ZB Holdings insurance units revenue flat at $4.9 mln in first half 2018
By Insurance24
HARARE, ZB financial holdings says its net revenues from its insurance activities remained flat at $4.9 million, with gross premiums having increased by 6% in the half year ended June 30 2018.
Gross premiums increased to $16, 5 million in H1 2018 from $15,5 million same period last year.
In the interim statement of results ZB CEO Ron Mutandagayi said the increase in gross premiums the increase in gross premiums was largely influenced by increased business outturn from the life assurance operations at 18%.
“The increase in gross premiums was largely influenced by increased business outturn from the life assurance operations at 18% whilst the reinsurance premiums remained flat against the backdrop of reducing external business as foreign exchange risk became more amplified,” he said.
Total insurance expenses increased to US$11,6 million from U$10, 5 million same period in 2017
The Group holds substantial interests in insurance operations through its investments in ZB Life Assurance Limited, ZB Reinsurance Limited and Cell Insurance Company Limited
Meanwhile Mutandagayi said significant progress has been made in the implementation of a new policy administration system at ZB Life while
the new suite of Hospital Cash Plan products launched on 13 July 2018.
While apparel runs are underway and the go-live was initially scheduled for the end of the first quarter and the system expected to
improve efficiencies as well as enhance customer interactions.
