NICO Group Achieves Impressive Profit Growth, Reports K37.5 Billion After-Tax Profit in 2022

Blantyre, Malawi – NICO Group, a leading conglomerate offering comprehensive solutions in various sectors, including insurance, banking, asset management, and property development, has announced a remarkable financial performance for the year 2022. The company reported a staggering K37.5 billion profit after tax, representing a remarkable 105 percent growth compared to the K18.3 billion profit posted in 2021.

During a stakeholder engagement event held in Blantyre, NICO Group’s Managing Director, Vizenge Kumwenda, highlighted the company’s dedication to surpassing its previous achievements and delivering exceptional service to the community. Kumwenda emphasized NICO Group’s commitment to expanding its horizons and pushing beyond its comfort zone.

The remarkable profit growth has been well received by shareholders, who expressed their satisfaction with NICO Group’s performance. Frank Harawa, one of the shareholders, described the profits and dividends of K6.3 billion as impressive, acknowledging the company’s ability to deliver substantial returns to its investors.

NICO Group, with its diverse portfolio of companies, offers a wide range of services in general and life insurance, pension administration, banking, asset management, information and communication technology (ICT), property management, and development. The group encompasses notable entities such as NICO Holdings Plc, NICO Life Insurance Company Ltd, NBS Bank Plc, NICO General Insurance Company Ltd, NICO Insurance (Zambia) Ltd, NICO Asset Managers Ltd, NICO Pension Services Ltd, Eris Properties Mw Ltd, NICO Capital Ltd, NICO Technologies Ltd, ICON Properties Plc, Sanlam em Moçambique, and Sanlam General Uganda.

The exceptional financial results of NICO Group reflect its strong position in the market and its ability to adapt to evolving business landscapes. The company’s focus on innovation, customer-centricity, and diversification has been instrumental in achieving such remarkable growth. NICO Group continues to drive economic progress and create value for its stakeholders, while also contributing to the overall development of Malawi’s business sector.