ZimRe to launch signature projects in Vic Falls, Mazowe
DIVERSIFIED investment group ZimRe Holdings (Ltd) is set to launch signature projects in Mazowe and Victoria Falls as it turns its focus to infrastructural and national landmark developments.
The firm has since received development permits for the areas, according to ZHL group chief executive officer Stanley Kudenga.
“As the group celebrates a 40-year legacy, we are making strides to steer the ZHL group to … market leadership and grow sustainable value for the groups’ shareholders,” Kudenga told shareholders on Friday at the annual general meeting.
“Accordingly, ZHL has turned its investment focus to infrastructure and national landmark project development. The group has registered a real estate investment trust (REIT) named the Eagle REIT, which will be launching two signature development projects in Mazowe and Victoria Falls.
“The location of these developments is not by chance as the group seeks to urbanise the communities and address the housing deficit at all levels of society.”
In line with the group’s intention to strengthen regional operations’ underlying capacity, Kudenga said they had secured regulatory approval to inject capital into Emeritus Re Mozambique, with the first payment having been successfully deployed to the unit.
Similarly, he revealed that the company recently attained approval to integrate its Botswana operations into Emeritus International.
“Our regional operations remain a key strategic investment and hedge against a volatile business unit environment,” he said.
According to the group’s trading update for the five months to May 2023, regional reinsurance operations contributed 54% to its total gross premium written and 36% to total income with Emeritus Malawi posting significant contributions to regional performance at 48% and 21%, respectively.
During the period, Kudenga said the life and pension cluster contributed 31% to the group’s total revenue, while local insurance and reinsurance contributed 23%.
He said the growth in the life and pension cluster was driven by individual life premiums through the success of the Vaka Yako product.
Local reinsurance operations during the period also recorded an improved claims experience which decreased 49% compared 2022, while reinsurance recorded 51% improvement.
ZHL has core competencies in the insurance value chain, real estate industry and wealth management.-newsday
