CIC Insurance Group Plc is pleased to report a Profit Before Tax of Kshs. 960 Million for the year 2021 compared to a loss before tax of Kshs. 80 Million recorded in 2020. This is a strong performance despite the devastating effects of the Covid- 19 pandemic. The positive results are attributed to the implementation of key transformational initiatives during the year, key among them: performance management, functional structures to support our Corporate Strategic Plan, operational efficiency, cost optimization, digitization, research and innovation among others.
Focus on our regional businesses has yielded good results contributing 11% of the Group’s gross written premium.
Key Highlights
1) The Group’s gross written premium excluding pension contributions increased by 16a to Kshs 19.6 billion compared to Ksh16.9 billion at the end of 2020.
2) Investment income grew significantly by 64% from Kshs. 1.4 Billion in 2020 to Kshs. 2.3 Billion in 2021 driven by increased investments in various instruments.
3) Operating and other expenses for the year was Kshs 4.7 billion whereas in the previous year the company incurred Kshs 4 billion.
4) Total assets increased by 7% to Kshs 41.5 billion compared to Kshs 38.8 billion at the end of 2020.
5) Management fees grew by 35% owing to a growth of 17% growth in assets under management in our CIC Asset Management business from Kshs. 80 Billion to Kshs.94 Billion as customers continued to increase investments for good returns and in a trusted brand.
Kenya Subsidiaries
• General Insurance Business. Gross Written Premium was up 12% to Kshs. 11.4 Billion compared to Kshs. 10.1 Billion in 2020. Profit Before Tax increased by 152% from Kshs. 256 Million to Kshs. 644 Million owing to growth in business, improved systems and processes leading to operational efficiency and improved customer experience.
• CIC Life Assurance. Gross Written Premium grew by 24% from Kshs. 4.9 Billion to Kshs. 6.1 Billion driven by Group and ordinary life. Owing to the increased claims driven by Covid- 19 pandemic, the company recorded a loss before tax of Kshs. 79 Million.
• CIC Asset Management. Assets under management grew to Kshs. 94.5 Billion compared to Kshs. 80.6 Billion in 2020 representing a 17% increase. The Company made a Profit Before Tax of Kshs. 523 Million compared to 361 Million the previous year, an increase of 45%. The company continues to be a market leader in Unit trust business with a 42% market share.
Regional Subsidiaries
The regional subsidiaries continued to grow and improve performance contributing to 11% of the Group gross written premium. CIC Malawi grew gross written premium by 43% while CIC Uganda grew by 44%.
The regional subsidiaries were profitable with exception of CIC Uganda. The regional subsidiaries contributed significantly to the Group’s bottom line.
Outlook
CIC Group will continue with the transformation initiatives aimed at growth and improving the business performance. The key focus is to significantly improve the Underwriting profit for all our businesses in Kenya and the region.
The group continues to review and implement a functional structure to support the achievement of the overall objectives as contained in our Corporate Strategic Plan. The Group’s focus on balance sheet re-organization is on course and aims at optimal utilization of the available resources including disposal of non-core assets mainly land and focusing on the core business of the Group.
The focus on research and development will be key as well as innovation ensuring capacity to expand our product offering and thus enhance product performance and customer experience. Additionally, group-wide operational efficiency focusing on cost optimization, systems uptime and process re-engineering is of critical importance and a focus area by the Group.
Digitization is a key priority with optimizing Investment in digital technology, mainly self-service channels, portals, and upgrading our systems with modern technology to support group objectives for faster and accurate reporting, decision-making as well as superior customer experience.
Conclusion
CIC Insurance Group Plc will continue to be resilient and confident of growth and profitability, in the medium to long term as the economy fully re-opens, and as the group transformation initiatives’ full impact is achieved.
![Canon’s RF/EF lens production exceeds 170 million units, extending its world record in interchangeable lens production Both EF and RF lenses have gained strong support from a wide range of users—from beginners to professionals—leading to steady growth in production volume Canon Inc. announced that, in October 2025, Canon reached a historic milestone of producing a cumulative total of 170 million RF and EF interchangeable lenses for its EOS series, extending its world record for the highest number of interchangeable camera lenses ever produced. The EF lens was introduced in 1987 as the dedicated lens system for Canon’s EOS autofocus single-lens reflex film camera, debuting simultaneously with the EOS system itself. Since their inception, EF lenses have led the industry by incorporating a series of world-first technologies, including the Ultrasonic Motor (USM), Image Stabilizer (IS) technology, and a multilayered Diffractive Optical (DO) element, and have undergone numerous evolutions. In 2018, Canon launched the RF lens series, designed for the EOS R mirrorless camera system, which features a large aperture, short back focus, and high-speed communication system to deliver even higher image quality. The RF and EF lens series lineup now includes a total of 108 models , covering a wide range of focal lengths from ultra-wide 10mm to super-telephoto 1200mm. The series also includes the world’s first VR lens lenses with built-in power zoom suited for video shooting, and even those compatible with power zoom adapters—expanding the scope of creative expression and meeting the diverse needs of users for both still photography and video. EF lens production began at Canon’s Utsunomiya Plant in 1987. Since then, both EF and RF lenses have gained strong support from a wide range of users—from beginners to professionals—leading to steady growth in production volume. Today, Canon manufactures lenses at five sites: Utsunomiya Plant; Canon Inc., Taiwan; Canon Opto (Malaysia) Sdn. Bhd.; Oita Canon Inc.; and Miyazaki Canon Inc. Milestones include 10 million units produced by 1995 and 50 million by 2009. Then in 2014, Canon became the first company in the world to reach 100 million interchangeable camera lenses produced. In October 2025, the company reached 170 million units, leading to the achievement of this world record. The 170 millionth lens produced was the RF 70-200mm F2.8 L IS USM Z. Canon has maintained the No.1 global market share for digital interchangeable-lens cameras for 22 consecutive years since 2003. Moving forward, Canon will continue to refine its proprietary imaging technologies and further strengthen and expand its lens lineup, pioneering new imaging possibilities and contributing to the continued evolution of photographic and video culture. Highlights in the development of the RF/EF Lens Series The EF lens, which was introduced alongside EOS in March 1987, has adopted a variety of world-first technologies, including Image Stabilizer (IS) technology, featured in the EF 75-300mm f/4-5.6 IS USM released in 1995; a multilayered Diffractive Optical (DO) element, used in the EF 400mm f/4 DO IS USM launched in 2001; and Subwavelength Structure Coating (SWC) [7], applied to the EF 24mm f/1.4L II USM released in 2008. In 2021, Canon launched the EOS VR System, a VR video system consisting of a mirrorless camera [8], dedicated lens, and PC software, thereby creating a 3D 180° VR video through an interchangeable lens camera. In 2024, Canon began rolling out a new series of hybrid lenses equipped with iris rings, designed to meet the needs of both still photography and professional video production. For zoom lenses, the company has also launched RF 24-105mm F2.8 L IS USM Z and RF 70-200mm F2.8 L IS USM Z which are compatible with power zoom adapters. For single focus lenses, the company released F1.4 L hybrid prime lens series that unified the size and ring and button position across models. In September 2025, Canon launched RF 85mm F1.4 L VCM, the fifth model in this series, demonstrating that it can meet demands in line with the changing times. [1] Includes EF, EF-S, EF-M, EF Cinema, RF, RF-S, and RF Cinema lenses and extenders. As of October 21, 2025 (according to a survey by Canon) [2] Among SLR cameras (according to a survey by Canon) [3] Number of products sold as of October 22, 2025 (including extenders). The number of lens models for sale is different according to market figures. [4] Focal length is 5.2mm to 1200mm when including VR lenses [5] An interchangeable digital camera lens that enables VR footage with a single camera. Among interchangeable lens digital cameras released as of October 5, 2021 (according to a survey by Canon) [6] Refers to unit share (according to a survey by Canon) [7] A special coating with advanced anti-reflective properties [8] For applicable cameras, please visit the official Canon website *Release dates in this document refer to dates in Japan. Canon Central and North Africa (CCNA) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region - by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market. Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa. Canon’s corporate philosophy is Kyosei – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.](https://businessinsights.africa/wp-content/uploads/2026/05/1.-Canon-EOS-R50-Mirrorless-Camera-for-Beginners-1024x764-1-100x70.jpg "Canon makes history with 170 Million lenses milestone")
