National Insurance Corporation
| Public: USE: NIC | |
| Industry | Financial Services |
| Founded | 1964 |
| Headquarters | Kampala, Uganda |
|
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 | US$33.1 million (UGX:85.04 billion) (2013) |
| Website | Homepage |
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.
NIC, one of the licensed insurance companies in the country, is a medium-sized insurance services provider in Uganda. As of December 2013[update], 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).
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.
As December 2013, the company had the following subsidiaries:
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:
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Wikipedia