CIC Insurance’s stake in Takaful Insurance of Africa has dropped to 7.4 percent. This is after a Djibouti-based firm, Tamini Insurance SA, acquired a 65 percent holding in Takaful Insurance, diluting the holding of the Nairobi Securities Exchange-listed insurer.
Tamini acquired the Sh500million controlling stake in Takaful in April 2025, diluting all other shareholders, including CIC, to a combined 35 percent shareholding.
CIC says the deal has seen it reclassify the investment in Takaful from an associate to an unquoted equity investment.
In accounting, a company is deemed an associate if another firm owns 20-50 percent of its equity, which is a level that gives the investing company significant influence but not control.
‘CIC Insurance Group’s shareholding was reduced from 22 percent to 7.4 percent after the investment. Without significant influence on the company, the investment is no longer an associate and has been reclassified and measured at fair value through other comprehensive income as unquoted equity instruments,’ said the insurer in the annual report.
Fresh valuation
The insurer valued the shares held in Takaful at Sh76.96 million at the end of December 2025. This was a drop from the Sh107.18 million it reported as the investment’s value when it held Takaful as an associate.
CIC explained that there was a fresh valuation of the company during the Tamini deal.
‘The shares held in Takaful Insurance of Africa Limited are due to the dilution of the previous shares held in the associate. The shares have been valued based on the company valuation that was conducted in 2025 at the time of the new capital injection by the new investor,’ said CIC.
Djibouti’s Tamini is associated with Salaam Investment Bank Kenya and Salaam Microfinance Bank Limited. The two entities are owned by Salaam African Bank of Djibouti.
Takaful Insurance was licensed in 2008 to offer Shariah-compliant insurance products in Kenya. It offers life and general insurance.
Regulatory clearance
Early March this year, the Djibouti firm officially launched in Uganda as Tamini General Insurance, becoming the country’s first Islamic insurance company in the market. The firm had received regulatory clearance last November.
Before Tamini’s deal, Kenya’s Takaful was owned by a group of shareholders, including CIC, Hass Petroleum, Allamagan Ventures, Omash Investments, Koromey Koccunications, Soliton Investment Company, and Luxor Trading Company.
CIC Insurance has seven subsidiaries, which include CIC Asset Management, CIC General, CIC Life, CIC Microinsurance, CIC Africa Insurance (South Sudan), CIC Africa Co-operative Insurance (Malawi), and CIC Africa (Uganda).
The seven subsidiaries are valued at Sh4.25 billion. CIC received dividend income of Sh1.9 billion from these units in the year ended December 2025, marking a rise from Sh385 million in the previous period.