National Insurance Corporation

National Insurance Corporation Limited (NIC)

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.

Overvview

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]

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 shares on the Uganda Securities Exchange (USE). ^[3]

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 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

Rank Name of Owner Percentage Ownership 1 Industrial and General Insurance Company 51.0 2 Patrick Bitature and Erick van Veen 9.0 3 Individual and Institutional Investors on the USE 40.0 Total 100.0 Branch Network The 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 services NIC's products and services list includes the following:[7] NIC Marine and Aviation NIC Engineering and Contractor NIC All Risks Insurance NIC Group Personal Accident NIC Workers Compensation NIC Employer’s Liability NIC Motor NIC Fire and Allied Perils NIC Theft/Burglary NIC All Risks NIC Cash In Transit NIC Fidelity Guarantee NIC Goods in Transit NIC Public and Products Liability NIC Professional Indemnity NIC Computer and Electronics NIC Estate Fire Insurance NIC Estate Comprehensive NIC Group Credit/Micro Finance Credit Insurance NIC Whole Life Insurance & Endowment Insurances NIC Term Insurance NIC Mortgage Care NIC Children's Endorsement Insurance NIC Key man's Insurance NIC Group Pension NIC Death in Service Benefit NIC Lump Sum Savings Plan NIC Medical Express Insurance NIC School Fees Insurance Scheme NIC Microfinance Care NIC Travel Health Plus NIC Travel Personal Accident NIC Travel Health Insurance NIC Personal Pension and Annuity-Plus Plan NIC Dividend Plus Plan NIC Leasecare Policy NIC Integrated Benefit Plan Other investments NIC 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] Governance The governing body of the company is the nine-member Board of Directors. Remi Olowude, one of the non-Executive Board members is the Chairman. Management The Management team comprises seventeen managers. Dr. S. O. Akinwale is the Managing Director responsible for the daily administration of the company activities. See also List of insurance companies in Uganda Banking in Uganda Global Trust Bank Economy of Uganda DFCU Group External links NIC Website Licensed Insurance Companies in Uganda References ^ NIC Pretax Profits 2010 ^ Estimated Total Assets In December 2010 ^ NIC To Float IPO On USE ^ Shareholding of National Insurance Corporation ^ Uganda Government Divests of NIC ^ NIC Opens Branch is Southern Sudan ^ NIC Product List ^ List of Ugandan Banks by Asset Share Capital

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