Kenya’s listed insurer CIC Insurance Group has received a $13.95 million windfall from the partial sale of its prime property in Nairobi, marking a major breakthrough in its bid to pay off a $26.35 million bank loan that has weighed on its books for nearly six years.
The debt, acquired in 2019, had eroded earnings through escalating finance costs while reducing dividend payouts to shareholders. Its repayment is expected to strengthen the insurer’s finances and sustain growth momentum, with profit before tax surging 56 percent to $30.23 million in 2024 from $19.37 million in 2023.
