Zimre back in profit


Zimre Holdings today reported a net profit of $1.1 million in the half year to June compared to a loss of $100 000 the previous year helped by a fall in total claims and expenses.

Zimre’s portfolio includes reassurance, short-term insurance, Life reassurance and property.

Its Gross Premiums Written (GPW) were flat at $42 million but total claims and expenses declined to $30.9 million against $32.7 million reported in the prior comparable period.

Life assurance GPW were up seven percent to $3 million driving the unit’s operating profit to $800 000 while the general insurance unit also registered growth, with GPW increasing from $2.8 million to $3 million.

GPW for the reinsurance unit declined by five percent to $16.7 million while property revenue was down 16 percent to $2.1 million on increasing voids and operating expenses.

Shareholder’s funds increased by 38 percent from $46 million in 2014 to $63 million this year due to additional capital injected into the business in February this year.

Total assets increased by 16 percent to $178 million from $154 million last year.

The group did not declare any dividend.-The Source


Don't be shellfish... Please SHARETweet about this on Twitter
Share on Facebook
Share on LinkedIn
Email this to someone
Print this page

Like it? Share with your friends!

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.


Your email address will not be published. Required fields are marked *