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CIC Insurance of Kenya Advances on Profit Bets: Nairobi Mover

Dec. 24 (Bloomberg) -- CIC Insurance Group Ltd., Kenya’s second-biggest insurer by premiums, gained in Nairobi trading amid speculation full-year income will grow as much as 12 percent.

The shares climbed 2.9 percent to 3.50 shillings by the close in the capital, the biggest gain since Dec. 20. About 94 percent of the three-month average volume of shares traded, according to data compiled by Bloomberg.

Profit in 2012 will be 678 million shillings ($7.89 million) compared with 604 million shillings in 2011, Francis Mwangi, head of research at Nairobi-based Standard Investment Bank Ltd., said in a phone interview today.

“CIC is one of the fastest growing insurance companies because of its positioning in the low end of the market,” he said. Profit in the 12 months to December will be boosted by investment income, while income from insurance premiums is also projected to increase, he said.

First-half profit fell 12 percent to 415.1 million shillings after costs and claims increased, CIC said in August.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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