By VICTOR JUMAMore by this AuthorCIC Group’s chief executive, Tom Gitogo, was paid a total of Sh73.2 million in the year ended December, the insurer has disclosed in its latest annual report. Mr Gitogo’s compensation rose seven per cent from Sh68.4 million the year before. His salary stood at Sh47.4 million or Sh3.9 million per month the previous year when he earned allowances of Sh20.9 million. The company’s combined ratio, a measure of profitability in the mainstay insurance business, stood at 119.2 per cent and 117.7 per cent in 2016 and 2017 respectively. Mr Gitogo, whose contract runs until April 2020, has a gratuity of 31 per cent of basic pay at the end of the contract for each year worked.

Source: Daily Nation May 02, 2018 06:00 UTC