Thika Town Member of Parliament Alice Wambui Ng’ang’a had bought 13.6 million shares in Kenya Reinsurance (Kenya Re) as of August 2025 to rank among its top ten individual shareholders, underscoring a growing appetite among political bigwigs to invest in companies listed on the Nairobi Securities Exchange (NSE).
The shares bought by Ms Ng’ang’a are currently valued at Sh43.6 million based on the reinsurer’s share price of Sh3.19 as of Thursday September 25.
The acquisition saw Ms Ng’ang’a, with a 0.24 percent stake, listed among the top individual shareholders of Kenya Re, which has recently hit the headlines following the suspension of its chief executive officer, Hillary Wachinga.
Ms Ng’ang’a was elected to parliament in 2022 on a United Democratic Alliance (UDA) ticket. Her close alliance with President William Ruto saw her elected to chair the Social Protection Committee, a position she retained following a reshuffle prompted by the political collaboration between President Ruto and Orange Democratic Movement leader Raila Odinga.
“Kenya Re has a strong market position, consistent profitability, and long-term growth potential, which makes it an attractive investment,” said Ms Ng’ang’a.
“I view my investment in Kenya Re as part of a diversified portfolio, reflecting confidence in Kenya’s financial services sector,” she added.
Ms Ng’ang’a disclosed she does not plan to increase her stake in Kenya Re in the immediate future, but was on the lookout for other opportunities.
“I generally focus on companies with solid fundamentals, steady returns, and long-term value creation for shareholders,” she said.
New shareholders
Other new entrants in the counter include Kenya Re’s chairman Erick Onyango Gumbo, who bought a 0.37 percent stake in the company, according to the August filings.
Mr Gumbo, a lawyer, rose to prominence when he represented members of parliament during the impeachment proceedings of the then deputy president Rigathi Gachagua in November last year.
The lawyer bought 20,710,800 shares valued at Sh66 million, making him the third-largest individual shareholder in the company.
Mr Gumbo was appointed chairman of the Kenya Re board in June of this year, having accumulated shares in the reinsurer over time.
“I have acquired interest in the corporation over time, and have over the same period, also taken a position in other listed companies,” said Mr Gumbo.
However, his earlier investment was not substantial enough to see him listed among the top shareholders of Kenya Re at the end of December 2024.
He noted that the rally at the NSE had made the stock market more attractive than other asset classes, stating he looks for companies with sound fundamentals and strong governance.
“The trend makes a compelling business case for any investor and is more appealing relative to the traditional investments avenues like real estate. These facts speak for themselves, one just needs to take an interest in and study the stock market,” he added.
Staff ownership
Mr Gumbo recently suspended Dr Wachinga from Kenya Re for 21 days citing a “preliminary review of internal matters which is ongoing”.
Insiders, however, disclosed the suspension was due to a staff redeployment that triggered reshuffles and the exit of some employees.
The government owns a 60 percent share of Kenya Re, giving the State control of the company.
The chairman revealed that the board had approved an employee share ownership programme (ESOP), which is likely to dilute the ownership of existing shareholders.
Kenya Re profit
The firm reported a net profit of Sh1.5 billion for the six months ended June 2025, up from Sh1 billion a year earlier. The increase was driven by a reduction in foreign exchange losses.
Kenya Re offers policies in more than 80 markets from its base in Kenya and its offices in Cote d’Ivoire, Zambia and Uganda, a structure that exposes it to exchange rate movements.
Of the five reinsurance companies in the country, Kenya Re enjoys the largest market share.
MPs’ stock portfolios
Other shareholders in the company include former Othaya MP James Gichuki Mugambi, who holds seven million shares valued at Sh22.4 million.
Other counters that have attracted political bigwigs at the NSE include lender Housing Finance Group and utility firm Kenya Power.
Kikuyu MP and Leader of the Majority in the National Assembly, Kimani Ichung’wah, recently acquired a one percent stake in HF Group valued at Sh200.4 million.
Mr Ichung’wah, holds 18,642,043 shares in HF, which is expected to benefit from the government’s push to construct thousands of affordable homes over the next five years in an effort to boost supply.
Mr Ichung’wah’s entry on HF’s shareholders roll followed that of former Kenya Revenue Authority chair Anthony Mwaura, who together with his wife, holds a 12.72 percent stake, worth Sh2.57 billion.
The family of Mr Mwaura, who now chairs the Kenya Rural Roads Authority (KeRRA), is the second largest shareholder after Britam Holdings, which has a 48.17 percent stake.
At Kenya Power, former chairman of the National Assembly budget and appropriations committee, Ndindi Nyoro, is the largest individual shareholder. The Kiharu MP holds 30 million Kenya Power shares, valued at Sh424.5 million.
