Type Public: USE: NIC Website Homepage Founded 1964 | Industry Financial Services Headquarters Kampala, Uganda | |
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Key people Martin Aliker
Chairman
Bayo Folayan
Managing Director Products Insurance, banking, investments Revenue Aftertax: US$787,400+ (UGX:2.02 billion) (2013) Total assets 33.1 million USD (2013, UGX:85.04 billion) Parent organizations Industrial and General Insurance Company, National Holdings | ||
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National Insurance Corporation Limited, commonly referred to as National Insurance Corporation (NIC), is an insurance company in Uganda. The company is a leading provider of insurance and risk management services in the country.
Contents
Overview
NIC, one of the licensed insurance companies in the country, is a medium-sized insurance services provider in Uganda. As of December 2013, the company's total assets were estimated at US$32.8 million (UGX:85.04 billion). During the financial year that ended December 2013, the company realized approximately US$787,400 (UGX:2.02 billion) in after-tax profit. At that time, shareholders' equity was calculated at about US$10.4 million (UGX:26.611 billion).
History
NIC was established by an Act of Parliament in 1964. Before 2005, all of the company was owned by the Ugandan government. In June 2005, the government divested 60 percent of its shares in NIC. These shares were acquired by Industrial and General Insurance Company Limited of Nigeria. In December 2009, the government began the process of divesting entirely from the company by floating its 40 percent shareholding on the Uganda Securities Exchange.
Subsidiaries
As December 2013, the company had the following subsidiaries:
- NIC (South Sudan) Limited - Juba, South Sudan - 100 percent shareholding
- Capital Assets Investment Limited - Kampala, Uganda - 100 percent shareholding
- Premium Trust Investment (Uganda) Limited - Kampala, Uganda - 100 percent shareholding
- NIC Trustees and Investment Limited - Kampala, Uganda - 100 percent shareholding
Ownership
Until December 2009, 60 percent of NIC was owned by a consortium called Corporate Holdings Limited. The consortium was owned jointly by Industrial and General Insurance Company Plc (IGI), a Nigerian insurance company (85 percent), and by local businessmen Patrick Bitature and Erik van Veen (15 percent). The remaining 40 percent of NIC, was owned by the government of Uganda.
On 31 December 2009, the Ugandan government started the process to list on the Uganda Securities Exchange (USE) the 161.6 million shares of NIC that it owned. That process concluded on 25 March 2010, when active trading of NIC began on the USE under the symbol NIC. As of December 2013, the ownership of the company was as depicted in the table below:
Branch network
The company has branches in the following Ugandan towns: Arua, Busia, Fort Portal, Gulu, Jinja, Kapchorwa, Kasese, Lira, Mbarara, Malaba, Masaka, Masindi, and Mbale. In addition, NIC has a branch in Juba, South Sudan.
Products and services
NIC's products and services list includes the following:
Other investments
NIC is a minority shareholder in DFCU Group, the parent company of DFCU Bank, Uganda's 6th largest commercial bank.
Governance
The governing body of the company is the nine-member board of directors. Martin Aliker, one of the non-executive board members, is the acting chairman. The management team is composed of seventeen managers. Bayo Folayan is the managing director and is responsible for the daily administration of the company.