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Cic Insurance Group Limited and Its Subsidiaries Annual Report and Financial Statements for the Year Ended 31 December 2017

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Cic Insurance Group Limited and Its Subsidiaries Annual Report and Financial Statements for the Year Ended 31 December 2017 CIC INSURANCE GROUP LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 CIC INSURANCE GROUP LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 CONTENTS PAGES Corporate Information 1 Report of the Directors 2 – 4 Directors Remuneration Report 5 – 6 Corporate Governance Report 7 - 16 Statement of Directors’ Responsibilities 17 Report of the Independent Auditors 18 - 24 Financial Statements: Consolidated and Company Statement of Profit or Loss and Other Comprehensive Income 25 - 26 Consolidated Statement of Financial Position 27 Company Statement of Financial Position 28 Consolidated Statement of Changes in Equity 29 - 30 Company Statement of Changes in Equity 31 Consolidated Statement of Cash Flows 32 Company Statement of Cash Flows 33 Notes to the Financial Statements 34 - 131 Supplementary information: CIC Life Assurance Revenue Account Appendix I CIC General Insurance Revenue Account Appendix II Glossary of insurance terms Appendix III CIC INSURANCE GROUP LIMITED AND ITS SUBSIDIARIES CORPORATE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2017 DIRECTORS J. Magomere – Group Chairman P. Nyigei - Group Vice Chairman T. Gitogo – Group Chief Executive Officer H. Githae G. Owuor M. Wambia J. M. Mutuku V. Leseya R. Githaiga M. Mungai P. Lopokoiyit J. Njue 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 T. Gitogo - Group Chief Executive Officer G. Wafula - Group Chief Finance Officer S. Mutua – Managing Director: CIC Asset Management Limited E. Wachira – Managing Director: CIC General Insurance Limited E. Owuor – Managing Director: CIC Life Assurance Limited Z. Mungai – Managing Director: CIC Africa (Uganda) Limited A. Murunga – Managing Director: CIC Africa Insurance (SS) Limited R. Murigih – Managing Director: CIC Africa Co-operatives Insurance Limited G. Odongo – Group Company Secretary/Chief Legal Officer P. Oyugi – General Manager Human Resource & Administration M. Luvai – Group Chief Internal Auditor J. Kamiri - General Manager – Marketing & Public Relations S. Robi - Group Risk and Compliance Manager H. Malmqvist - Group Chief Information Officer R. Nyakenogo - General Manager Co-operatives M. Kabiru - General Manager Finance and Investments AUDITORS Ernst & Young LLP Certified Public Accountants Kenya Re Towers, Upper Hill Off Ragati Road P.O. Box 44286 - 00100 Nairobi, Kenya PRINCIPAL BANKERS The Co-operative Bank of Kenya Limited P. O. Box 67881 - 00100 Nairobi, Kenya CONSULTING ACTUARIES The Actuarial Services Company Limited Victoria Towers, Upper Hill P.O. Box 10472 - 00100 Nairobi, Kenya 1 CIC INSURANCE GROUP LIMITED AND ITS SUBSIDIARIES REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2017 The directors submit their report together with the audited financial statements for the year ended 31 December 2017. 1. INCORPORATION The company is domiciled in Kenya where it is incorporated as a public company limited by shares under the Kenyan Companies Act, 2015. The address of the registered office is set out on page 1. 2. DIRECTORATE The directors who held office during the year and to the date of this report are set out on page 1. 3. PRINCIPAL ACTIVITIES The principal activity of the Group is the transaction of general and life insurance business and fund management. The Group also invests in equity and government securities, properties and loans. 4. RECOMMENDED DIVIDEND The directors recommend the approval of a first and final dividend of KShs 313,869,000. (2016: KShs 274,635,699) which represents 12% of paid up capital (2016: 10.5%) 5. GROUP RESULTS 2017 2016 KShs’000 KShs’000 Profit before taxation 519,156 114,388 Taxation (charge)/credit (40,683) 73,797 Profit for the year 478,473 188,185 6. BUSINESS REVIEW Operating Model and Service delivery models Our operating model is a customer driven model, where all our functions work together with a unitary goal of serving the customer at one stop (One CIC). A service delivery model defines how work adds value and relates to the business. At CIC Group, we operate a flexible and aligned service delivery model that will ensure that customers (both external and internal) are served promptly, and in a cost effective way. Our service delivery model is also aimed at ensuring we deliver the best service to our customers at the same time aiming at creating shareholder value. We create shareholder value by focusing on several core areas, underpinned by our commitment to creating and maintaining a sustainable business. These are: Products and Services Our operating model includes a comprehensive and fully embedded risk management process which assists us in identifying and managing risks and opportunities to deliver the Group’s strategy and the other essential elements of our business model. CIC Group is licensed to trade in all product lines except aviation. CIC Group was awarded the 2017 Group Life Company of the Year Award. Claims Settlement and management process The claims settlement process is the true value of an insurance cover. Claims account for the highest percentage of the group’s cost. The manner in which a claims process is managed is therefore vital to the group’s profitability and we endeavor to deliver on our promise of keeping our word and our promise to our clients. In addition, we have mechanism in place to ensure the fraudulent claims do not fall through and minimize the risks that come through as a result of fraudulent claims. The group has in place a strong and robust reinsurance program to cover any huge risks that may befall it at any point in time. 2 CIC INSURANCE GROUP LIMITED AND ITS SUBSIDIARIES REPORT OF THE DIRECTORS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2017 6. BUSINESS REVIEW (CONTINUED) In the year, Global Credit Rating (GCR) affirmed the national scale claims paying ability rating assigned to CIC General Insurance Limited of A (KE) while CIC Life Assurance Limited scored an A+ (KE) rating. Following a ddetailed analysis and research with key players in the motor vehicle accident and repair value chain CIC Insurance has set up its own motor assessment centre. This will enhance faster turnaround times, faster resolution of disputes leading to more efficient claims processing and management systems. Distribution Network The group has footprint across the country through the branch networks, brokers & independent agents and tied financial advisors. We endeavor to bring our products and services closer to our clients through our branch network all over the country and our regional offices in South Sudan, Uganda and Malawi. We have a head office at Upper hill, Nairobi and 24 branches situated in various parts of the country. We have also partnered with various intermediaries who are very instrumental in our process of making the products available to our clients. We have also entered into various strategic business partnerships including; The Cooperative Movement, banks and the intermediaries so that our products reach and serve every household in Kenya. The group has also embraced ICT technology to distribute its products through M-bima platform. Social and mainstream media has also been used to create awareness of the group’s products. Income and Asset growth Increasing assets, growing revenue and lowering unit costs enables us to drive our profit and further invest in growing our business. We derive our income through prudent underwriting processes in Life and General insurance products, managing client’s investment under Asset management, Managing pensions, annuity funds on behalf of our customers and investment income generated from the funds we invest. Our focus in setting such targets is to achieve sustainable performance over the short and long term. We supplement the income from our underwriting processes through the returns from the various investment portfolios. The Group owns two commercial buildings in Upper hill which generates rental income and parcels of land at Kisaju, Kiambu and Kajiado which continue to appreciate and offer competitive returns. The Kiambu property is in the final stage of development plans approvals. We create value for our shareholders by efficiently managing the financial resources and strong management of the company as a whole. Information Communication and Technology The company has invested heavily in ICT infrastructure and systems. Currently, CIC Group has businesses operating all over Kenya with 25 branches. The Group customers can file a report including claims at any CIC branch offices countrywide. The branches are interconnected with the head office via a wide area network which makes communication easy. The group has also heavily invested in a Life insurance distribution portal and mobile App. To enhance efficiency and timely reports, the group is implementing an ERP system within which will integrate processes and reports with other business systems. Employees and leadership Employees play the key role in delivering the group’s strategic objectives and goals. The group is among the top companies in the industry with highly trained, skilled, motivated and remunerated employees. The group has heavily invested in employee training, development and coaching. CIC Group has a strong management and leadership which has long embraced and practiced strategic thinking and co-operative entrepreneurship spirit. 3 CIC INSURANCE GROUP LIMITED AND
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