Key Factors
- CIC Insurance coverage Group is issuing 261.5 million bonus shares after a 94.2% revenue surge, boosting liquidity and investor participation.
- Buyers on file by April 22, 2025, will get one bonus share per 10 held, with distribution set for June 18, 2025.
- CIC’s 2024 revenue jumped to $21.66 million, pushed by an 80.9% rise in web funding revenue and 201% surge in funding returns.
CIC Insurance coverage Group (CIC Group), a number one insurance coverage and funding group partly owned by Kenyan tycoon Gideon Muriuki, is issuing $5.6 million in bonus shares following a banner 12 months in 2024, the place income surged by 94.2 % to $21.66 million.
The transfer underscores CIC Group’s dedication to enhancing superior shareholder worth whereas strengthening liquidity and accessibility available in the market.
CIC Group pronounces bonus share problem amid a banner 12 months
CIC Group’s choice to problem bonus shares value Ksh742.8 million ($5.6 million) is about to considerably enhance the corporate’s share in circulation and improve buying and selling exercise, finally broadening investor participation.
Shareholders will obtain one bonus share for each 10 held, including 261.5 million new shares to the market. Regardless of this, the corporate is maintaining its dividend unchanged at Ksh0.13 ($0.001) per share. Buyers on file by April 22, 2025, will obtain each the bonus shares and dividends by June 18, 2025.
The choice follows a robust efficiency in 2024, with CIC reporting a 94.2 % revenue enhance to Ksh2.8 billion ($21.66 million), up from Ksh1.4 billion ($10.83 million) in 2023. The corporate’s web funding revenue rose by 80.9 %, whereas total funding returns surged 201 % to Ksh8.8 billion ($68.07 million). Insurance coverage income additionally grew by 4 % to Ksh27.4 billion ($211.98 million), reinforcing the corporate’s stable monetary place.
By sustaining its dividend whereas issuing bonus shares, CIC is placing a steadiness between rewarding shareholders and preserving capital for growth. With sturdy funding returns and disciplined threat administration, the corporate is well-positioned for continued development in East Africa’s aggressive insurance coverage market.
Strengthening market place and shareholder worth
CIC Group, a Nairobi-based insurance coverage and funding powerhouse with operations in South Sudan, Uganda, and Malawi, serves over 1 million purchasers by means of an unlimited community of 25 branches, 1,000+ monetary advisors, and digital platforms.
Gideon Muriuki, CEO of Co-operative Financial institution Group, is CIC’s largest particular person shareholder, holding a 6 % stake (158,046,904 shares). Beneath his affect, the insurer’s strategic revenue allocation—through bonus shares and secure dividends—reinforces its dedication to long-term worth creation.
By increasing its share base, CIC with complete property of Ksh 61.9 billion($478.82 million), climbing by 23 % from the prior 12 months’s Ksh 50.3 billion($389.09 million), enhances inventory liquidity, broadens investor entry, and indicators monetary energy. This aligns with its broader imaginative and prescient of regional growth and monetary sustainability, making certain sustained development in East Africa’s dynamic insurance coverage sector.
