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For much of Uganda’s post-independence history, NIC Holdings occupied a privileged position in the country’s insurance landscape. Established in 1964 as National Insurance Corporation, NIC was once the dominant underwriter by virtue of scale, state backing, and first-mover advantage. That legacy, however, has not translated into market leadership for more than two decades. Today, despite being one of Uganda’s oldest, if not the oldest, insurance institutions, NIC operates largely as a mid-tier player in general insurance and remains at the bottom of the rankings in life insurance, with market shares that have struggled to break beyond low single digits. This…
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Silvia Nyambura The National Insurance Corporation (NIC) is bound to increase its asset base following the listing of its Rights shares on the Uganda Stock Exchange (USE) as of Friday 17th January 2014 opening at a price of Ushs 35. This marks a 9 shilling increase from the discounted buying price of Ushs 26 translating into a 33 percent profit for shareholders who may want to sell at the moment. According to NIC MD Bayo Folayan, the company’s half year results for 2013 indicate NIC is worth Ushs 80 billion with a net asset base of Ushs 24 billion. “These…
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By Mark Muhumuza Survival instincts; this is perhaps the best way of describing how National Insurance Corporation Limited (NIC) survived being suspended by the Uganda Securities Exchange (USE) for delaying the release of its 2012 financial statements. The insurer published its results two months after the deadline set by the USE for listed companies. NIC, Uganda’s only locally listed insurer, was once again on the spot for delayed publication of financial statements for 2012. NIC, in 2011 was suspended from trading on the Uganda Securities Exchange (USE) after it delayed to publish financial statements for 2010, leaving investors in suspense….
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