Despite the worsening economic situation which saw inflation rise from 116.7 percent in January to 198.9 percent in December, Southern African Reinsurance Company (SARE) had encouraging results with net profit increasing 226 percent from $58.2 million to $189.4 million.
Revenue grew by 183 percent from $608 million to $1.7 billion with gross premium increasing from $517.6 million to $1.3 billion.
Inflation and the use of parallel market rates to settle claims with a foreign currency content saw claims rising.
The company says the new policy on interest rates and a shift in policy on exchange rates provides a ray of hope.
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