National Insurance Corporation (now NIC Holdings Limited) was established in 1964 as a wholly owned Government parastatal and the leading provider of insurance and financial services in Uganda.

In 2005, NIC was privatized with the continental insurance giant, Industrial and General Insurance Plc (IGI) acquiring majority (60%) stake through its special purpose vehicle, Corporate Holdings Limited.

On 25th March 2010, NIC was listed on the Uganda Securities Exchange becoming the first (and only) Uganda registered insurance company to be listed on the USE.

In 2014, pursuant to the Insurance (Amendment) Act, NIC was restructured and re-branded into and insurance group with a holding company and two virile wholly owned insurance subsidiaries, NIC General Insurance Company Limited and NIC Life Assurance Company Limited.