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.
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 about 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).
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History
NIC was established by Act of Parliament in 1964. Prior to 2005, 100% of the company was owned by the Government of Uganda. In June 2005, the Government of Uganda divested 60% of its shares in NIC. These shares were acquired by Industrial and General Insurance Company Limited (IGI) of Nigeria. In December 2009, the Government of Uganda began the process of divesting entirely from the company by floating its 40% shareholding on the Uganda Securities Exchange (USE).
Subsidiaries
As of December 2013, the company maintains the following subsidiaries:
- NIC (South Sudan) Limited - Juba, South Sudan - 100% shareholding
- Capital Assets Investment Limited - Kampala, Uganda - 100% shareholding
- Premium Trust Investment (Uganda) Limited - Kampala, Uganda - 100% shareholding
- NIC Trustees and Investment Limited - Kampala, Uganda - 100% shareholding
Ownership
Until December 2009, 60% of NIC was owned by a consortium called Corporate Holdings Limited. The consortium is owned by Industrial and General Insurance Company Plc (IGI), Nigeria's leading insurance company (85%) and by local businessmen Patrick Bitature and Erik van Veen (15%). The remaining 40% of NIC, was owned by the Government of Uganda.
Beginning on 31 December 2009, the Ugandan Government initiated the process to list on the Uganda Securities Exchange (USE), the 161.6 million shares of NIC that they 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 is 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.
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