Zimre Holdings has posted a 63 percent growth in operating profit to $2.5 million driven by positive performance in reinsurance and general insurance units.
Zimre’s portfolio includes reassurance, short-term insurance, life reassurance and property. Total revenue dipped by 10 percent to $32.5 million but net profit at $1.25 million was 45 percent higher on the prior year.
Operating and administrative expenses went down by 22 percent but the group said it also lost $1.71 million due to restructuring an agro-industrial associate.
“Group profitability was, however adversely affected by the $1.71 million share of loss from an agro-industrial associate which is being restructured to improve future performance,” said Zimre chairman Benjamin Kumalo today.
Gross Premium Written (GPW) was 8.3 percent down to $38.5 million, driven by market contraction in the domestic insurance business.
Most of the group’s units performed negatively, with Life and Pensions’ profit before tax 40 percent lower to $1.28 million after experiencing a 170 percent increase in claims and a surge in finance costs.
Total assets marginally increased by four percent to $149.5 million.
The group did not declare a dividend citing a need to grow its capital base.-The Source
(29 VIEWS)
This post was last modified on September 29, 2016 3:10 pm
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…
The Zimbabwe International Trade Fair (ZITF) has announced an ambitious long-term plan to turn the…