NICO Holdings

NICO Holdings plc is a diversified financial services group and is listed on the Malawi Stock Exchange.[1] The NICO group sponsored the Malawi national netball team in 2025/26.[2]

Overview

NICO Holdings' headquarters are in Blantyre, Malawi, with operating presence in six African countries i.e. Malawi, Zambia, Tanzania, Uganda, Mozambique and Zimbabwe.[3] The group offers a wide range of financial products and services which include: asset management, life assurance, retirement planning, general insurance, health insurance, banking, information technology and property management.[4]

NICO Holdings was founded in 1971 as a short-term insurance company called National Insurance Company Limited.

Member companies

The companies that compose the NICO Holdings are organised into five divisions and include, but are not limited, to the following:[6]

Insurance

NICO General Insurance Company – Blantyre, Malawi – 51% Shareholding – Offering short term insurance. Remaining 49% held by Sanlam.
NICO Life Insurance Company Limited – Blantyre, Malawi – 51% Shareholding – Offering long-term and life insurance. Remaining 49% held by Sanlam.
NICO Insurance (Zambia) Limited – Lusaka, Zambia – 51% Shareholding – Offering short term insurance. Remaining 49% held by Sanlam.
Sanlam General Insurance Tanzania – Dar es Salaam, Tanzania – 20% Shareholding – Offering General Insurance in Tanzania.
Sanlam Mozambique Vida Companhia de Seguros, SA – Maputo, Mozambique – 34.30% Shareholding – Offering General Insurance

Banking

NBS Bank Plc – Blantyre, Malawi – 50.10% Shareholding – A midsized retail bank licensed by the Reserve Bank of Malawi.[7] The shares of NBS Bank are listed on the MSE.
Standard Bank Plc – Blantyre, Malawi – 19.89% Shareholding – A commercial bank licensed by the Reserve Bank of Malawi.[8]

Asset Management

NICO Asset Managers Limited – Blantyre, Malawi – 100% Shareholding – Offering investment management services.

Technology

NICO Technologies Limited – Blantyre, Malawi – 100% Shareholding – Provider of IT solutions to the public sector, corporate and individual clients across Malawi.[9]

Property

Other companies where NICO holdings controls more than 5% of the issued equity interest include Sanlam Uganda, Old Mutual, National Bank of Malawi plc, National Investment Trust plc, Telekom Networks Malawi plc, Chibuku Products Limited and Natswitch Limited.[6]

Group Fabricators & Manufacturers – Blantyre, Malawi – 100% Shareholding – A property holding company.
ICON Properties Plc – Blantyre, Malawi – 62.71% Shareholding – A property holding company. The shares of ICON Properties Plc are listed on the MSE.[10]
Eris Properties Malawi Ltd – Blantyre, Malawi – 50% Shareholding – A property development company that owns and manages a number of commercial properties in Malawi.[11] Eris Properties Malawi was founded in August 2017 as a Joint Venture between NICO Holdings and Eris Property Group,[11]

type	Public
traded as	MSE: NICO
industry	Insurance, Investments, Property, Financial services
location	Chibisa Hse 19 Glyn Jones Blantyre, Malawi
products	Insurance Asset Management Property REITs Banking Holding
homepage	https://nicomw.com/