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Nico Life eyes strong growth

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BusinessMalawi’s NICO Life Insurance says it is geared for further business growth and assets base expansion despite the prevailing economic challenges in the country.

Nico chief executive officer Osman Karim said this during a trustees’ seminar held on Friday in Blantyre.

Karim conceded that the macroeconomic fundamentals remain challenging, but expressed optimism for business growth.

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“We still have to do business and we take comfort in the fact that we have gone through such environments before.

We have survived before and we are optimistic that we will come out of it stronger,” he said.

According Karim, the pensions fund component alone had from 2011 grown from K 110 billion worth of assets to over K 350 billion worth of assets in 2015.

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He said the strides have been attained amid challenging environments and Nico plans to further grow its assets base in the short to medium terms.

“Our assets base is going to continue to grow, and when the government pensions fund comes into place which is a contributory scheme, it is expected to generate a lot of contribution.

“That will in turn also help in the acceleration and generation of assets,” he said.

Karim also unveiled plans by Nico Life to construct a five star hotel in the lake shore district of Salima among other proper ty investments earmarked for the next few years.

He said the firm has already been investing in other large properties and in companies at the stock exchange market as a mechanism of safeguarding the pension funds.

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