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26-466: NIC, one of the licensed insurance companies in the country, is a medium-sized insurance services provider in Uganda. As of December 2017, the company's total assets were valued at USh 108 billion (approximately US$ 30 million). During the year that ended December 2017, the company realized USh 1.9 billion (approximately US$ 520,000) in after-tax profit. At that time, shareholders' equity

52-769: A limited company in 1881. The building was designed by Alfred Waterhouse , and is built of terracotta manufactured by Gibbs and Canning of Tamworth (c.1878): two of the same driving forces behind the Natural History Museum in London. The company was first listed on the London Stock Exchange in 1924. In the mid-1980s, financial deregulation allowed financial institutions to own estate agencies, and Prudential decided to follow early market entrants such as Provident Financial Group plc (Whitegates) and Lloyds Bank (Black Horse Agencies), in summer 1985 by purchasing

78-885: A long-established and successful Huntingdon-based firm of estate agents, Ekins, Dilley and Handley, for £12 million. This was originally intended as an experiment allowing the company a new route to market for mortgage-linked endowment policies; however after many other financial institutions followed suit, Prudential rapidly started to embark on an acquisition trail which would quickly see it become market leader in terms of number of offices. Acquisitions included Chestertons Residential and Earl & Lawrence in August 1986, Edward Bailey & Son in January 1987, The Channel Island Estate Agency Property Shop in February 1987, and Rogers & Clark in May 1987. This

104-456: A pay package worth up to £7.5 million. In August 2017, it was announced that Prudential was to combine its asset manager, M&G, and Prudential UK & Europe to form M&GPrudential . In November 2017, Prudential announced the change in the name of its joint venture with Chinese investment company CITIC to "CITIC Prudential Life Insurance Company Limited". In March 2018, Prudential announced that it would demerge M&GPrudential from

130-413: A smaller operational restructure. On 1 March 2010, Prudential announced that it was in "advanced talks" to purchase the pan-Asian life insurance company of AIG , American International Assurance (AIA) for approximately £23 billion. The deal later collapsed, and AIA ended up raising money in an IPO. In December 2013, Prudential announced the purchase of Ghana's Express Life Company. Express Life

156-462: Is different from Wikidata Prudential Plc Prudential plc is a British-domiciled multinational insurance and asset management company headquartered in London and Hong Kong . It was founded in London in May 1848 to provide loans to professional and working people. Prudential has dual primary listings on the London Stock Exchange and Hong Kong Stock Exchange , and is a constituent of

182-937: Is locally insured: IRA boss" . The Independent (Uganda) . Kampala, Uganda . Retrieved 30 August 2023 . ^ IRAU (2023). "LICENSED RE-INSURANCE COMPANIES FOR 2023" (PDF) . Insurance Regulatory Authority of Uganda (IRAU) . Kampala, Uganda . Retrieved 30 August 2023 . External links [ edit ] Uganda Investment Authority List of Insurance Companies in Uganda As of November 2023. Portals : [REDACTED] Uganda [REDACTED] Companies [REDACTED] Africa Retrieved from " https://en.wikipedia.org/w/index.php?title=List_of_insurance_companies_in_Uganda&oldid=1232183033 " Categories : Financial services companies of Uganda Lists of companies of Uganda Insurance companies of Uganda Hidden categories: Articles with short description Short description

208-2139: Is the acting chairman . The chief executive officer in acting capacity, is Elias Edu, following the promotion of Bayo Folayan, the previous managing director to Group Managing Director. List of insurance companies in Uganda From Misplaced Pages, the 💕 This is a list of insurance companies in Uganda regulated by the Insurance Regulatory Authority of Uganda : Non-life insurance companies [ edit ] Alliance Africa General Insurance Limited Britam Insurance Uganda Limited CIC General Insurance Uganda Limited East African Underwriters Limited GoldStar Life Assurance Company Limited NIC General Insurance Company Limited Statewide Insurance Company Limited The Jubilee Insurance Company of Uganda TransAfrica Assurance Limited UAP Insurance Uganda Limited Life insurance companies [ edit ] Prudential Assurance Uganda Limited (Acquired Goldstar Insurance in June 2015) The Jubilee Life Insurance Company of Uganda Liberty Life Assurance Company Limited NIC Life Assurance Company Limited Sanlam Life Insurance Company Limited UAP Life Assurance Uganda Limited CIC Africa Life Assurance Limited OLEA Uganda Limited (formerly Ballpack Insurance Group Limited) Re-insurance companies [ edit ] PTA Reinsurance Corporation Africa Reinsurance Corporation Uganda Reinsurance Company Kenya Reinsurance Corporation Uganda See also [ edit ] Banking in Uganda Insurance Regulatory Authority of Uganda List of companies based in Uganda References [ edit ] ^ "List of Licensed Insurance Companies In Uganda" . Insurance Regulatory Authority of Uganda . January 2015. Archived from

234-633: The FTSE 100 Index . It also has secondary listings on the New York Stock Exchange and Singapore Exchange . The company was founded in Hatton Garden in London in May 1848 as The Prudential, Investment, Loan, and Assurance Association and in September 1848 changed its name to The Prudential Mutual Assurance, Investment, and Loan Association, to provide loans to professional and working people. In 1854,

260-540: The Group; the demerger was completed on 21 October 2019. In 2021, the company demerged its US business leaving it focused solely on African and Asian markets. As of March 2022, 60 percent of Prudential's head office staff were based in Hong Kong, and fewer than 200 employees were in London. The company has two business units: Prudential were the inaugural sponsor of RideLondon, an annual two-day cycling festival, held for

286-603: The UK market. In April 2008, Prudential outsourced its back office functions to Capita : about 3,000 jobs were transferred (1,000 in Stirling , 750 in Reading and 1,250 in Mumbai ). This significant outsourcing deal, worth an estimated £722m over a 15-year contract, built on Prudential's existing relationship with Capita, who took over its Belfast operation in 2006 along with about 450 employees in

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312-472: The West of Scotland Life Insurance Company, for £1.75 bn. In 1998, Prudential set up Egg , an internet bank in the UK. The subsidiary reached 550,000 customers within nine months, but had difficulty achieving profitability. In June 2000, an initial public offering of 21% was made to allow for further growth of the internet business, but in February 2006 Prudential decided to repurchase the 21% share of Egg. Egg

338-512: The company began selling the relatively new concept of Industrial Branch insurance policies to the working class population for premiums as low as one penny a week through agents acting as door to door salesmen . The army of premium collection agents was for many years identified with the Prudential as the "Man from the Pru". The company moved to its long-time home at Holborn Bars in 1879 and converted to

364-540: The company's presence in Africa. Prudential has since entered six other African countries – Uganda in 2015, Zambia in 2016, Nigeria in 2017, Cameroon, Côte d'Ivoire and Togo in 2019. On 10 March 2015, it was announced that the CEO, Tidjane Thiam , would leave Prudential to become the next CEO of Credit Suisse . On 1 May 2015, it was announced that Mike Wells , head of the company's US business, would succeed Tidjane Thiam as CEO, on

390-492: The fifty-two strong chain of Reeds Rains for £24 million. The collapse of the housing market in the south of England in 1989 brought about a slump in income at Prudential Property Services, which during the first half of 1990 lost £23 million. Prudential had been closing branches, with 100 closing between December 1988 and May 1990. After these losses were announced, another 175 branches closed in July 1990. In May 1991 Prudential sold

416-525: The first time in 2013. The 2017 Prudential RideLondon-Surrey 100 set a new fundraising record for the event, with £12.75 million raised for charity, bringing the total raised by the event to more than £53 million in its first five years. The event was developed by the Mayor of London and his agencies and is organised by the London & Surrey Cycling Partnership. The main events are a 100-mile professional road race through Surrey and London, and an amateur race along

442-505: 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 . NIC's products and services list includes the following: The governing body of the company is the nine-member board of directors . Martin Aliker , one of the non-executive board members,

468-1283: The original on 28 January 2015 . Retrieved 24 January 2015 . ^ Tajuba, Paul (16 March 2015). "Tanzanian Insurance Company Enters Ugandan Market" . Daily Monitor (Kampala) . Retrieved 16 March 2015 . ^ Mugwe, David (11 February 2011). "British American Seeks CMA Approval for KSh7 Billion Listing" . Business Daily Africa (Nairobi) . Retrieved 24 January 2015 . ^ Gachiri, John (29 January 2015). "CIC Expands Into Uganda, Malawi With Joint Ventures" . Business Daily Africa (Nairobi) . Retrieved 29 January 2015 . ^ AFNO (29 January 2016). "South Africa's liberty acquire controlling stake in Uganda firm" . Africa News Online (AFNO) . Lyon, France . Retrieved 13 November 2023 . ^ Kulabako, Faridah (23 April 2010). "Uganda: New Insurance Firm Launched" . Daily Monitor (Kampala) via AllAfrica.com . Retrieved 24 January 2015 . ^ Kenneth Kazibwe (8 November 2023). "French firm OLEA buys majority stake in Ballpack Insurance to extend wings to Uganda" . Nile Post Uganda . Kampala, Uganda . Retrieved 13 November 2023 . ^ The Independent Uganda (21 August 2023). "EACOP

494-603: The process of divesting entirely from the company by floating its 40 percent shareholding on the Uganda Securities Exchange . As December 2013, the company had the following subsidiaries: 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,

520-634: The remainder of the chain for a total of £13.5 million, representing a 90% loss on the cost of acquisition. Some branches were purchased by their original owners for fractions of the price they had received from the Prudential just a few years earlier. For example, the Prudential Property Services office in Hanwell was originally an independent agency, purchased by Prudential for £200,000: it was subsequently sold off to Rolfe East Estate Agents for £1. The western division of Prudential Property Services

546-504: Was calculated at USh 38 billion (approximately US$ 10.5 million). 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

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572-451: Was however done at great cost. Although a typical cost of establishing a new estate agency branch was around £75,000–£100,000, Prudential paid a total of £125 million for 337 of its branches: an average cost per branch of £371,000. In 1986, Prudential acquired the American insurer Jackson National Life . In the same year, amongst many other acquisitions, Prudential Property Services acquired

598-525: Was owned by the government of Uganda. 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 . As of 31 December 2017, the ownership of the company was as depicted in the table below: The company has branches in

624-532: Was sold to Scottish Widows to join their Connells Estate Agents chain. The northern division was sold in a £3.4 million management buyout reverting to the name, Reeds Rains, the south east division was sold to become Arun Estates, and Chestertons and another region were sold to the Woolwich Property Services . In 1997, Prudential acquired Scottish Amicable, a business founded in 1826 in Glasgow as

650-646: Was subsequently rebranded as Prudential Ghana. In April 2014, Prudential launched two corporate responsibility initiatives to support education in Ghana: the Prudential Scholarship Programme for more than 500 senior high school students, in partnership with the NGO Plan Ghana; and a scheme to support actuarial science graduates. In September 2014, Prudential purchased Kenyan life insurer Shield Assurance and rebranded it as Prudential Kenya, further expanding

676-518: Was subsequently sold to Citibank in January 2007. In 1999, M&G , a UK fund management company, was acquired. In June 2000, the company was first listed on the New York Stock Exchange to help focus on the US market. In February 2002, Churchill bought Prudential's general insurance business. In October 2004, Prudential launched a new subsidiary, PruHealth , a joint venture with Discovery Holdings of South Africa selling private medical insurance to

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