Cost reduction strategies have delivered a rise in profits to sh1.3b, from sh990m for the National Insurance Corporation (NIC), its unaudited results indicate.

NIC boss Bayo Folayan

The insurance company, however, faced a 2% decline in gross premiums, largely due to delayed renewal of policies by some major clients.

The company was temporarily barred from trading its shares on the Uganda Securities Exchange after delayed release of its financials last year.

“Better performance is expected in the second half of the year as the company continues to implement its growth strategy hinged on improved service delivery,” NIC boss Bayo Folayan said in a statement.

“The implementation of the resolution by shareholders to increase paid-up share capital from sh2.0194b to sh7b will give impetus to the firm’s drive to fully automate workflow processes,” he added.

Source The New Vision