Written on April 7, 2017
NICO, SANLAM UPBEAT

NICO holdings and its partner, Sanlam Emerging Markets (SEM), a subsidiary of the Sanlam Group, says their partnership will continue to be strengthened so as to deliver mutually beneficial financial results for both entities.

SEM holds a 49 percent stake in NICO Life Insurance Malawi in a partnership which dates back to 2011. In June 2014, SEM also concluded the acquisition of a stake in NICO General Insurance operations in Malawi, Zambia, Uganda and Tanzania.

Managing Director of NICO Holdings Vizenge Kumwenda said this following a meeting with SEM’s Chief Executive Officer Junior Ngulube who has been on a business visit to NICO Holdings together with Gaffar Hassam the Regional Executive for Southern Africa responsible for SEM’s businesses in Nambia, Botswana, Malawi, Zambia and Zimbabwe.

He said Malawian life insurers have recorded substantial growth in terms of total assets in recent years, adding that the life insurer’s total assets increased from K72.6 billion in 2010 to 276 billion in 2015.

“The relationship with SEM has been timely and has worked well for NICO Group. Sanlam is supporting us on many fronts, including in actuarial services, information communication technology, leadership training, management training and marketing.” Kumwenda said.

According to Ngulube, the SEM business model was anchored in strong local partnerships.

Through SEM, Sanlam has continuously grown its footprint across Africa with the acquisition of astake in Morocco-based Saham Finances in 2015 expanding its business to 34 countries on the continent.

In addition, Sanlam, which has a market capitalization of $9,5 billion as a at January 31, is one of Africa’s largest investment management groups with $65 billion in assets under management and employs 14711 and a total of 52026 in associate companies.

Related Articles

NICO supports PUSSAM training

NICO Group has donated K1,980,000.00 to Public Universities Staff Sports Association of Malawi (PUSSAM). The funds will go towards the association’s training sessions for its executive members. As a leading financial institution in Malawi, NICO Group believes in...

NICO Life launches Kumudzi Diaspora Funeral Plan

NICO Life has launched a funeral policy targeting Malawians in Diaspora aptly named, Kumudzi Diaspora Funeral Plan as a way of easing the dignified repatriation and burial after the death of individuals living abroad. The Kumudzi Funeral Plan will pay out a cash...

NICO DONATES MK10 MILLION TO MALAWI LIVERPOOL WELCOME TRUST

NICO Group has donated K10 million to the Malawi Liverpool Wellcome Trust to be channeled towards the purchase of personal protective equipment (PPE) for healthcare workers across the country. Speaking during the cheque presentation ceremony in Blantyre over the...

NICO CELEBRATES GOLDEN JUBILEE THROUGH GOLF

NICO Group held a golf tournament dubbed ‘The One Executive Golf  Challenge’ at Lilongwe Golf Club on Friday. The tournament, which attracted 36 prominent golfers in the country, was organized as part of Golden  Jubilee celebration activities. Vice President...