NICO Holdings

NICO Holdings Plc
Type	Publicly Traded Company
Traded as	NICO
Industry	Insurance, Investments, Property, Financial services
Founded	1971
Headquarters	Chibisa Hse 19 Glyn Jones ; Blantyre, Malawi
Products	List Insurance ; Asset Management ; Property ; REITs ; Banking Holding ;
Website	Homepage

Last updated February 06, 2023

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

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

NBS Bank Plc – Blantyre, Malawi – 50.10% Shareholding – A midsized retail bank licensed by the Reserve Bank of Malawi.^[6] The shares of NBS Bank are listed on the MSE.
Standard Bank Plc – Blantyre, Malawi – 19.89% Shareholding – A commercial bank licensed by the Reserve Bank of Malawi.^[7]

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^[update], 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%

Related Research Articles

Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.

Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. Sanlam is the largest insurance company in Africa. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business. Its five business clusters comprise Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate and Santam.

Commercial Bank of Africa Group is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast.

First Capital Bank Malawi Plc, formerly known as First Merchant Bank Plc, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator. It is a subsidiary of FMB Capital Holdings.

Prime Bank Kenya (PBKL) is a commercial bank in Kenya, licensed and supervised by the Central Bank of Kenya (CBK), the national banking regulator.

NBS Bank Limited, commonly referred to as NBS Bank, is a commercial bank in Malawi. It is licensed as a commercial bank, by the Reserve Bank of Malawi, central bank and national banking regulator.

National Bank of Malawi(NBM), is a commercial bank in Malawi. The bank is one of the commercial banks licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.

Equity Bank Rwanda Limited (EBRL), is a commercial bank in Rwanda. The bank is licensed by the National Bank of Rwanda, the central bank and national banking regulator.

Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an investment, retirement, and insurance group that operates mainly in Eastern Africa. UAP Holdings is one of the leading insurance and financial services groups in eastern Africa with a network of branches and operational subsidiaries spread across the greater eastern and central Africa regions.

Britam Holding PLC is a leading diversified financial services group and is listed on the Nairobi Securities Exchange. The group has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.

Atlas Mara Limited, formerly referred to as Atlas Mara Co-Nvest Limited, is a financial services holding company formed to undertake the acquisition of target banks in Africa.

Sanlam Kenya plc is an insurance, investment and retirement group based in Kenya.

The Standard Bank of Malawi, previously known as the Commercial Bank of Malawi, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

SORAS Group Limited commonly known as SORAS, is an insurance services group. The group offers a wide range of financial products and services in insurance, property and banking in Rwanda.

Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.

Discovery Limited is a South Africa-based financial services group that is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton.

Felix Mlusu is a Malawian corporate executive and financier who served as the 22nd Minister of Finance in the Government of the Republic of Malawi from 2020 to 2022. Prior to his role in the Treasury he was Managing Director and Group Chief Executive Officer of NICO Holdings from 1994 until his retirement on 31st December 2016.

Press Corporation Limited, also Press Corporation Plc, is a business conglomerate, partly owned by Press Trust, a sovereign trust fund, of the government of Malawi, that is outside of the direct control of the Malawian government. Press Corporation Limited is the largest conglomerate in Malawi, and has ownership in 15 companies in Malawi, including 8 subsidiaries, 4 joint ventures and one associate company.

Botswana Insurance Holdings Limited is an investment, retirement, and insurance group that maintains its headquarters in Botswana and operates through three subsidiaries and holds a stake in a number of associate companies. BIHL Group was established in 1975 and has been listed on the Botswana Stock Exchange since 1991.

References

↑ "Malawi Stock Exchange (NSE) Live". afx.kwayisi.org. Retrieved 24 March 2022.
↑ "NICO Holdings Profile". www.emis.com. Retrieved 24 March 2022.
↑ "Company profile NICO Holdings Limited (NICO.mw)". africanfinancials.com. Retrieved 24 March 2022.
↑ "NICO: About us" . Retrieved 24 March 2022.
1 2 "NICO Holdings 2020 Annual report" (PDF). 31 December 2020. Retrieved 24 March 2022.
↑ 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.
↑ Reserve Bank of Malawi (2 May 2020). "List of Banks & Other Financial Institutions". Lilongwe: Reserve Bank of Malawi . Retrieved 2 May 2020.
↑ "About us: NICO Technologies" . Retrieved 24 March 2022.
↑ "ICON Properties Plc 2020 Annual report". ICON Properties Plc. 31 December 2020. Retrieved 24 March 2022.
1 2 "About: Eris Properties Malawi" . Retrieved 24 March 2022.
↑ "Company Profile: Eris Property Group" . Retrieved 24 March 2022.
↑ "About: Blantyre Hotels Plc". www.emis.com. Retrieved 24 March 2022.

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.

[kwayisi-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.

[:1-5] 1 2 "NICO Holdings 2020 Annual report" (PDF). 31 December 2020. Retrieved 24 March 2022.

[One-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.

[3R-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.

[:0-10] 1 2 "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.

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]