Tom Gitogo Salary: How much money does the CIC chief executive officer take home every month? Well, Tom Gitogo was paid Sh. 74.8 million in the financial year ended December 2018. This salary was a 2.18 per cent from the Sh. 73.2 million that he was paid in the full financial year 2017.
Strikingly, over the past two years, Mr. Gitogo has not been paid any bonuses over the company’s failure to hit its market and financial targets.
During the year under review, Mr. Gitogo earned a salary of Sh. 53.73 million. This was equivalent to a monthly salary of Sh. 4.47 million. He was also paid allowances of Sh. 21.1 million in the financial year.
In the previous 2017 financial year, Tom Gitogo salary stood at Sh. 52.16 million which was equivalent to a salary of Sh. 4.34 million per month. That year, he was paid allowances totaling Sh. 21 million.
“The remuneration for the executive director is as per a negotiated contract of employment. It incorporates a bonus scheme that is only triggered upon achieving various targets agreed with the board. The trigger was not reached in 2017 and 2018,” said CIC in its disclosure statement.
Once Mr. Gitogo’s contract ends in April 2020, he will also receive a gratuity of 30 per cent for each year work under his contract.
During the financial year 2018, CIC registered a 31 percent rise in net profit to Sh. 625 million. The insurer’s income grew by nine percent to Sh. 17 billion supported by increased gross written premiums.
Net earned premium hit Sh. 14.2 billion, representing a jump of 17.95 percent from Sh. 12 billion booked at a similar time last year. This mitigated investment income which shrunk by 1.69 percent to Sh. 1.51 billion during the period under review. Claims incurred increased by 17.74 percent to Sh. 9.2 billion from Sh. 7.8 billion in line with business growth.
During this period, total assets increased by eight percent from Sh. 30.5 billion to Sh. 32.9 billion. The company has recommended the payment of a dividend of 0.13 per share totalling Sh. 340 million, up 8.63 percent from 2017’s Sh. 313 million.