| Type | Public: USE: NIC |
|---|---|
| Industry | Financial Services |
| Founded | 1964 |
| Headquarters | Kampala, Uganda |
| Key people | Remi Olowude Chairman S. O. Akinwale Managing Director |
| Products | Insurance, banking, investments |
| Revenue | Pretax: US$879,130 million (2010)[1] |
| Total assets | US$31.9 Million (2010) |
| Website | Homepage |
National Insurance Corporation Limited (NIC), commonly referred to as National Insurance Corporation, is an insurance company in Uganda. The company is a leading provider of insurance and risk management services in Uganda.
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NIC is a medium-sized insurance services provider in Uganda, one of the licensed insurance companies in the country. As of December 2010[update], the company's total assets were estimated at about US$31.9 million (UGX:73.3 billion).[2]
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 shares on the Uganda Securities Exchange (USE). [3]
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 Limited (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.[4]
Beginning on 31 December 2009, the Government initiated the process to list on the Uganda Securities Exchange (USE), the 161.6 million shares of NIC that they owned. The process concluded on 25 March 2010, when active trading of NIC began on the USE, under the symbol NIC.[5] Following the sale of the government-owned shares, the share ownership in the company is as summarized in the table below:
| National Insurance Corporation Stock Ownership | |||||||||||||||
Branch NetworkThe company has a branch network in the following Ugandan towns; Arua, Busia, Fort Portal, Gulu, Jinja, Kapchorwa, Kasese, Lira, Mbarara, Malaba, Masaka, Masindi, and Mbale. In addition, NIC also has a branch in Juba, Southern Sudan.[6] Products and servicesNIC's products and services list includes the following:[7]
Other investmentsNIC together with its parent company IGI are major shareholders in Global Trust Bank, the 18th largest commercial bank in Uganda. NIC is also a minority shareholder in DFCU Group, the parent company of DFCU Bank, Uganda's 4th largest commercial bank. [8] GovernanceThe governing body of the company is the nine-member Board of Directors. Remi Olowude, one of the non-Executive Board members is the Chairman. ManagementThe Management team comprises seventeen managers. Dr. S. O. Akinwale is the Managing Director responsible for the daily administration of the company activities. See also
External linksReferences |