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

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