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IGI’s Uganda company rakes N1.1bn income

By Patience Saghana

The National Insurance Corporation Limited (NIC) of Uganda has announced a gross premium income of 15.26 billion Ugandan Shillings (N1.09 billion) for year 2008, representing an increase of 35 percent over the total earnings of 11.28 billion Shillings (N805.71 million) recorded in 2007.


NIC is a subsidiary of  Industrial and General Insurance Plc (IGI) which acquired majority interest in NIC in 2005 following the Government of Uganda’s divestment of 60 percent equity in the company, incorporated by the Government to carry out Life and General insurance businesses in Uganda.
NIC’s profit before taxation also amounted to 3.18 billion Shillings (N227.14 million) in 2008, an increase of 39 percent over the 2.28 billion Shillings (N162.86 million) recorded in 2007.  The company in a release of its 2008 accounts made availbale to Vanguard said  it held  its 8th Annual General Meeting (AGM) in Kampala, Uganda recently.

Chairman of NIC Uganda, Mr. Remi Olowude noted that despite the global credit crisis and local operational challenges, the company was able to record moderate growth in most of the key performance indicators in 2008, when compared to its 2007 performance.

The accounts showed that Shareholders Fund rose from 9 billion Shillings (N642.86 million) in 2007 to 11.11 billion Shillings (N793.57 million) in 2008, an increase of 24 percent. Total Assets of the company also grew by 38 percent, totaling 74.81 billion Shillings (N5.34 billion) in 2008.
In view of the positive results recorded in the 2008 financial year, the Board of the company approved a dividend of 5 Shillings (36k) per share to all the shareholders, amounting to a payout of 2.01 billion Shillings (N143.57 million). This is against the payment of 4.25 Shillings (30k) per share in 2007.


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