National Insurance Corporation Limited, commonly referred to as National Insurance Corporation (NIC), is an insurance company in

Uganda }), is a landlocked country in East Africa East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territor ...

. 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. , the company's total assets were valued at USh 108 billion (approximately US$30 million). During the year that ended December 2017, the company realized USh 1.9 billion (approximately US$520,000) in after-tax profit. At that time, shareholders' equity was calculated at USh 38 billion (approximately US$10.5 million).

History

NIC was established by an Act of Parliament in 1964. Before 2005, all of the company was owned by the

Ugandan government Uganda is a presidential republic in which the President of Uganda is the head of state and the prime minister is the head of government business. There is a multi-party system. Executive power is exercised by the government. Legislative power is ...

. 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 The Uganda Securities Exchange (USE) is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's ...

Subsidiaries

As December 2013, the company had the following subsidiaries: # NIC (South Sudan) Limited -

Juba Juba () is the capital and largest city of South Sudan. The city is situated on the White Nile and also serves as the capital of the Central Equatoria State. It is the world's newest capital city to be elevated as such, and had a populatio ...

South Sudan South Sudan (; din, Paguot Thudän), officially the Republic of South Sudan ( din, Paankɔc Cuëny Thudän), is a landlocked country in East Africa. It is bordered by Ethiopia, Sudan, Central African Republic, Democratic Republic of the C ...

- 100 percent shareholding # Capital Assets Investment Limited -

Kampala Kampala (, ) is the capital and largest city of Uganda. The city proper has a population of 1,680,000 and is divided into the five political divisions of Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division, and Ruba ...

, 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 Patrick Bitature is a Ugandan businessman, entrepreneur and author. He is believed to be the second wealthiest Ugandan after Sudhir Ruparelia. He is the founder, chairman and Group CEO of the Simba Group of Companies which is primarily based in ...

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

(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 31 December 2017, the ownership of the company was as depicted in the table below:

Branch network

The company has branches in the following Ugandan towns:

Arua Arua is a city and commercial centre within the Arua District in the Northern Region of Uganda. Location Arua is approximately , by road, north-west of Kampala, the capital and largest city of Uganda, Arua is about , by road, west of Gulu, the ...

, Busia,

Fort Portal Fort Portal or Kabarole is a city located in the Western Region of Uganda. It is the seat of both Kabarole District and historically of the Toro Kingdom. Location Fort Portal in Kabarole District is located approximately by road, west of Kampal ...

Gulu Gulu is a city in the Northern Region of Uganda. It is the commercial and administrative centre of Gulu District. The coordinates of the city of Gulu are 2°46'54.0"N 32°17'57.0"E. The distance from Gulu to Kampala, Uganda's capital and large ...

, Jinja,

Kapchorwa Kapchorwa is a town in the Eastern Region of Uganda. It is the main municipal, commercial, and administrative center of Kapchorwa District. Initially the present day Kapchorwa was known as the Sebei Region. Location The town of Kapchorwa is loca ...

Kasese Kasese is a town north of Lake George in the Western Region of Uganda. It originally grew around the copper mine at Kilembe, while attention later turned to cobalt mining. It is the chief town of Kasese District, and the district headquarters ...

Lira Lira is the name of several currency units. It is the current currency of Turkey and also the local name of the currencies of Lebanon and of Syria. It is also the name of several former currencies, including those of Italy, Malta and Israe ...

Mbarara Mbarara City is a city in the Western Region of Uganda and the second largest city in Uganda after Kampala. The city is divided into 6 boroughs of Kakoba Division, Kamukuzi Division, Nyamitanga Division, Biharwe Division, Kakiika Division, Nyakay ...

, Malaba,

Masaka Masaka is a city in the Buganda Region of Uganda, west of Lake Victoria. The city is the headquarters of Masaka District. Location Masaka is approximately to the south-west of Kampala on the highway to Mbarara. The city is close to the Equator ...

Masindi Masindi is a town in the Western Region of Uganda. It is on the road between Kampala and the Murchison Falls National Park. It is the site of the headquarters of the Masindi District. Location Masindi is approximately northwest of Kampala, Ug ...

, and

Mbale Mbale is a city in the Eastern Region of Uganda. It is the main municipal, administrative, and commercial center of Mbale District and the surrounding sub-region. Location Mbale is approximately , by road, northeast of Kampala, Uganda's capita ...

. In addition, NIC has a branch in

Juba, South Sudan Juba () is the capital and largest city of South Sudan. The city is situated on the White Nile and also serves as the capital of the Central Equatoria State. It is the world's newest capital city to be elevated as such, and had a populatio ...

Products and services

NIC's products and services list includes the following:

Governance

The governing body of the company is the nine-member

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

Martin Aliker Martin Jerome Okec Aliker is a Ugandan dental surgeon, businessman, entrepreneur, and community leader. He is a senior adviser to the President of Uganda and has sat on the board of directors of nearly forty Ugandan companies. He is the chancello ...

, one of the non-executive board members, is the

acting chairman In law, a person is acting in a position if they are not serving in the position on a permanent basis. This may be the case if the position has not yet been formally created, the person is only occupying the position on an interim basis, the perso ...

. The chief executive officer in acting capacity, is Elias Edu, following the promotion of Bayo Folayan, the previous

managing director A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

to Group Managing Director.

References

External links

NIC Website

* ttps://www.theeastafrican.co.ke/business/Uganda-s-NIC-seeks-approval-to-cross-list-shares-/-/2560/2405960/-/obkca1z/-/index.html Uganda's NIC Seeks Approval To Cross-List Shares {{Authority control Financial services companies established in 1964 1964 establishments in Uganda Insurance companies of Uganda Companies listed on the Uganda Securities Exchange