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CIC Insurance 2019
Ericsson
#1 Posted : Saturday, July 27, 2019 8:13:49 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,398
Location: NAIROBI
HY 2019 results are out
Net earned premiums up 0.04% to ksh.7.1bn from 7.082bn
Net claims and policy holders up 7.9% to ksh.5bn for 4.669bn in 2018
Profit before tax @ksh.146.839mn
Profit after tax at ksh.20.9mn
EPS plunges 95% to ksh.0.01

https://mobile.twitter.c...035182975606784/photo/1

Horton
#2 Posted : Saturday, July 27, 2019 9:11:05 PM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,463
Location: Nairobi
Ericsson wrote:
HY 2019 results are out
Net earned premiums up 0.04% to ksh.7.1bn from 7.082bn
Net claims and policy holders up 7.9% to ksh.5bn for 4.669bn in 2018
Profit before tax @ksh.146.839mn
Profit after tax at ksh.20.9mn
EPS plunges 95% to ksh.0.01


Yikes.
Fyatu
#3 Posted : Saturday, July 27, 2019 11:51:48 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,585
Location: Nakuru
This is commendable of CIC for reporting early even before wazungu and/or SA controlled banks e.g., CFC,Barclays and Stanchart. Some firms here at NSE have issued profit warning for FY 2019 and they have not even reported on FY 2018. In the States(USA), bigger firms with revenues > Ksh. 1 trillion and balance sheets of > kshs 10 trillion report 2 days after or even on the last day of the quarter. Other NSE listed firms should emulate CIC.
Dumb money becomes dumb only when it listens to smart money
VituVingiSana
#4 Posted : Sunday, July 28, 2019 1:23:33 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,421
Location: Nairobi
Fyatu wrote:
This is commendable of CIC for reporting early even before wazungu and/or SA controlled banks e.g., CFC,Barclays and Stanchart. Some firms here at NSE have issued profit warning for FY 2019 and they have not even reported on FY 2018. In the States(USA), bigger firms with revenues > Ksh. 1 trillion and balance sheets of > kshs 10 trillion report 2 days after or even on the last day of the quarter. Other NSE listed firms should emulate CIC.
All that jazz about reporting faster is fine but what went wrong in 1H?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
xxxxx
#5 Posted : Sunday, July 28, 2019 1:20:31 PM
Rank: Member


Joined: 3/20/2008
Posts: 476
VituVingiSana wrote:
Fyatu wrote:
This is commendable of CIC for reporting early even before wazungu and/or SA controlled banks e.g., CFC,Barclays and Stanchart. Some firms here at NSE have issued profit warning for FY 2019 and they have not even reported on FY 2018. In the States(USA), bigger firms with revenues > Ksh. 1 trillion and balance sheets of > kshs 10 trillion report 2 days after or even on the last day of the quarter. Other NSE listed firms should emulate CIC.
All that jazz about reporting faster is fine but what went wrong in 1H?

Laughing out loudly Laughing out loudly good question.....infact why is it that all our insurers underwrite at Losses year in year out?.The answer to these questions may explain why the Jinnah's are putting their stakes in these insurance companies on the chopping block.
Ericsson
#6 Posted : Monday, July 29, 2019 1:13:49 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,398
Location: NAIROBI
xxxxx wrote:
VituVingiSana wrote:
Fyatu wrote:
This is commendable of CIC for reporting early even before wazungu and/or SA controlled banks e.g., CFC,Barclays and Stanchart. Some firms here at NSE have issued profit warning for FY 2019 and they have not even reported on FY 2018. In the States(USA), bigger firms with revenues > Ksh. 1 trillion and balance sheets of > kshs 10 trillion report 2 days after or even on the last day of the quarter. Other NSE listed firms should emulate CIC.
All that jazz about reporting faster is fine but what went wrong in 1H?

Laughing out loudly Laughing out loudly good question.....infact why is it that all our insurers underwrite at Losses year in year out?.The answer to these questions may explain why the Jinnah's are putting their stakes in these insurance companies on the chopping block.

Consolidation is needed in the insurance industry,too many players
mlennyma
#7 Posted : Monday, July 29, 2019 2:37:01 PM
Rank: Elder


Joined: 7/21/2010
Posts: 5,962
Location: nairobi
Tough.. . those claims are very high,i hope there is no inside job in eating them.
"Don't let the fear of losing be greater than the excitement of winning."
Ericsson
#8 Posted : Monday, July 29, 2019 10:19:59 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,398
Location: NAIROBI
mlennyma wrote:
Tough.. . those claims are very high,i hope there is no inside job in eating them.


The company says losses in the life business caused by adverse group life claims.
General insurance unit made a pre-tax profit of ksh.326mn
Asset management pretax profit of ksh.104mn
Subsidiaries made a combined pretax profit of ksh.50mn

https://www.businessdail...15312-gf3u37z/index.html
Ericsson
#9 Posted : Tuesday, July 30, 2019 5:09:46 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,398
Location: NAIROBI
cash generated from operations was a whopping Kshs. 1.96b! The business is roaring, despite one-offs.
Regional subsidiaries contributed 10% to GWPs (Gross Written Premiums).
heri
#10 Posted : Wednesday, July 31, 2019 9:56:21 AM
Rank: Member


Joined: 9/14/2011
Posts: 682
Location: nairobi
Ericsson wrote:
cash generated from operations was a whopping Kshs. 1.96b! The business is roaring, despite one-offs.
Regional subsidiaries contributed 10% to GWPs (Gross Written Premiums).


But they need alot more to pay the bond
Ericsson
#11 Posted : Monday, August 19, 2019 9:59:51 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,398
Location: NAIROBI
Share price going up and up as the market bleeds
littledove
#12 Posted : Monday, August 19, 2019 10:17:27 AM
Rank: Member


Joined: 7/1/2014
Posts: 726
Location: sky
Ericsson wrote:
Share price going up and up as the market bleeds

may be someone has an idea of whats going on concerning the land transaction and bond repayment
There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
Ericsson
#13 Posted : Monday, August 19, 2019 11:40:53 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,398
Location: NAIROBI
littledove wrote:
Ericsson wrote:
Share price going up and up as the market bleeds

may be someone has an idea of whats going on concerning the land transaction and bond repayment


Most likely the bond repayment like they will fully repay the bond without taking any borrowing.
Ebenyo
#14 Posted : Monday, August 19, 2019 8:12:51 PM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,712
Location: Kitale
Ericsson wrote:
Share price going up and up as the market bleeds




The day price range was 3.20-3.50 with a volume of 51,500
Towards the goal of financial freedom
Ericsson
#15 Posted : Tuesday, August 20, 2019 3:40:55 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,398
Location: NAIROBI
Ebenyo wrote:
Ericsson wrote:
Share price going up and up as the market bleeds




The day price range was 3.20-3.50 with a volume of 51,500

3.44 closing price today
Angelica _ann
#16 Posted : Monday, August 26, 2019 11:59:32 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,857

KRA targets doctors' payments from 12 foreign insurance firms


https://www.businessdail...262-126o9fez/index.html


Will this affect our listed insurance companies in any way?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Ericsson
#17 Posted : Tuesday, August 27, 2019 12:03:09 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,398
Location: NAIROBI
Angelica _ann wrote:

KRA targets doctors' payments from 12 foreign insurance firms


https://www.businessdail...262-126o9fez/index.html


Will this affect our listed insurance companies in any way?


It's not a foreign firm
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