Nairobi, Feb. 11 -- CIC Insurance Group has raised Sh1.8 billion from the sale of 150 acres in Kiambu and Kajiado Counties, boosting its liquidity and unlocking gains from its portfolio of investment properties.

The Nairobi Securities Exchange-listed firm said it sold 50 acres of land adjacent to Tatu City in Kiambu and 100 acres in Kajiado.

"The two transactions will inject Sh1.8 billion to the balance sheet of CIC Insurance Group Plc, further strengthening the liquidity and overall performance of the Group," the insurer said in a statement.

The impact of the land disposals is expected to be captured in the current financial year ending December 2026.

CIC had invested heavily to establish a major land bank, preparing to develop comme...