Zimre delivers strong third-quarter performance

Zimre delivers strong third-quarter performance 

By Allan Mbotshwa

Zimre Holdings Limited (ZHL), a diversified financial services group, reported robust third-quarter results. Insurance contract revenue grew 8% to USD43.5 million, driven by new business and market expansion.

Total income increased 7% to USD22.6 million, fueled by insurance contract revenue growth, non-insurance income, and positive investment income.

Profit for the period surged 56% to USD9.8 million, driven by top-line growth and investment income.

Total assets rose 14% to USD193.2 million, and net cash generated from operations soared 177% to USD16.3 million.

Key Operational Highlights:

Reinsurance and Reassurance: Recorded 5% growth in contract revenue, driven by new business and regional expansion.

Short-term Insurance: Delivered impressive 41% growth, fueled by a strategic shift towards core direct business.

Property: Generated 16% growth in total income, driven by strong occupancy rates.

Insurance Broking: Experienced a 3% decline in net brokerage income, but is poised for growth through strategic partnerships.

Life and Pensions: Recorded a 5% increase in contract revenue, driven by innovative products and digital distribution.

Wealth Management: Delivered exceptional 141% growth in total income, driven by new business lines and regional expansion.

ZHL remains focused on diversification and regional expansion. The Group is well-positioned to capitalize on opportunities in insurance, real estate, and wealth management.

Key strategic initiatives include the development of the Eagle REIT’s flagship projects, Mazowe Walk and the Victoria Falls mixed-use development, and the Selbourne Park residential development in Bulawayo.

ZHL’s strong financial performance and strategic focus position the Group for continued growth and value creation.

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