Zimre Holdings Limited has released its Q123 results.
In a statement released by the company, it said that the first quarter of 2023 saw the global economy heading for a “potential financial crisis” as financial markets and the banking sector were thrown into turmoil. as a result of “tightening financial conditions.”
The company’s reinsurance and reassurance cluster recorded positive underwriting results and positive cashflows in the first quarter due to major infrastructure development projects in Zimbabwe.
In a statement released by the company, it said that operations in the region have witnessed increased external support and continue to focus on increasing participation in major energy risks in the Southern African region.
At the same time, Zim Re’s short-term insurance operations were expanded on the back of increased reinsurance treaty underwriting capacity covering USD and ZWL denominated insurance contracts and additional credit insurance business.
The retention ratio for the period was 81% compared to 66% from the previous period.
Meanwhile, the insurance broking business recorded a 99% business renewal rate.
Life and pensions have also witnessed business growth through its acquisition of new business and new product development. This was driven by growth in annuities and individual life which contributed to 35% of the new business recorded during the period.
Elsewhere, wealth management businesses posted strong growth in new business and services offered in the first quarter of 2023 compared to the same period last year. A 14% increase in funds under management compared to last year was recorded while the segment also introduced a new line of property project management services.
In addition, the asset management unit Eagle Real Estate Investment Trust (Eagle REIT) was also successfully registered in the first quarter of 2023.
