Dar es Salaam. The National Insurance Corporation (NIC), the country’s largest insurer, has posted solid results for the 2023/24 financial year, with revenue climbing by 11 percent to Sh130.33 billion, up from Sh117.42 billion in the previous year.
The growth, which NIC attributes to a diversified investment portfolio and prudent risk management practices, also lifted insurance service results by 25.98 percent to Sh35.06 billion, compared to Sh27.83 billion in 2022/23.
Speaking at the Corporation’s 57th Annual General Meeting (AGM), NIC Chairman Mr. Justine Mwandu said the results highlight the firm’s resilience and readiness to expand further.
“Our diversified investment portfolio and prudent risk management practices place us in a strong position to seize new opportunities while effectively managing risks,” he said. “We remain vigilant, adaptable, and focused on delivering sustainable value to stakeholders amid changing market conditions.”
NIC’s financial results for the 2023/24 fiscal year show steady growth across key indicators. Insurance revenue rose to Sh130.33 billion, marking an 11 percent increase from the previous year. Insurance service results also surged by 25.98 percent, reaching Sh35.06 billion compared to Sh27.83 billion in 2022/23.
However, profit after tax registered a slight dip, coming in at Sh23.59 billion, down from Sh25.57 billion in the prior year.
On the balance sheet, total assets expanded by 12.72 percent to Sh422.55 billion, up from Sh374.86 billion, while shareholders’ equity grew by 15.85 percent to Sh287.85 billion, compared to Sh248.47 billion recorded last year.
The Corporation’s Board has also proposed a dividend payout of Sh2.10 billion to shareholders for the year ending June 2024—representing a 40 percent increase from the Sh1.5 billion declared last year.
Government backing
Representing the Treasury Registrar, Ms. Lightness Mauki, Director of Performance Management, Monitoring, and Evaluation for Commercial Public Entities, commended NIC’s performance and assured continued government support.
“The government remains committed to creating an enabling environment for state-owned enterprises,” she said. “With total public investments now reaching Sh86 trillion, we are pleased to see NIC fulfilling its responsibilities in line with government directives.”
Ms. Mauki noted that government investments in public entities such as NIC are expected to generate substantial returns and long-term benefits for the economy.
