CIC Insurance Group (NAI:CIC) Beneish M-Score: -1.77 (As of Aug. 07, 2026)

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NAI:CIC CIC Insurance Group Ltd NAI:CIC
75 GF Score
Price KES4.69
GF Value KES3.39
Valuation Significantly Overvalued
! 3 Warning Signs
View Full Analysis

What is CIC Insurance Group Beneish M-Score?

CIC Insurance Group NAI:CIC -3.70% 75 Beneish M-Score is -1.77 as of Aug. 07, 2026. GuruFocus rates NAI:CIC with a GF Score™ of 75/100 and a GF Value™ of KES3.39 (Significantly Overvalued). The stock has 3 warning signs investors should review. Among 399 Insurance companies, CIC Insurance Group ranks worse than 87.47% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score -1.77 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for CIC Insurance Group's Beneish M-Score or its related term are showing as below:

NAI:CIC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.4   Med: -2.53   Max: -1.77
Current: -1.77

During the past 13 years, the highest Beneish M-Score of CIC Insurance Group was -1.77. The lowest was -3.40. And the median was -2.53.

NAI:CIC
75GF Score
CIC Insurance Group Ltd NAI:CIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CIC Insurance Group Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of CIC Insurance Group for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.9454+0.528 * 1+0.404 * 1.0028+0.892 * 1.0122+0.115 * 1.0253
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.050557-0.327 * 0.7979
=-1.77

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was KES2,371 Mil.
Revenue was KES32,538 Mil.
Gross Profit was KES32,538 Mil.
Total Current Assets was KES0 Mil.
Total Assets was KES73,748 Mil.
Property, Plant and Equipment(Net PPE) was KES1,298 Mil.
Depreciation, Depletion and Amortization(DDA) was KES237 Mil.
Selling, General, & Admin. Expense(SGA) was KES0 Mil.
Total Current Liabilities was KES0 Mil.
Long-Term Debt & Capital Lease Obligation was KES5,198 Mil.
Net Income was KES589 Mil.
Gross Profit was KES563 Mil.
Cash Flow from Operations was KES3,754 Mil.
 Total Receivables was KES1,204 Mil.
Revenue was KES32,144 Mil.
Gross Profit was KES32,144 Mil.
Total Current Assets was KES0 Mil.
Total Assets was KES61,938 Mil.
Property, Plant and Equipment(Net PPE) was KES1,260 Mil.
Depreciation, Depletion and Amortization(DDA) was KES237 Mil.
Selling, General, & Admin. Expense(SGA) was KES0 Mil.
Total Current Liabilities was KES0 Mil.
Long-Term Debt & Capital Lease Obligation was KES5,471 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(2370.615 / 32537.52) / (1203.81 / 32143.827)
=0.072858 / 0.037451
=1.9454

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(32143.827 / 32143.827) / (32537.52 / 32537.52)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 1298.14) / 73747.539) / (1 - (0 + 1259.517) / 61937.727)
=0.982398 / 0.979665
=1.0028

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=32537.52 / 32143.827
=1.0122

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(237.355 / (237.355 + 1259.517)) / (237.499 / (237.499 + 1298.14))
=0.158567 / 0.154658
=1.0253

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 32537.52) / (0 / 32143.827)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((5197.602 + 0) / 73747.539) / ((5470.902 + 0) / 61937.727)
=0.070478 / 0.088329
=0.7979

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(588.567 - 562.653 - 3754.339) / 73747.539
=-0.050557

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

CIC Insurance Group has a M-score of -1.77 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.77 mean?
CIC Insurance Group (NAI:CIC) has a Beneish M-Score of -1.77 as of Aug. 07, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CIC Insurance Group and its competitors. According to the industry distribution chart, CIC Insurance Group ranks #349 out of 399 companies in the Insurance industry, placing it in the top 87.5%.
Is CIC Insurance Group's Beneish M-Score too high?
CIC Insurance Group's current Beneish M-Score is -1.77. Based on the distribution chart, CIC Insurance Group ranks #349 out of 399 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, CIC Insurance Group has a GF Score™ of 75/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CIC Insurance Group's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, CIC Insurance Group ranks #349 out of 399 companies for Beneish M-Score. This places CIC Insurance Group in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CIC Insurance Group and its competitors. CIC Insurance Group's current Beneish M-Score is -1.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CIC Insurance Group stock overvalued right now?
Based on GuruFocus' analysis, CIC Insurance Group (NAI:CIC) is currently considered Significantly Overvalued. The stock's GF Value™ is KES3.39, compared to a current price of KES4.69 — trading 38.3% above its estimated fair value. The current Beneish M-Score is -1.77. CIC Insurance Group's overall GF Score™ is 75/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For CIC Insurance Group (NAI:CIC), the current Beneish M-Score is -1.77 as of Aug. 07, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is CIC Insurance Group (NAI:CIC) Overvalued in 2026?

Based on GuruFocus' analysis, CIC Insurance Group stock appears to be overvalued. The current stock price of KES4.69 is trading 38.3% above its estimated GF Value™ of KES3.39. GuruFocus considers CIC Insurance Group to be Significantly Overvalued.

Key valuation signals for NAI:CIC:

  • Beneish M-Score: -1.77
  • GF Value™: KES3.39 vs. price of KES4.69 (38.3% above fair value)
  • GF Score™: 75/100 with 3 warning signs

No single metric tells the full story. See the NAI:CIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CIC Insurance Group Business Description

Address Mara Road, Upper Hill, P.O. Box 59485, CIC Plaza, Nairobi, KEN, 00200
CIC Insurance Group Ltd operates as a Co-operative insurer in Africa, offering insurance and investment services across Kenya, Uganda, South Sudan, and Malawi. Its diverse portfolio includes General Insurance, Life Assurance, Microinsurance, Asset Management and Pharmaceutical services. The Company's reportable segments are long-term business, general insurance business, asset management, and other business. The majority of revenue is derived from the Asset Management segment.
75GF Score

Get the complete analysis for NAI:CIC

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

KES4.69
Price
KES3.39
GF Value