Bloomberg News

National Insurance of Uganda Says Profit Rose Sixfold

June 06, 2012

National Insurance Corp. (NIC) of Uganda said profit surged more than sixfold last year after it increased investments in properties.

Net income in the 12 months through December climbed to 12.89 billion shillings ($5 million) from 2.02 billion shillings a year earlier, the Kampala-based company said in a statement published in the New Vision newspaper today.

Investments in properties increased to 57.8 billion shillings from 36.4 billion shillings in 2010, the company said.

National Insurance is a unit of Lagos, Nigeria-based Industrial and General Insurance Plc, which bought a controlling stake in the company from the Ugandan government in 2005.

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


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