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CIC Insurance 2019
Ericsson
#141 Posted : Friday, March 26, 2021 7:57:12 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
maka wrote:
[quote=Ericsson]Full year loss before tax ksh
79mn

First half--Loss of ksh.286mn
Second half--Profit of ksh.207mn
FY2020---Loss of 79mn

https://mobile.twitter.c...972283463303170/photo/1[/quote]


Does this one have hope.. I think it has ever traded at 11.50.... Can it go back there in 5 years?


The new MD at his inauguration said he has a strategy of bringing it back on track.
Of late I have seen advertisements for recruitment for various positions.
They made a big mistake ploughing alot of their resources in buying huge tracks of land at far flung areas.

Let's see how it goes.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#142 Posted : Monday, March 29, 2021 11:37:40 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
[quote=Ericsson]Full year loss before tax ksh
79mn

First half--Loss of ksh.286mn
Second half--Profit of ksh.207mn
FY2020---Loss of 79mn

https://mobile.twitter.c...972283463303170/photo/1[/quote]

https://www.nse.co.ke/ph...ar-ended-31-dec-2020.pdf
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#143 Posted : Sunday, July 04, 2021 7:53:53 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
https://www.businessdail...ria-as-chairman-3459046

Former CEO is back as Chairman and independent director.
Musical 💺chairs.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Sufficiently Philanga....thropic
#144 Posted : Monday, July 05, 2021 11:29:10 AM
Rank: Elder


Joined: 9/23/2010
Posts: 2,160
Location: Sundowner,Amboseli
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/cic-taps-former-chief-executive-nelson-kuria-as-chairman-3459046

Former CEO is back as Chairman and independent director.
Musical 💺chairs.


Mr.Market seems happy with this development.
Markets
heri
#145 Posted : Tuesday, July 06, 2021 11:45:05 AM
Rank: Member


Joined: 9/14/2011
Posts: 796
Location: nairobi
Sufficiently Philanga....thropic wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/cic-taps-former-chief-executive-nelson-kuria-as-chairman-3459046

Former CEO is back as Chairman and independent director.
Musical 💺chairs.


Mr.Market seems happy with this development.


Is it just the news of a new chairman that is exciting the market or there is another reason? I am deep in red on this one and any opportunity to get out of jail would be welcome
mlennyma
#146 Posted : Tuesday, July 06, 2021 12:36:33 PM
Rank: Elder


Joined: 7/21/2010
Posts: 6,116
Location: nairobi
heri wrote:
Sufficiently Philanga....thropic wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/cic-taps-former-chief-executive-nelson-kuria-as-chairman-3459046

Former CEO is back as Chairman and independent director.
Musical 💺chairs.


Mr.Market seems happy with this development.


Is it just the news of a new chairman that is exciting the market or there is another reason? I am deep in red on this one and any opportunity to get out of jail would be welcome


also gearing for a good exit
"Don't let the fear of losing be greater than the excitement of winning."
Sufficiently Philanga....thropic
#147 Posted : Tuesday, July 06, 2021 12:39:51 PM
Rank: Elder


Joined: 9/23/2010
Posts: 2,160
Location: Sundowner,Amboseli
heri wrote:
Sufficiently Philanga....thropic wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/cic-taps-former-chief-executive-nelson-kuria-as-chairman-3459046

Former CEO is back as Chairman and independent director.
Musical 💺chairs.


Mr.Market seems happy with this development.


Is it just the news of a new chairman that is exciting the market or there is another reason? I am deep in red on this one and any opportunity to get out of jail would be welcome


May reasons, 2 i can point out.
1) We are in the middle of a mini bull run that started with the tier 1 stocks, i.e Safaricom and Equity. I believe it's now tier 2 stocks turn to shine and this is where the CICs, Bamburi, Centum, Britam, NMG are. The monkey stocks will finally have their day.
2) Deep pocketed investors are buying into the stock market now that we only have 1 year left to the elections and history shows that the period after the elections is marked by alot of euphoria.

I suggest you just wait out until after the elections as the long journey upwards has just started but will gather momentum in the run up to elections and the period thereafter.
Markets
Ericsson
#148 Posted : Tuesday, July 06, 2021 12:56:20 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
Sufficiently Philanga....thropic wrote:
heri wrote:
Sufficiently Philanga....thropic wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/cic-taps-former-chief-executive-nelson-kuria-as-chairman-3459046

Former CEO is back as Chairman and independent director.
Musical 💺chairs.


Mr.Market seems happy with this development.


Is it just the news of a new chairman that is exciting the market or there is another reason? I am deep in red on this one and any opportunity to get out of jail would be welcome


May reasons, 2 i can point out.
1) We are in the middle of a mini bull run that started with the tier 1 stocks, i.e Safaricom and Equity. I believe it's now tier 2 stocks turn to shine and this is where the CICs, Bamburi, Centum, Britam, NMG are. The monkey stocks will finally have their day.
2) Deep pocketed investors are buying into the stock market now that we only have 1 year left to the elections and history shows that the period after the elections is marked by alot of euphoria.

I suggest you just wait out until after the elections as the long journey upwards has just started but will gather momentum in the run up to elections and the period thereafter.


What about the economic indicators,they are pointing a rosy picture.
Tourism is still dead.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#149 Posted : Tuesday, July 06, 2021 12:58:02 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
heri wrote:
Sufficiently Philanga....thropic wrote:
Ericsson wrote:
https://www.businessdailyafrica.com/bd/corporate/companies/cic-taps-former-chief-executive-nelson-kuria-as-chairman-3459046

Former CEO is back as Chairman and independent director.
Musical 💺chairs.


Mr.Market seems happy with this development.


Is it just the news of a new chairman that is exciting the market or there is another reason? I am deep in red on this one and any opportunity to get out of jail would be welcome


Mark your exit price and jump out
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
maka
#150 Posted : Tuesday, July 06, 2021 1:09:25 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,474
Location: Nairobi
Ericsson wrote:
heri wrote:
Sufficiently Philanga....thropic wrote:
[quote=Ericsson]https://www.businessdailyafrica.com/bd/corporate/companies/cic-taps-former-chief-executive-nelson-kuria-as-chairman-3459046

Former CEO is back as Chairman and independent director.
Musical 💺chairs.


Mr.Market seems happy with this development.


Is it just the news of a new chairman that is exciting the market or there is another reason? I am deep in red on this one and any opportunity to get out of jail would be welcome


22% ... to the moon
possunt quia posse videntur
kmucheke
#151 Posted : Tuesday, July 13, 2021 5:36:04 PM
Rank: Member


Joined: 3/16/2019
Posts: 268
South Africa-based GCR downgrades CIC Insurance’s credit rating
Quote:
South Africa-based Global Credit Ratings (GCR) has downgraded the credit profiles of CIC Insurance Group general and life units.

Quote:
The agency said the rating downgrade on CIC Life followed the group’s continued elevated exposure to investment property — mainly land banks — on the backdrop of a significant shareholder loan, which is on commercial terms.

“The negative outlook reflects high susceptibility of investment property to market risk amid the Covid-19 pandemic, which could moderate the group’s capital assessment over the medium term,” the rating firm said.

On the life unit, GCR noted over the past five years, the underwriter’s capacity to generate internal capital has been sluggish considering weak earnings performance demonstrated over the same period.

“Consistent with GCR’s group ratings approach, CIC Life’s overall risk score was capped by the group’s creditworthiness despite having a stronger standalone credit profile relative to its parent company,” said GCR.

Meanwhile the share price has gained 58.22% YTD
Ericsson
#152 Posted : Wednesday, July 14, 2021 9:41:13 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
kmucheke wrote:
South Africa-based GCR downgrades CIC Insurance’s credit rating
Quote:
South Africa-based Global Credit Ratings (GCR) has downgraded the credit profiles of CIC Insurance Group general and life units.

Quote:
The agency said the rating downgrade on CIC Life followed the group’s continued elevated exposure to investment property — mainly land banks — on the backdrop of a significant shareholder loan, which is on commercial terms.

“The negative outlook reflects high susceptibility of investment property to market risk amid the Covid-19 pandemic, which could moderate the group’s capital assessment over the medium term,” the rating firm said.

On the life unit, GCR noted over the past five years, the underwriter’s capacity to generate internal capital has been sluggish considering weak earnings performance demonstrated over the same period.

“Consistent with GCR’s group ratings approach, CIC Life’s overall risk score was capped by the group’s creditworthiness despite having a stronger standalone credit profile relative to its parent company,” said GCR.

Meanwhile the share price has gained 58.22% YTD


It's correcting itself and will be back to ksh.2
Supply with no corresponding demand
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
kmucheke
#153 Posted : Wednesday, August 11, 2021 5:43:39 PM
Rank: Member


Joined: 3/16/2019
Posts: 268

CIC Insurance posts Sh259 million profit in half-year


Quote:
CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.

The return to profitability was helped by improved performance in the underwriting business and higher investment income.


Quote:
CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.

Ericsson
#154 Posted : Thursday, August 12, 2021 10:49:27 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year


Quote:
CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.

The return to profitability was helped by improved performance in the underwriting business and higher investment income.


Quote:
CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.




Have they identified a potential buyer.
Meanwhile debt is increasing as they struggle with liquidity issues.
They are now taking short term debts.
The Kamiti plot needs to be sold like yesterday.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
littledove
#155 Posted : Monday, August 16, 2021 7:51:18 AM
Rank: Member


Joined: 7/1/2014
Posts: 836
Location: sky
Ericsson wrote:
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year


Quote:
CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.

The return to profitability was helped by improved performance in the underwriting business and higher investment income.


Quote:
CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.




Have they identified a potential buyer.
Meanwhile debt is increasing as they struggle with liquidity issues.
They are now taking short term debts.
The Kamiti plot needs to be sold like yesterday.

https://www.businessdailyafrica.com/bd/corporate/companies/cic-to-pay-sh3-4-billion-co-op-loan-kiambu-land-sale-3512742

looks like they already have the buyer for kiambu land, but its like shareholders will get nothing. Its becoming a norm where companies are disposing very prime assets and giving nothing to shareholders - centum with almasi and now thisSad
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
#156 Posted : Monday, August 16, 2021 10:16:51 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
littledove wrote:
Ericsson wrote:
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year


Quote:
CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.

The return to profitability was helped by improved performance in the underwriting business and higher investment income.


Quote:
CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.




Have they identified a potential buyer.
Meanwhile debt is increasing as they struggle with liquidity issues.
They are now taking short term debts.
The Kamiti plot needs to be sold like yesterday.

https://www.businessdailyafrica.com/bd/corporate/companies/cic-to-pay-sh3-4-billion-co-op-loan-kiambu-land-sale-3512742

looks like they already have the buyer for kiambu land, but its like shareholders will get nothing. Its becoming a norm where companies are disposing very prime assets and giving nothing to shareholders - centum with almasi and now thisSad


Wait for Jubilee Holdings.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
littledove
#157 Posted : Monday, August 16, 2021 12:34:12 PM
Rank: Member


Joined: 7/1/2014
Posts: 836
Location: sky
Ericsson wrote:
littledove wrote:
Ericsson wrote:
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year


Quote:
CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.

The return to profitability was helped by improved performance in the underwriting business and higher investment income.


Quote:
CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.




Have they identified a potential buyer.
Meanwhile debt is increasing as they struggle with liquidity issues.
They are now taking short term debts.
The Kamiti plot needs to be sold like yesterday.

https://www.businessdailyafrica.com/bd/corporate/companies/cic-to-pay-sh3-4-billion-co-op-loan-kiambu-land-sale-3512742

looks like they already have the buyer for kiambu land, but its like shareholders will get nothing. Its becoming a norm where companies are disposing very prime assets and giving nothing to shareholders - centum with almasi and now thisSad


Wait for Jubilee Holdings.

this has always escaped my ladder, nitakula kwa macho tu
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
FUNKY
#158 Posted : Monday, August 16, 2021 2:16:42 PM
Rank: Veteran


Joined: 4/30/2010
Posts: 1,635
littledove wrote:
Ericsson wrote:
littledove wrote:
Ericsson wrote:
kmucheke wrote:

CIC Insurance posts Sh259 million profit in half-year


Quote:
CIC Insurance Group posted a Sh259.5 million net profit in the half year ended June, reversing a net loss of Sh335.5 million the year before.

The return to profitability was helped by improved performance in the underwriting business and higher investment income.


Quote:
CIC is close to disposing a large part of its land holdings, with the proceeds earmarked for paying down debt and reinvesting the balance in cash-generating assets.



On a positive note they will become debt free and resume dividend payouts

Have they identified a potential buyer.
Meanwhile debt is increasing as they struggle with liquidity issues.
They are now taking short term debts.
The Kamiti plot needs to be sold like yesterday.

https://www.businessdailyafrica.com/bd/corporate/companies/cic-to-pay-sh3-4-billion-co-op-loan-kiambu-land-sale-3512742

looks like they already have the buyer for kiambu land, but its like shareholders will get nothing. Its becoming a norm where companies are disposing very prime assets and giving nothing to shareholders - centum with almasi and now thisSad


Wait for Jubilee Holdings.

this has always escaped my ladder, nitakula kwa macho tu

Ericsson
#159 Posted : Wednesday, September 15, 2021 8:29:31 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
https://www.businessdail...-senior-citizens-3549892
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#160 Posted : Thursday, October 14, 2021 12:26:20 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,920
Location: NAIROBI
https://www.standardmedi...robi-dip-by-27-per-cent

Land and property prices in Nairobi and it's environs are self-correcting due to market forces with a report revealing a drop of upto 27%.

A recent Macro Strategy Report published by EFG Hermes, a financial service company, which analysed land prices in the high-end market segment, upper-middle and satellite towns found that the pricing was significantly lower in the first quarter of 2021 compared to the past four years.

It notes that prices of residential and commercial property in Nairobi’s satellite towns have dipped since quarter four of 2019. “Could this represent the early signs of a deeper correction in high-end property prices?” posed the report.

The report says the property market in the country is overvalued, noting that the Covid-19 pandemic has seen distressed properties sale for less than their initial valuation.

The survey notes that the current land prices in the high-end segment are significantly lower than their peak levels over the past four years. “Notably, Quarter One (Q1) of 2021 land prices in Runda were 27 per cent below their recent peaks in Q4 of 2017,” reads the report in part.

“In the middle-income segment, current land prices are also lower than their peak levels over the past four years, but not by as much as the high-end segment.”

Prices in Runda have dropped way below the initial prices in Q4 of 2014. The report notes that while current land prices in Parklands and Westlands have changed from their peak levels over the past four years, current land prices in Upper Hill - Nairobi’s most expensive suburb are 13 per cent below their peaks in Q4 2017.

“Donholm stands out within the other segment for being the only suburb that has continued to see its land prices materially appreciate since Q4 2017,” noted the survey.

The report says on the performance of suburb land prices in Nairobi, between Q4 2017 and Q1 of 2021 all have underperformed the Consumer Price Index (CPI) which is 20 per cent.

“This has to be concerning for the outlook of the property market in Nairobi’s suburbs,” it reads.

Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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