NICO Holdings

NICO Holdings plc is a diversified financial services group and is listed on the Malawi Stock Exchange.[1]

NICO Holdings Plc
TypePublicly Traded Company
NICO
IndustryInsurance, Investments, Property, Financial services
Founded1971
HeadquartersChibisa Hse 19 Glyn Jones
Blantyre, Malawi
Products
List
WebsiteHomepage

Overview

NICO Holdings' headquarters are in Blantyre, Malawi, with operating presence in six African countries i.e. Malawi, Zambia, Tanzania, Uganda, Mozambique and Zimbabwe.[2] The group offers a wide range of financial products and services which include: asset management, life assurance, retirement planning, general insurance, health insurance, banking, information technology and property management.[3]

NICO Holdings was founded in 1971 as a short-term insurance company called National Insurance Company Limited. NICO became the first company to be listed on the Malawi Stock Exchange in 1996. Since then, the group has listed two of its subsidiaries on the stock market i.e. NBS Bank Plc in 2007 and ICON Properties Plc in 2019.[4]

Member companies

The companies that compose the NICO Holdings are organised into five divisions and include, but are not limited, to the following:[5]

Insurance
  • NICO General Insurance Company – Blantyre, Malawi – 51% Shareholding – Offering short term insurance. Remaining 49% held by Sanlam.
  • NICO Life Insurance Company Limited – Blantyre, Malawi – 51% Shareholding – Offering long-term and life insurance. Remaining 49% held by Sanlam.
  • NICO Insurance (Zambia) Limited – Lusaka, Zambia – 51% Shareholding – Offering short term insurance. Remaining 49% held by Sanlam.
  • Sanlam General Insurance Tanzania – Dar es Salaam, Tanzania – 20% Shareholding – Offering General Insurance in Tanzania.
  • Sanlam Mozambique Vida Companhia de Seguros, SA – Maputo, Mozambique – 34.30% Shareholding – Offering General Insurance

Banking

Asset Management
  • NICO Asset Managers Limited – Blantyre, Malawi – 100% Shareholding – Offering investment management services.

Technology
  • NICO Technologies Limited – Blantyre, Malawi – 100% Shareholding – Provider of IT solutions to the public sector, corporate and individual clients across Malawi.[8]

Property
  • Group Fabricators & Manufacturers – Blantyre, Malawi – 100% Shareholding – A property holding company.
  • ICON Properties Plc – Blantyre, Malawi – 62.71% Shareholding – A property holding company. The shares of ICON Properties Plc are listed on the MSE.[9]
  • Eris Properties Malawi Ltd – Blantyre, Malawi – 50% Shareholding – A property development company that owns and manages a number of commercial properties in Malawi.[10] Eris Properties Malawi was founded in August 2017 as a Joint Venture between NICO Holdings and Eris Property Group,[10] a subsidiary of Momentum Metropolitan Holdings.[11]
  • Blantyre Hotels plc – Blantyre, Malawi – 34.52% Shareholding – A Malawian based hospitality company. The Company’s hotel operations are managed by Protea Hotels and Inns Limited of South Africa (Protea Hotels) under a management contract.[12]

Other companies where NICO holdings controls more than 5% of the issued equity interest include Sanlam Uganda, Old Mutual, National Bank of Malawi plc, National Investment Trust plc, Telekom Networks Malawi plc, Chibuku Products Limited and Natswitch Limited.[5]

Ownership

The shares of the stock of NICO Holdings Plc are traded on the Malawi Stock Exchange, under the symbol: NICO. As of 31 December 2020, the shareholding in the company's stock, was as depicted in the table below:

NICO Holdings Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 Africap LLC 27.91%
2 Botswana Insurance Holdings Limited 25.10%
3 NICO Company Employees Share Ownership Scheme 1.10%
4 Other Local & International Investors 45.89
Total 100.00%

See also

References
  1. "Malawi Stock Exchange (NSE) Live". afx.kwayisi.org. Retrieved 24 March 2022.
  2. "NICO Holdings Profile". www.emis.com. Retrieved 24 March 2022.
  3. "Company profile NICO Holdings Limited (NICO.mw)". africanfinancials.com. Retrieved 24 March 2022.
  4. "NICO: About us". Retrieved 24 March 2022.
  5. "NICO Holdings 2020 Annual report" (PDF). 31 December 2020. Retrieved 24 March 2022.
  6. Reserve Bank of Malawi (24 April 2018). "List of Banks & Other Financial Institutions Supervised by the Reserve Bank of Malawi". Lilongwe: Reserve Bank of Malawi. Retrieved 24 April 2018.
  7. Reserve Bank of Malawi (2 May 2020). "List of Banks & Other Financial Institutions". Lilongwe: Reserve Bank of Malawi. Retrieved 2 May 2020.
  8. "About us: NICO Technologies". Retrieved 24 March 2022.
  9. "ICON Properties Plc 2020 Annual report". ICON Properties Plc. 31 December 2020. Retrieved 24 March 2022.
  10. "About: Eris Properties Malawi". Retrieved 24 March 2022.
  11. "Company Profile: Eris Property Group". Retrieved 24 March 2022.
  12. "About: Blantyre Hotels Plc". www.emis.com. Retrieved 24 March 2022.
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