikio endelevu katika mazingira ya kifedha yanayozidi kuwa na mabadiliko na ushindani mkubwa.

Huku ukijikita katika mfumo wa EDGE, mkakati huu unajikita katika:

• Kuzingatia wateja kwa kiwango cha kipekee

• Mabadiliko ya kidijitali na ubunifu

• Kukuza ukuaji endelevu

• Kujenga na kuimarisha utamaduni wa CIC

Kupitia kwa mkakati huu, tutaendelea kuimarisha ushirikiano wetu ndani ya harakati za ushirika huku tukiendelea kupanua uwezo wetu wa kuwafikia wateja wapya na masoko katika kanda.

Kutoa Thamani kwa Wanahisa

Bodi ya Usimamizi imehakikisha kuwa swala la wanahisa kupata faida endelevu limepewa kipaumbele.

Kuendelea kukua kwa mali ya kimsingi ya Kundi na uwepo wake sokoni unaonyesha nguvu ya mtindo wetu wa kibiashara na utekelezaji wa kimkakati unaotekelezwa kwa nidhamu. Kupitia usimamizi wa kifedha wa busara na ugavi wa mtaji wenye nidhamu, Kundi hili limeweza kuwa na mizania ya kifedha iliyo dhabiti huku likiendelea kuwekeza katika uvumbuzi, ubora wa uendeshaji, na mipango ya ukuaji wa baadaye.

Bodi vilevile inaendelea kusawazisha faida kwa wanahisa kupitia mgawanyo wa gawio, huku ikihifadhi mtaji wa kutosha kusaidia upanuzi wa baadaye na uwekezaji wa kimkakati.

Shukrani

Kwa niaba ya Bodi, ningependa kutoa shukrani zangu za dhati kwa wakurugenzi wenzangu kwa mwongozo wao thabiti, kujitolea kwao, na usimamizi wao mzuri wa rasilimali kwa mwaka mzima.

Vilevile ninatoa shukrani za dhati kwa Mkurugenzi Mtendaji wa Kundi na Afisa Mtendaji Mkuu, timu ya uongozi, na wafanyakazi wote kwa kujitolea kwao, ustahimilivu, na bidii katika kutekeleza mkakati wa Kundi.

Hatimaye, ninawashukuru wanahisa wetu, wateja wetu, washirika wa kibiashara, mamlaka za udhibiti, na wadau wote kwa kuendelea kuwa na imani na CIC Insurance Group.

Hitimisho

Tunapotazamia siku za usoni, ninaendelea kuamini kwamba CIC Insurance Group iko katika nafasi nzuri ya kujenga msingi imara, kutoa ukuaji endelevu na kuunda thamani ya kudumu kwa wadau wote.

Kwa pamoja, tutaendeleza dhamira yetu ya kuwawezesha watu

binafsi, biashara, na jamii kufikia uhuru wa kifedha na ustawi.

Asanteni.

Dkt. Nelson Kuria, OGW, MBS Mwenyekiti wa Kundi

BOARD OF DIRECTORS

Dr. Nelson Kuria, OGW, MBS: Group Chairman

Dr. Nelson Kuria aged 72, joined the Board in September 2020 as an Independent Non-Executive Director and became the chairman on 29th June 2021. He holds a BA in Economics, MA in Leadership studies and an Executive Leadership training from Stanford Business School. Dr. Kuria has 37 years of experience in development finance and insurance. He entered the insurance industry in 1982 through Kenya National Assurance Company as an Assistant Manager where he rose to the position of Chief Manager -General Insurance Division and later also served as the General Manager in Gateway insurance Company. He was the CIC Insurance Group CEO from 2001 to 2015. Dr. Kuria is currently the Chairman of Smep Microfinance Bank, Kenya National Entrepreneurs Savings Trust, Institute of Directors of Kenya (IoDK) and African International University Council. He has also served as a Chairman of the Association of Kenya Insurers (AKI), Enwealth Financial Services, Deputy Chairman Federation of Kenya Employers and Board Member of many organizations both locally and internationally, notably; Kenya Reinsurance Corporation, Takaful Insurance of Africa, Kenyatta National Hospital, College of Insurance and the International Co-operative & Mutual Insurance Federation.

Mr. James Njue: Group Vice Chairman

Mr. James Njue aged 59, joined the Board in 2019. Mr. Njue represents Eastern Region based societies at the Co-operatives Insurance Society Limited. He is the Chairman of Nawiri Sacco Society. He is also a Director of Coop Holdings Co-operative Society and the Cooperative Bank of Kenya Ltd. Mr. Njiru is a member of Board of Management for various schools in the Eastern Region. He holds a diploma in Business Management from the Kenya Institute of Management. He is also a member of the Institute of Directors of Kenya.

Patrick Nyaga: Group Managing Director and Chief Executive Officer Mr. Patrick Nyaga, aged 58, joined the Company on 22nd June 2020, as the Group Chief Executive Officer. He holds a Master of Business Administration from Strathmore Business School and a Bachelor of Commerce Degree in Accounting from Nairobi University. He is a Certified Public Accountant (K) and a member of ICPAK. Mr. Nyaga has over 30 years of working experience mainly in Financial Services and Auditing. He has worked in various senior positions in the Banking sector. Prior to joining CIC Insurance Group Plc, he was the Group Finance and Strategy Director at Co-operative Bank of Kenya Limited. He previously worked at Barclays Bank now (ABSA) as the Regional Head of Assurance and at KPMG (EA), with the main focus being audit of financial institutions in Kenya and the regions. He is a member of the Institute of Directors of Kenya and has undertaken training in various disciplines among them Corporate Governance, Insurance, Banking, and Strategy among others.

Mr. Gordon Owuor: Director

Mr. Gordon Owuor, aged 69, is a Non-Executive Director and representing Co-operative Insurance Society Ltd., a major shareholder. He is the Chairman of Jumuika (formerly Chemelil) Sacco, a member of the Nyanza Provincial Co-operative Development Team and a Member of the Institute of Directors- Kenya. He previously worked with the East African Fresh Water Fisheries Research Organization and currently is the chairman of Loyalty Refined Limited. He holds an executive Diploma in Financial Management. He has undertaken training in specialized Life Assurance Business Management conducted by LIMRA and several corporate governance training courses including from Centre for Corporate Governance and Leadership Group

BOARD OF DIRECTORS

Mr. Michael Ondinya Wambia: Director

Mr. Michael Ondinya Wambia, aged 57, is a Non-Executive Director representing Co-operative Insurance Society Ltd. The Director also holds a diploma in Education Management from KEMI (Kenya Educational Management Institute) and is a Member of the Institute of Directors Kenya. He is the Chairman of Maanisha Xane Growers Cooperative society. Director Wambia has undertaken training in specialized Life Assurance Business Management conducted by LIMRA. He has also undergone extensive training on Corporate Governance by International Finance Corporation (IFC), Centre for Corporate Governance and Leadership Group.

Dr. Rogers Kinoti: Director

Dr. Rogers Kinoti, aged 49, joined the Board as an Independent nonexecutive director on 22nd July 2021. Dr. Kinoti has a wealth of experience in Investment Management and Finance having worked for over 19 years in various private and public financial institutions. Dr. Kinoti holds a PhD in Finance (JKUAT), Master of Arts in Economics and Bachelor of Arts (Economics) First Class Honors from the University of Nairobi. He is a Certified Public Accountant, CPA (K), a Certified Public Secretary, CPS (K) and a Financial Analyst, FA (K). He is a member of ICPAK, ICPSK and ICIFA. Dr. Kinoti is a lecturer at Riara University School of Business and served as the Independent Chairman of the Audit and Risk Committee of the Teachers Service Commission (TSC) until February 2023.

CS Commissioner Sharon Kisire: Director

CS Commissioner Sharon J. Kisire aged 57, joined the Board on 4th August 2022 as an independent non-executive Director. She holds a Master's degree in Arts, a Diploma in Human Resources Management, and a PhD student at Strathmore University. She is a Certified Secretary (ICS), a Certified Executive Leadership Coach, a Certified Governance Auditor, and a Certified Emotional Intelligence Coach. The Director is currently a Commissioner at the Teachers Service Commission. She has previously worked as the General Manager, HR and Administration at Kenya pipeline Company, Director -Resources at Safaricom limited, Head, Human Capital at Kenya wildlife Service among others. Director Kisire is a Trustee at the Kenya Methodist University, Council member at African International University and the Chairman of the Board of HR professional Examinations. She is a member of Kenya Institute of Management, Institute of certified secretaries, and Institute of Directors of Kenya.

FCPA - Julius Mwatu: Director

FCPA Julius Waita Mwatu, aged 53, joined the Board as an independent non - executive Director on 1st April 2021. FCPA Mwatu holds a Master's in Business Administration (Finance) from the United States International University (USIU) Africa. He is the Managing Partner at CPJ & Associates (CPA-K) and has extensive experience in the accountancy profession spanning over 20 years specializing in Audit, Tax, Finance and Integrated Reporting. FCPA Mwatu is a past Chairman of the Institute of Certified Public Accountants of Kenya (ICPAK) and has vast board experience both locally and internationally, gained from the private sector, public sector, publicly listed entities, and non- profit & donor funded agencies.