NSSA raises stakes in NicozDiamond

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THE National Social Security Authority has raised its stake in insurance group, NicozDiamond
Insurance Limited to 50,9 percent after a mandatory oer to minority shareholders which
closed last week.

Before the mandatory oer, which closed on April 24 having opened three weeks prior, NSSA
held 254 186 084 or 44,8 percent and minority shareholders controlled 55,2 percent or 312
578 689 shares.

Share options exercised amounted to 23 249 965 or 4,1 percent while shares surrendered in
terms of the offer amounted to 46 077 100 or 8,1 percent.

This means that after the mandatory NSSA moved to 300 263 184 or 50,9 percent and
minority shareholders 289 751 554 or 49,1 percent.

Total number of NicozDiamond shares after the offer amounted to 590 014 738.
NicozDiamond is one of the most recognised insurance groups in Zimbabwe with six
branches in the country, regional operations in Malawi, Zambia and Mozambique and
Bancassurance arrangements with four banks.

Born out of a merger of National Insurance Company of Zimbabwe (NICOZ) and Diamond
Insurance Company in 2002 and subsequently listing on the Zimbabwe Stock Exchange the
same year, NicozDiamond has gone through a regeneration which has seen the group extend
its inÓuence in the region, having seen the need to diversify away from Zimbabwe’s country
risk.

In Malawi, NicozDiamond owns United General Insurance Company Limited (UGI) is one of
Malawi’s leading short term/general insurance companies that has been operating which has
been in operation for over 40 years.

The group is invested in Diamond Companhia de Seguros (DSM), SA a Mozambican company
which specialises in non-life insurance while in Zambia it is in Diamond General Insurance
Company Limited (DGI), a privately owned short term insurance company. – The Chronicle

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