Gideon Muriuki gains $1.13 million in 43 days as CIC Insurance Group shares soar

Kenyan banking executive and multimillionaire Gideon Muriuki has earned KSh123.82 million ($1.13 million) from his equity stake in CIC Insurance Group in the past 43 days.

Research conducted by Billionaires.Africa revealed that the market value of his stake in CIC Insurance Group has increased from KSh284.52 million ($2.61 million) to KSh408.35 million ($3.74 million) between June 30 and Aug. 12.

This translates to a gain of KSh123.82 million ($1.13 million) for the leading banking executive in 43 days.

Muriuki, the largest individual shareholder in CIC Insurance Group, is known for his active roles and investments in top financial services groups in Kenya and East Africa.

His stake in the insurance group equals 131,724,304 ordinary shares.

The million-dollar gain from his stake was delivered on the back of a near-50-percent surge in the company’s share price on the Nairobi Stock Exchange.

Since Q2 2021, CIC Insurance stock has been an investor favorite, as investors and bargain finders on the local bourse acquire stakes in the group in expectation of a rise in its mid-year profit.

This bullish bias, supported by a strong recovery in the economy, triggered a 43.5-percent surge in the company’s shares in 43 days.

The double-digit rise in the group’s share price accrued impressive returns for the insurance and investment group’s shareholders, including Muriuki, the largest individual shareholder.

In line with investor expectations, the group posted its highest mid-year profit since the first half of 2019.

In the first half of 2021, it recorded a profit of KSh259.52 million ($2.38 million) from a loss of KSh335.53 million ($3.07 million) in the first half of last year.

As of press time, 9:10 AM (UTC), Aug. 12, shares in CIC Insurance Group on the Nairobi bourse were trading at KSh3.10 ($0.02839).

Its current share price is 43.52-percent higher than its price of KSh2.16 ($0.01980) on June 30.