CIC Insurance Group PLC said on Friday its net profit rose 70.3% in the first half of 2026, as higher investment returns and growth in its asset management business boosted earnings at the Kenyan insurer.

The Nairobi-based company, whose shares trade on the Nairobi Securities Exchange, reported profit after tax of 1.09 billion Kenyan shillings ($8.4 million) for the six months to June 30, up from 638.5 million shillings a year earlier, according to a statement.

Profit before tax climbed 30.2% to 1.56 billion shillings from 1.2 billion shillings in the same period last year, CIC Insurance Group said.

The company attributed the improvement to a 44% increase in investment returns, which rose to 3.96 billion shillings from 2.75 billion shillings, along with stronger income from its asset management arm.

Insurance revenue increased 17.8% to 16.3 billion shillings from 13.87 billion shillings, the insurer said. Earnings per share rose to 0.38 shillings from 0.23 shillings, while total assets grew to 81.68 billion shillings from 73.75 billion shillings a year earlier.

CIC Asset Management, the group’s fund management unit, generated 1.04 billion shillings in revenue from asset management services, up from 829 million shillings in June 2025, which the company said reflected growing investor confidence and expanding assets under management.

Assets under management at the unit rose 19% year-on-year to 211.7 billion shillings, CIC Insurance Group said, while profit before tax at the unit increased 9% to 526 million shillings on higher fund management fees. The unit’s fixed income fund grew 61% since the start of the year to 29 billion shillings.

The group also booked 962 million shillings in revenue from land sales during the period, yielding a gross margin of 341 million shillings, which it said supported balance sheet optimisation.

CIC’s general insurance business in Kenya reported an 18% rise in insurance revenue to 10.7 billion shillings, driven by growth in motor and medical policies, with profit before tax up 33% to 734 million shillings. Total assets at the unit grew 12% since the start of the year to 23.95 billion shillings.

CIC Life Assurance posted a 20% increase in insurance revenue to 4 billion shillings, though profit before tax stood at 190 million shillings, which the company said reflected higher claims during the period. Deposit administration business grew 14% since the start of the year to 21 billion shillings, and total assets rose 16% to 48 billion shillings.

Among CIC’s regional subsidiaries, South Sudan recorded the strongest growth, with insurance revenue up 71% to 563 million shillings, while Malawi grew 5% to 595 million shillings. CIC Uganda reported a 31% decline in insurance revenue to 426 million shillings. The company said all regional units remained well capitalised.

The results follow the launch weeks earlier of CIC IMPACT, a microinsurance business the group said is aimed at extending insurance coverage to underserved Kenyans working in the informal sector.

CIC Insurance Group said it provided insurance coverage to more than 2 million people and trained 6,590 cooperative leaders as part of its sustainability initiatives during the period, alongside an investment of 48 million shillings in education programmes.

The company also said it paid out 80 million shillings in agricultural insurance claims and cut electricity consumption by 4.8%, which it said avoided more than 861 tonnes of carbon emissions.

Patrick Nyaga, CIC Insurance Group’s managing director and chief executive, said the company was “pleased with the growth trajectory” of its business and confident in its ability to continue expanding.

The group said it would continue to execute a 2026-2030 strategy centred on digital transformation, product diversification and expanding financial inclusion through its microinsurance subsidiary, along with closer collaboration among its subsidiaries across the region.

CIC Insurance Group operates across Kenya, Uganda, South Sudan and Malawi, offering general insurance, life assurance and asset management services. The group is affiliated with Kenya’s cooperative movement, reflected in its “Co-operative enterprises build a better world” branding.