NIC Holdings, the insurance company, said it will report a significant decline in earnings for the year ending December 2023, blaming macroeconomic factors and the impact of adopting a new insurance accounting standard.
In a statement to the Uganda Securities Exchange, NIC said its profit for the year are expected to fall by more than 25 per cent.
The company’s profit after tax for 2022 rose 31 per cent to Shs4.2 billion, driven by an increase in gross premiums, a jump in investment incomes, and lower reinsurance costs. However, it did not report its half-year results for 2023.
