CIC Group raises $14 million from Kenya land sales, boosting liquidity

CIC Insurance Group (CIC Group), a Kenyan insurance and investment group, has raised Ksh1.8 billion ($14 million) after selling two prime land parcels near Tatu City and Kajiado County.

The strategic divestment strengthens the insurer’s balance sheet and boosts liquidity, signaling disciplined capital management in Kenya’s competitive insurance sector.

CIC land sales strengthen balance sheet
The disposed assets include a 50-acre plot near Tatu City, one of Kenya’s fastest-growing mixed-use developments, and a 100-acre parcel in Kajiado County. CEO Patrick Nyaga confirmed the transactions, emphasizing the capital injection’s role in improving financial resilience.

The disposed assets include a 50-acre plot near Tatu City, one of Kenya’s fastest-growing mixed-use developments, and a 100-acre parcel in Kajiado County.

CEO Patrick Nyaga confirmed the transactions, emphasizing the capital injection’s role in improving financial resilience. “This successful sale will inject KSh1.8 billion into CIC’s balance sheet, enhancing liquidity and operational performance,” Nyaga said.

Tatu City and Kajiado transactions
Despite the divestment, CIC maintains a substantial property portfolio, retaining 200 acres near Tatu City and 495 acres in Kajiado.

The insurer continues to optimize assets while supporting long-term shareholder value.

Strengthening market position and shareholder value
With operations in South Sudan, Uganda, and Malawi, CIC serves over one million clients through 25 branches, more than 1,000 financial advisors, and digital platforms.

Gideon Muriuki, CIC’s largest individual shareholder, holds a 6 percent stake, reinforcing the group’s strategic profit allocation via bonus shares and stable dividends.

This transaction reflects a broader trend among African insurers to monetize non-core real estate assets, strengthen liquidity, and fund strategic growth initiatives. CIC’s move demonstrates financial discipline, market foresight, and a commitment to resilience.