4. OLD MUTUAL
Integrated financial services giant Old Mutual also landed in the top five gainers in the year thus far, with a 53.38 percent year to date increase.
Old Mutual has the highest market share in terms of GPW and NPW according to the insurance regulator, IPEC, in its Non-Life report for the half year ended 30 June 2016. The company has 18.41 percent market share in terms of GPW and 24.27 percent market share in terms of NPW.
As a result of its competitive edge in the insurance business, Old Mutual Zimbabwe registered 11 percent increase in total revenue to $139.7 million in the six months to June 30, on the back of a 60 percent surge in non-life sales. Gross Premiums Written for the General Insurance unit were up 7 percent to $21 million, while profit before tax at $3.2 million was up 11 percent.
The most recent results of the half year 2016 showed that Non-life sales continue to boost the group’s performance as they were up 60 percent from $92.9 million to $148.7 million.
The banking activities also supported the growth as Loans and advances at $532.9 million are up 8 percent while deposits are also up by 7 percent to $768 million. Nevertheless decline in property values and equity investments as a result of the poor economic fundamentals weighs the performance of the company and as such, operating profit was flat at $33.1 million while profit after tax declined 4 percent to $12.5 million.
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