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Kenya: CIC Insurance posted a 17 per cent drop in 2014 pretax profit after claims paid out increased, and said its South Sudan and Ugandan units could buoy revenue this year.
The insurer, in which Co-operative Bank is the main shareholder, said in a statement its pretax profit fell to Sh1.39 billion from Sh1.67 billion in 2013. The claims and policy holders' benefits paid out during the year rose to Sh8.64 billion from Sh6.02 billion.
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