Nairobi, April 20 -- CIC Group has converted the Sh495.5 million it had loaned to its subsidiary CIC Africa Uganda into equity, raising the value of its investments outside Kenya.

The insurer has disclosed in the latest annual report that it completed the deal during the financial year ended December 2022 when pretax earnings from the Ugandan arm improved from a Sh19.4 million loss to a Sh68.3 million profit.

The deal saw CIC Group's stake in the Ugandan subsidiary rise from 93 percent to 95 percent. The value of investment nearly tripled from Sh283.8 million to Sh779.3 million.

"During the year, the company converted its loan to CIC Africa (Uganda) Limited into the ordinary share capital of the subsidiary in the retirement of debt wit...