Zimre Holdings Limited has released its Q123 results.
In a statement released by the company, it notes that the first quarter of 2023 saw the global economy heading for a “potential financial crisis” as financial markets and the banking sector were thrust into turmoil as a result of the “tightening of financial conditions.”
The company’s reinsurance and reassurance cluster recorded a positive underwriting result and positive cashflows in the first quarter on account of major infrastructural development projects in Zimbabwe.
In a statement released by the firm, it states that regional operations witnessed increased external support and continue to target increased participation on 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 which covered both USD and ZWL denominated insurance contracts and increased credit insurance business.
Retention ratio for the period was 81% compared to 66% from the prior period.
Meanwhile, the insurance broking business recorded a 99% business renewal rate.
Life and pensions 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 35% of the new business recorded during the period.
Elsewhere, the wealth management businesses posted solid growth in new business and services being offered in the first quarter of 2023 compared to same period prior year. A 14% increase in funds under management compared to prior year was recorded while the segment has also introduced a new service line of property project management.
Further, the asset management unit also successfully registered the Eagle Real Estate Investment Trust (Eagle REIT) in the first quarter of 2023.