type public use nic industry financial services founded 1964 headquarters kampala uganda key people martin aliker chairman bayo folayan managing director 1 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 . contents 1 overview 2 history 3 subsidiaries 4 ownership 5 branch network 6 products and services 7 other investments 8 governance 9 see also 10 references 11 external links overview edit 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 . 2 at that time shareholders equity was calculated at about us 10.4 million ugx 26.611 billion . 3 history edit 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 . 4 subsidiaries edit as december 2013 the company had the following subsidiaries 5 nic south sudan limited juba south sudan 100 percent shareholding capital assets investment limited kampala 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 edit 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 . 6 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 . 7 as of december 2013 the ownership of the company was as depicted in the table below 8 national insurance corporation stock ownership rank name of owner percentage ownership 1 corporate holdings limited 60.00 2 crane bank 10.33 3 sudhir ruparelia 10.27 4 joseph tukuratiire & ketrah tukuratiire 1.78 5 rashid ssenyonga 0.66 6 mundu abala joseph itf abala brian 0.50 7 biao wang 0.50 8 alli mohamed kiiza & ruth lubwama 0.50 9 alnashir popat 0.50 10 timothy sabiiti mutebile 0.50 11 individual and institutional investors on the use 14.46 total 100.0 branch network edit the company has branches in the following ugandan towns arua busia fort portal gulu jinja kapchorwa kasese lira mbarara malaba masaka masindi and mbale . in addition nic has a branch in juba south sudan . 9 products and services edit nic s products and services list includes the following 10 marine and aviation engineering and contractor all risks insurance group personal accident workers compensation employer s liability motor insurance fire and allied perils theft burglary all risks cash in transit fidelity guarantee goods in transit public & products liability professional indemnity computer and electronics estate fire insurance estate comprehensive group credit microfinance credit whole life & endowment term insurance mortgage care children s endorsement key man s insurance nic group pension death in service benefit lump sum savings plan medical express insurance school fees insurance scheme microfinance care travel health plus travel personal accident travel health insurance personal pension and annuity plus plan dividend plus plan leasecare policy integrated benefit plan other investments edit nic is a minority shareholder in dfcu group the parent company of dfcu bank uganda s 6th largest commercial bank . citation needed governance edit the governing body of the company is the nine member board of directors . martin aliker one of the non executive board members is the acting chairman . 11 the management team is composed of seventeen managers . citation needed bayo folayan is the managing director and is responsible for the daily administration of the company . citation needed see also edit banking in uganda economy of uganda list of wealthiest people in uganda references edit nic . national insurance corporation board of directors . national insurance corporation nic . retrieved 1 july 2014 . ainebyoona emmanuel 30 june 2014 . nic intends to cross sist shares on nairobi stock exchange . daily monitor . retrieved 30 june 2014 . dead link eabw 29 june 2014 . uganda nic in uganda offers shares . east african business week kampala via allafrica.com . retrieved 1 july 2014 . dead link ojiambo fred 30 december 2009 . uganda to list 40 % stake in national insurance monitor reports . bloomberg l.p. retrieved 1 july 2014 . dead link nic 29 march 2014 . 2013 annual financial report related parties . national insurance corporation . retrieved 1 july 2014 . juuko sylvia 2 june 2005 . government concludes 60 % nic sale . new vision . retrieved 1 july 2014 . irungu geoffrey 31 december 2009 . uganda s national insurance corporation to launch ipo . business daily africa . retrieved 1 july 2014 . nic 29 march 2014 . audited december 2013 annual financial report . national insurance corporation nic . retrieved 1 july 2014 . nic . 2011 . nic branch network . national insurance corporation nic . retrieved 1 july 2014 . nic . national insurance corporation product list . national insurance corporation nic . retrieved 1 july 2014 . vision reporter 23 october 2014 . martin aliker is new nic chief . new vision kampala . retrieved 23 october 2014 . external links edit nic website licensed insurance companies in uganda nic to get ugx 8.4 billion us 3.3 million from rights issue in 2013 uganda s nic seeks approval to cross list shares insurance spectator v t e economy of uganda currency ugandan shilling communications banking bank of uganda uganda development bank communications history of trade transportation industries agriculture mining steel manufacturing tourism v t e kampala district capital kampala divisions kampala central division kawempe division lubaga division makindye division nakawa division neighborhoods banda bugoloobi bukoto busega butabika bwaise ggaba kabalagala kamwookya kansanga kaleerwe kanyanya kasubi katwe kawaala kawempe kibuli kibuye kigoowa kikaaya kisaasi kiwaatule kulambiro kololo kyambogo kyebando lubaga lungujja luzira makerere makindye mbuya mengo mpererwe mulago munyonyo muyenga naakulabye naguru najjanankumbi nakasero nakawa nakawa naguru estates namirembe namungoona namuwongo nateete ndeeba nsambya ntinda old kampala port bell wandegeya banking bank of uganda uganda deposit protection fund abc bank uganda barclays bank of uganda bank of africa uganda limited bank of baroda uganda limited bank of india uganda dfcu group cairo international bank centenary bank citibank commercial bank of africa crane bank dfcu bank diamond trust bank ecobank efc uganda limited equity bank exim bank uganda finance trust bank guaranty trust bank housing finance bank kcb bank uganda limited nc bank uganda orient bank postbank uganda stanbic bank uganda limited standard chartered uganda tropical bank united bank for africa east african development bank uganda development bank opportunity uganda limited pride microfinance limited efc uganda limited finca uganda limited ugafode microfinance limited exodus savings and credit cooperative society limited mercantile credit bank letshego microfinance uganda top finance bank uganda yako microfinance limited industry aya group cipla quality chemical industries limited fi holdings house of dawda group mukwano group kiira motors corporation media daily monitor new vision new vision group the independent uganda the observer uganda information technology africell uganda airtel uganda mtn uganda uganda communications commission uganda telecom vodafone uganda economy national housing and construction company tirupati development uganda limited insurance regulatory authority of uganda national food and drug authority national identification and registration authority national social security fund national water and sewerage corporation uganda securities exchange uganda investment authority ruparelia group kyagalanyi coffee limited brookside dairy limited jesa farm dairy limited uganda retirement benefits regulatory authority capital markets authority of uganda uganda coffee development authority roko construction transport air uganda uganda air cargo kampala airport uganda national roads authority entebbe kampala expressway kampala jinja expressway kampala jinja highway kampala entebbe road kampala gayaza road kampala bombo expressway kampala busunju expressway kampala mpigi expressway kampala masaka road kampala mityana road kampala hoima road kampala northern bypass highway kampala southern bypass highway energy umeme electricity regulatory authority uganda national oil company petroleum authority of uganda uganda electricity generation company limited uganda electricity transmission company limited uganda energy credit capitalisation company notable landmarks bulange uganda parliament buildings kampala capital city authority complex hotel africana kampala protea hotel kampala serena hotel kampala sheraton hotel imperial hotels group imperial royale hotel grand imperial hotel hotel equatoria kampala hilton hotel kampala intercontinental hotel kampala speke hotel mapeera house movement house munyonyo commonwealth resort speke resort and conference center church house east african development bank building bank of uganda building complex mengo palace banda kabaka s place namirembe cathedral rubaga cathedral makerere university main campus kampala tower kibuli mosque old kampala mosque uganda museum twed towers uganda national cultural centre kasubi tombs dfcu house pension towers jlos house project roman catholic archdiocese of kampala education aga khan university kampala cavendish university uganda habib medical school institute of petroleum studies kampala international health sciences university international university of east africa kampala international school kampala international university kampala university kibuli secondary school kitante hill secondary school kololo senior secondary school kyambogo university law development centre makerere college school makerere university makerere university business school mengo senior school nabisunsa girls secondary school rubaga community school st. augustine international university st. lawrence university uganda management institute uganda martyrs university school of medicine uganda national entrepreneurship development institute uganda technology and management university victoria university uganda uganda national council for higher education health aga khan university hospital kampala butabika hospital case medical centre international hospital kampala kadic hospital kampala hospital kampala medical chambers hospital kawempe general hospital kibuli hospital kiruddu general hospital lubaga hospital makerere university hospital mbuya military hospital mengo hospital mulago hospital mulago women s referral hospital murchison bay hospital upper mulago regional referral hospital nakasero hospital naguru general hospital nsambya hospital paragon hospital uganda cancer institute uganda heart institute uganda medical and dental practitioners council women s hospital international and fertility centre galilee community general jewish hospital of uganda international medical group notable people apolo nsibambi nasser sebaggala david serwadda fred ruhindi john ssebaana kizito bulaimu muwanga kibirige erias lukwago ian clarke jennifer musisi josephine nambooze maria kiwanuka laurence sematimba joseph kizito justinian tamusuza robert ssejjemba eugene sseppuya phillip ssozi sudhir ruparelia wasswa serwanga yusef sozi margaret zziwa beti kamya turwomwe moses matovu mohammed hamid hasmukh dawda retrieved from https en.wikipedia.org w index.php title national insurance corporation & oldid 733612713 categories companies of ugandacompanies established in 19641964 establishments in ugandaeconomy of ugandacompanies listed on the uganda securities exchangeinsurance companies of ugandahidden categories all articles with dead external linksarticles with dead external links from august 2016articles containing potentially dated statements from december 2013all articles containing potentially dated statementsall articles with unsourced statementsarticles with unsourced statements from august 2016 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as