Welcome to NICO Group Malawi's leading, unified financial services powerhouse. For over 50 years, we have stood as the cornerstone of the nation's economic engine, evolving from a single insurance company in 1971 into a diversified conglomerate that shapes industries and transforms lives. Today, as a true one-stop financial shop, we bring together banking, insurance, pensions, asset management, property, technology, and hospitality under one roof.
But more than a collection of companies, we are One NICO a family united by a shared purpose: to build Malawi's future, one solution at a time.
In 2025, NICO Group posted a record profit-after-tax of K323.5 billion a 141% increase from K134.4 billion in 2024. Revenue surged by 74% to K918.5 billion, driven by strong performances in banking and life insurance.
Key highlights include: NBS Bank delivered K150.4 billion profit-after-tax, up 106%. NICO Life recorded K155.6 billion, reflecting robust growth. Dividends paid to shareholders doubled to K41.8 billion.
Group Managing Director Vizenge Kumwenda attributes this success to the Group's diversified portfolio and disciplined management, even amid foreign exchange shortages, high inflation, and supply disruptions.
Why Choose NICO Group?
True One-Stop Shop: all your financial needs, one integrated family.
Proven Legacy: over 50 years of service and trust.
Unified Service: consistent standards across all subsidiaries.
Innovation-Driven: constantly evolving with technology.
Community-Focused: committed to Malawi's growth and welfare.
Purpose: To empower Malawians and businesses with comprehensive, integrated financial solutions that drive growth, protect assets, and secure futures.
Mission: To create value for our stakeholders.
Vision: To be the preferred financial services provider in Malawi and beyond.
We are experts in our line of work: self-driven, persevering, and disciplined. We constantly set personal targets to exceed performance expectations.
We are honest, transparent, and committed to doing what is best for our customers, our people, and our communities. We have zero tolerance for unethical behaviour.
We unconditionally take ownership of our responsibilities, decisions, actions, and resultant consequences.
We are ONE. Our success is driven by our ability to build relationships, break silos, and connect across teams, functions, and geographies. Ubuntu is our way.
We are pioneers. We constantly seek new and better ways to solve problems for our customers, our businesses, and our communities.
Elias Ngalande
Independent Chairperson (appointed 2024)
Vizenge M. Kumwenda
Group Managing Director & Executive Director
Dr Kwanele Ngwenya
Deputy Group Managing Director (appointed 2026)
Sangwani J. Hara
Non-Executive Director
Catherine B. Lesetedi-Letegele
Non-Executive Director
Doreen Chanje
Independent & Non-Executive Director (appointed 2025)
Natasha Nsamala
Independent & Non-Executive Director
Robert W. Scharar
Non-Executive Director
Robert Mdeza
Independent & Non-Executive Director
Candida Nankhumwa
Independent & Non-Executive Director
Mugove Nyimo
Non-Executive Director (appointed 2025)
In 2026, we launched the One NICO Lived Experience an initiative that reinforces our commitment to delivering the same spirit, professionalism, integrity, and excellence across every subsidiary and every customer touchpoint.
As our Group Managing Director, Vizenge Kumwenda, puts it: "We realise that although we are many, we are One Group. One Standard. One Lived Experience. Wherever someone encounters this Group, they will experience the same spirit, the same professionalism, the same integrity and the same commitment to excellence."
This is not just a slogan it is a promise. Backed by #ThePowerOfUs, we are breaking silos, fostering collaboration, and celebrating employees who exemplify our shared values through the One NICO Lived Experience Awards.
1971: NICO was born as The National Insurance Company Limited, incorporated in 1970 and commencing trading in January 1971. What started as a composite insurance provider would go on to redefine Malawi's financial landscape.
1996: We made history as the first company to list on the Malawi Stock Exchange, pioneering the development of the nation's capital market. Our shares, initially bought at K2, have grown to K550 over the years, delivering consistent value to shareholders.
2002: We established NICO Holdings, which transitioned - to NICO Holdings Plc in 2017 in compliance with the new Companies Act. This restructuring cemented our position as a diversified financial services group.
2019: We broke a 10-year listing drought on the Malawi Stock Exchange by listing ICON Properties Plc, transforming the real estate landscape.
2026: We launched the One NICO Lived Experience initiative, unifying all subsidiaries under a single identity, shared values, and consistent service standards.
The NICO Group comprises 12 subsidiaries, each a leader in its respective industry, working together to deliver seamless, integrated solutions:
NICO Holdings Plc: The Group's holding company and strategic anchor.
NBS Bank Plc: Retail and corporate banking, one of Malawi's leading banks.
NICO Life Insurance Company Ltd: Life insurance and savings solutions.
NICO General Insurance Company Ltd: General insurance: motor, property, agriculture, and more.
NICO Pension Services Ltd: Pension administration and retirement planning.
NICO Asset Managers Ltd: Professional investment management.
NICO Capital Ltd: Corporate finance and project advisory.
NICO Technologies Ltd: IT solutions and digital transformation.
Eris Properties Mw Ltd: Premium commercial property management.
ICON Properties Plc: Real estate investment and development.
NICO Insurance Zambia: Regional expansion into Zambia.
Blantyre Hotels Ltd: Hospitality and infrastructure development.
Our Impact: Beyond Business as a responsible corporate citizen, NICO Group actively contributes to Malawi's economic growth and social development. Tax contributions: over K15 billion paid to government in taxes over two years. Employment: thousands of jobs across subsidiaries.
Infrastructure: investments in Chichiri Shopping Mall, Lilongwe City Mall, Kang'ombe House, and more.
Capital market development: pioneering listings on the Malawi Stock Exchange.
We invite you to be part of the NICO story whether as a customer, partner, investor, or team member. Together, we are building a future where every Malawian has access to the financial tools they need to thrive.