PROFIT at the diversified investment firm Zimre Holdings grew by 321% to ZWL$304,9 billion for the financial year 2023, with all key lines of the business witnessing exceptional profitability in real terms throughout the year.<\/p>\n
The group\u2019s key businesses include reinsurance and reassurance, short term insurance, life and pensions, real estate and wealth management.<\/p>\n
In a statement accompanying financial results for the year ended December 31, 2023, Zimre chairperson Desmond Matete said the group was in a strong financial position with real growth in total assets and excellent cash generation.<\/p>\n
\u201cAcross all key lines of our business, including reinsurance and reassurance, short term insurance, life and pensions, real estate and wealth management, we witnessed exceptional profitability in real terms throughout the year 2023,\u201d he said.<\/p>\n
The group\u2019s total assets uplifted by 81% to ZWL$1,180 trillion in inflation adjusted terms.<\/p>\n
The group\u2019s healthy balance sheet position is evidence of its resilience and commitment to provide its stakeholders with security, growth and profitability.<\/p>\n
The insurance contract revenue experienced a remarkable increase of 140%, reaching ZWL$255 billion.<\/p>\n
\u201cThis strong growth is attributable to the group\u2019s local reinsurance and pensions business operations, which collectively contributed 78% to the total premiums written during the year,\u201d Matete noted.<\/p>\n
\u201cThe premium income growth was primarily driven by the expansion into new markets, the introduction of innovative product offerings and increased new product acceptance by the market.\u201d<\/p>\n
In addition, the regional reinsurance business operations contributed to the overall insurance contract revenue, with premiums accounting for 17% of the total premium inflows, stemming from new business acquisitions and increased external business support.<\/p>\n
This was underpinned by improved underwriting capacity following successful balance sheet enhancement strategies. The group demonstrated a strong ability to generate new sales in tough operating environments, with the value of new business increasing to 29% during the year.<\/p>\n
Insurance service income increased by 321% compared to prior year to ZWL$77,5 billion as a result real growth in topline for all insurance entities and a slower growth of 62% in direct insurance service expenses.<\/p>\n
The group\u2019s total income for the year was ZWL$357,6 billion, up 96% compared to the prior year.<\/p>\n
The growth was underpinned by strong real growth in insurance contract revenue in the local and regional reinsurance and life and pensions business segments; positive net investment income returns as well as fair value gains on foreign currency denominated assets.<\/p>\n
The real estate business also contributed to total income growth exhibiting significant growth in rental income, with a 138% increase in inflation adjusted terms.<\/p>\n
The group\u2019s local operations recorded increased volumes of foreign currency-denominated income during the year at 84% as business operations shifted significantly from local to foreign currency to preserve value for its stakeholders.<\/p>\n
\u201cWhilst 2023 was a turbulent year and presented formidable headwinds, the ZHL group is optimistic that like the eagle, it shall soar in 2024,\u201d he said.<\/p>\n
The group\u2019s strategy remains anchored on delivering a strong cash wallet by driving a cost-effective insurance float through momentum and scale; increasing the contribution from the regional investments; and tilting the property portfolio towards high-yielding commercial and retail sectors through near liquid investment structures.<\/p>\n
\u201cThe group will continue to consolidate on its experience and dynamism to enhance market share acquisition through innovations and new tools that embrace customer centric ecosystems which will create new value and change for its stakeholders,\u201d he said.<\/p>\n
\u201cThis will be buttressed by significant investment in technology platforms that enhance customer interface with our business and an enduring experience engendering long term customer loyalty.\u201d-newsday
\nhttps:\/\/www.newsday.co.zw\/business\/article\/200026566\/well-soar-like-an-eagle-zimre<\/p>\n","protected":false},"excerpt":{"rendered":"
PROFIT at the diversified investment firm Zimre Holdings grew by 321% to ZWL$304,9 billion for the financial year 2023, with all key lines of the business witnessing exceptional profitability in real terms throughout the year. The group\u2019s key businesses include reinsurance and reassurance, short term insurance, life and pensions, real estate and wealth management. In […]<\/p>\n","protected":false},"author":1,"featured_media":3000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[15],"tags":[],"class_list":["post-2999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-updates"],"_links":{"self":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2999"}],"version-history":[{"count":1,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2999\/revisions"}],"predecessor-version":[{"id":3001,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2999\/revisions\/3001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/media\/3000"}],"wp:attachment":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}