SARE profit soars


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The Southern African Reinsurance Company (SARE) had positive results for the year ending December despite negative fundamentals. Its net profit for the year increased from $189.4 million to $3.2 billion.

Gross premium rose from $1.3 billion to $12.2 billion with net premium at $11.4 billion up from $1.2 billion.

Underwriting earned $800.2 million, a steady recovery from an underwriting loss of $84.4 million the previous year.

Investment income rose from $432.3 million to $3.6 billion.

The company says it is likely to meet the new capital requirements for the insurance industry which require reinsurance companies to have a minimum capital level of $2 billion.

(20 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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