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Mission Statement Vision Our Values

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Mission Statement Vision Our Values 1 NICO Holdings Limited MISSION STATEMENT To create value for stakeholders VISION To be the preferred financial service provider OUR VALUES Integrity, care, ethical values, quality services, health and safety, transparency, accountability, corporate governance, environmental awareness 2 NICO HOLDINGS LIMITED Annual Report 2013 3 SHARE PRICE (Tambala) 1800 1600 FIVE YEAR HIGHLIGHTS 1400 1200 2009 2010 2011 2012 2013 1000 GROSS REVENUE (MK’ Million) 17,916 21,757 26,441 41,695 65,139 800 600 PROFIT BEFORE TAX (MK’ Million) 3,237 3,819 4,211 2,372 11,642 400 EARNINGS PER SHARE (tambala) 187 222 163 42 548 200 NET DIVIDEND PAID (MK’ Million)* 407 1,095 417 250 1,043 0 2009 2010 2011 2012 2013 NET DIVIDEND PER SHARE (tambala) 39 105 40 24 100 900 920 1,100 1,430 1,780 TOTAL ASSETS (MK’ Million) 57,764 75,766 99,413 125,157 168,581 NET DIVIDEND EARNINGS PER SHARE PER SHARE NET ASSETS (MK’ Million) 6,237 8,793 9,315 10,152 14,205 (Tambala) (Tambala) 600 110 SHARE PRICE (tambala) 900 920 1,100 1,430 1,780 550 100 NET ASSET VALUE PER SHARE (tambala) 598 843 893 973 1,362 500 90 450 80 PRICE TO BOOK VALUE (times) 1.5 1.1 1.2 1.5 1.3 400 70 350 PRICE EARNINGS RATIO (times) 4.8 4.1 6.7 34.0 3.2 60 300 50 MARKET CAPITALISATION (MK’ Million) 9,387 9,596 11,473 14,915 18,566 250 40 200 * Dividend paid out of the year’s profits 150 30 100 20 50 10 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 187 222 163 42 548 39 105 40 24 100 GROSS REVENUE PROFIT BEFORE TAX (Million Kwacha) (Million Kwacha) NET ASSETS 70,000 TOTAL ASSETS (Million Kwacha) (Million Kwacha) 12,000 170,000 15,000 65,000 160,000 14,000 60,000 11,000 150,000 13,000 55,000 10,000 140,000 12,000 130,000 50,000 9,000 11,000 120,000 45,000 8,000 10,000 110,000 40,000 7,000 100,000 9,000 35,000 90,000 8,000 6,000 80,000 7,000 30,000 5,000 70,000 6,000 25,000 4,000 60,000 5,000 20,000 50,000 4,000 3,000 40,000 15,000 3,000 2,000 30,000 10,000 20,000 2,000 1,000 5,000 10,000 1,000 0 0 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 17,916 21,757 26,441 41,695 65,139 3,237 3,819 4,211 2,372 11,642 57,764 75,766 99,413 125,157 168,581 6,237 8,793 9,315 10,152 14,205 4 NICO HOLDINGS LIMITED Annual Report 2013 5 BOARD OF DIRECTORS AND SECRETARY Alaudin Osman, Felix L. Mlusu, Robert W. Scharar, Chairman Managing Director Director SUMMARISED LIST OF SHAREHOLDERS General Public C/O NICO P.O. Box 3173 Malawi 34.24% (Malawian & Foreign) Transfer Secretaries Blantyre 19 Glyn Jones Road NICO Employees Trust C/O NICO P.O. Box 3173 Malawi 1.1% (Malawian & Foreign) Transfer Secretaries Blantyre 19 Glyn Jones Road Harold Bijoux, Margaret Dawes, Hendri Nigrini, Director Director Director International 1818 H Street N.W. Washington USA 11.65% Finance Corporation 20433 DC of America (American) Sanlam Emerging 2 Stand Road P O Box 1 South 25.10% Markets Proprietary Limited Bellville, 7532 Sanlamhof Africa (South African) 7530 AFRICAP LLC 791, Town and Suite 250 Houston USA 27.91% (American) Country Blvd TX 77024-3925 100.00% Sangwani J Hara, Vizenge M. Kumwenda, Emily Makuta, Director Deputy Managing Director Company Secretary 6 NICO HOLDINGS LIMITED Annual Report 2013 7 purchase price. Following from these sale remain committed to the Zimbabwean market proceeds, the company has paid a special such that we will go back as soon as we dividend of 48 tambala per share in April 2014. find a good investment opportunity. While focus on consolidating existing operations The company’s share price has registered a will continue, we are exploring to set up a 28% increase from MK14.30 at the end of new operation in one of our existing markets 2012 to MK18.41 at 31st December 2013. late 2014 or early 2015 in partnership with Corporate Governance is a pillar stone for a strategic investor. Shareholders will be the Group. I am pleased to report that all updated of developments once firm decisions four Board committees were active during the have been made. CHAIRMAN’S REPORT year. The Board of directors approved that an enterprise wide risk management framework In May 2013, the NICO Foundation, the It gives me great pleasure to come to you In 2013 the company paid an interim be rolled out in all companies in the group Group’s vehicle for executing charitable with my first report following departure dividend of 30 tambala per share compared including the holding company. This exercise initiatives held a successful gala night for of my predecessor Mr George Jaffu who to nil interim dividend paid in 2012. At the started in 2013 and will be completed in young achievers at Bingu International retired from the Board with effect from 30th forthcoming Annual General Meeting, the 2014. It is being done with the help of experts Conference Centre where youth groups September 2013 after serving as Chairman Board of directors will be seeking shareholder from Ernst and Young. engaged in charitable activities across the of the Group for thirteen years. During those approval to pay a final dividend of 70 tambala country were recognized with trophies and years Mr Jaffu oversaw the Group growing per share compared to 24 tambala per share At this juncture let me take this opportunity cash prizes to be used for promoting their from a single composite insurance company that was paid for 2012. Out of the 2013 to welcome Hendri Nigrin who joined the cause. The event, graced by the presence to an international Financial Services group profits therefore, and subject to shareholder Board in April 2013. Mr Nigrin is an SEM of the Minister of Economic Planning and operating in several countries in Southern and approval, the company will pay a total divided nominee and comes to the Board with a Development Honorable Ralph Jooma, who Eastern Africa. On behalf of the Board and of MK1.00 per share. The foregoing is a clear wealth of knowledge and experience in sat in to represent the Minister of Youth, was the entire NICO Group, I wish Mr Jaffu a well testimony that strategies that the Board put the General Insurance business. Let me a resounding success. deserved retirement. in place following a very difficult 2012 are also welcome back to the Board Vizenge bearing fruit. Kumwenda, Deputy Managing Director who In conclusion, I can confidently say that Most economies where we are operating was appointed substantive director in July in 2013 operations of the Group were continued to be turbulent. This was The company sold 49% of its shareholding 2013. NICO Holdings Ltd appointed Emily turned around and are poised to break new particularly the case in Malawi where the in General Insurance Companies in Malawi, Makuta as Company Secretary of the Group heights going forward. I wish to thank our currency depreciated by more than 20% Zambia and Uganda for a total of MK2.6 with effect from 1st April 2013. On behalf of clients across the Group for the continued while commercial bank lending rates hovered billion to Sanlam Emerging Markets the Board, I also wish to welcome Emily to confidence in the NICO Brand. Their around 40% per annum for most of the year. (Proprietary) Limited (SEM). Out of this, the NICO family. continued support and patronage of our The tough business environment persisted MK1.8 billion was used to recapitalise General services is the reason for Group’s growth and longer than anticipated. Insurance companies in Tanzania, Uganda The prospects of the Group for 2014 and success. We do not take their support for and Zambia. The sale of 49% shareholding beyond look good. African growth and granted. I would also like to say thank you Considering where we are coming from in NIKO Insurance Tanzania Limited will be entering into smart partnerships remain the to my colleagues on the Board, management especially in terms of our 2012 performance concluded in 2014 once the outstanding drivers of our strategy. My predecessor did and staff at large for standing up to the coupled with the tough economic environment regulatory approvals have been granted. NICO report on the challenges our company in challenges of 2013. I look forward to your as outlined above, 2013 has been a very good Life Insurance Company achieved its financial Zimbabwe was facing. The operations of continued dedication and commitment in year for the group. Total revenues grew by projections that were used as a basis when the company could not be sustained when 2014 and beyond. 56% from MK42 billion to MK65 billion. Profit 49% of the company was sold to Sanlam our local partners failed to subscribe for their before tax grew several fold from MK2.4 billion Developing Markets (SDM) in 2010. SDM shares when a Rights Issue to recapitalise to MK11.6 billion. Profit for the year attributable is a 100% subsidiary of Sanlam group just the company was made.
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