Zimre sees growth driven by resilience

Zimre Holdings Limited (ZHL) witnessed growth across all the markets it operates in driven by what the company described as resilient performance of the reinsurer’s underlying businesses.

Chairman Desmond Matete, in a statement accompanying the results, said, “In spite of the significant challenges in the group’s operating jurisdictions, the group delivered positive results, benefitting from the resilient performances of its underlying businesses.”

As a result, the group registered a 13 percent rise in inflation-adjusted gross premium written (GPW) for the year ended December 31, 2022 buoyed by real business growth in the region and from domestic operations.

Mr Matete said the group’s core companies were sustained by resilient operations.

GPW closed the period under review at $20,4 billion compared to $18 billion in the prior period last year.

“The regional operations contributed 43 percent to GPW in 2022 compared to 41 percent in 2021 and thus remain key strategic investments which provide diversification value to the group,” he said.

ZHL total income appreciated by 9 percent to $39,5 billion from $36,3 billion in 2021.
“The growth was driven by overall positive investment returns, strong top-line growth in premium income, particularly in Botswana and Zambia and growth in the life and pensions business domiciled in Zimbabwe,” Matete said.

“Investment income growth was underpinned by fair value gains on investment properties largely driven by the exchange rate movements.”

Zimre’s total assets increased by 51 percent in real terms from $80,7 billion in 2021 to $122,2 billion…herald