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
(150 VIEWS)
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…