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CIC INSURANCE GROUP LIMITEDREPORT OF DIRECTORSThe directors have pleasure in presenting their report together with the audited financial statements for the year ended 31December 2011.PRINCIPAL ACTIVITIESThe principal activity of the company and its subsidiary is the transaction of general and life insurance business and fundmanagement. The group also invests in securities, properties, mortgages and loans.BUSINESS REORGANISATIONThe company has obtained approval from the Insurance Regulatory Authority and Ministry of Finance to reorganise its businessthrough the registration of two new subsidiaries CIC General Insurance Limited and CIC Life Assurance Limited for the transactionof general and life insurance business respectively commencing 1 January 2012.RESULTSGeneralLifeBusiness Business TotalSh’000 Sh’000 Sh’000Profit before taxation 666,592 120,622 787,214Taxation charge (189,079 ) (13,921) (203,000)Profit for the year 477,513 106,701 584,214DIVIDENDSThe directors recommend the payment of a first and final dividend of Sh 196,169,000 (2010: Sh 95,914,000) which represents 9%of the paid up share capital (2010 - 8% including amounts awaiting allotment of shares as at 31 December 2010).DIRECTORSThe current directors are as shown on page 2.AUDITORSDeloitte & Touche, having expressed their willingness, continue in office in accordance with Section 159(2) of the KenyanCompanies Act (Cap 486) and subject to approval by the Commissioner of Insurance under Section 56(4) of the Kenyan InsuranceAct.By order of the boardGAIL ODONGOSecretary2 March 2012NairobiPAGE 202011 ANNUAL REPORT & FINANCIAL STATEMENTS
CIC INSURANCE GROUP LIMITEDSTATEMENT OF DIRECTORS’ RESPONSIBILITIESThe Kenyan Companies Act requires the directors to prepare financial statements for each financial year which give a true andfair view of the state of affairs of the group and of the company as at the end of the financial year and of the operating resultsof the group for that year. It also requires the directors to ensure that the company and its subsidiary keep proper accountingrecords which disclose with reasonable accuracy at any time the financial position of the group and the company. They are alsoresponsible for safeguarding the assets of the group.The directors are responsible for the preparation and fair presentation of financial statements in accordance with InternationalFinancial Reporting Standards and the Kenyan Companies Act, and for such internal controls as directors determine are necessaryto enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.The directors accept responsibility for the annual financial statements, which have been prepared using appropriate accountingpolicies supported by reasonable and prudent judgements and estimates, in conformity with International Financial ReportingStandards and in the manner required by the Kenyan Companies Act. The directors are of the opinion that the financial statementsgive a true and fair view of the state of the financial affairs of the group and of the company and of the group’s operating results.The directors further accept responsibility for the maintenance of accounting records which may be relied upon in the preparationof financial statements, as well as adequate systems of internal financial control.Nothing has come to the attention of the directors to indicate that the company and its subsidiary will not remain going concernsfor at least the next twelve months from the date of this statement.J A MAGOMEREChairmanJ N NJOROGEDirector2 March 20122011 ANNUAL REPORT & FINANCIAL STATEMENTS PAGE 21
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