AFC Insurance affirms its role in driving agricultural solutions
Staff Writer
AFC Insurance Company, together with AfC Land and Development Bank and AFC Leasing Company, are expected to continue providing accessible solutions to the agricultural sector as part of AFC Holdings’ business continuity and growth plan.
This comes as the group says it has continued to implement the plan, including adaptation of disaster recovery plans, with regulators having been updated.
The AFC insurance company started operations in 2022 after being granted a licence by the Insurance and Pensions Commission.
In a statement accompanying financial results for FY23, AFC Holdings said prospects for business were good notwithstanding the current volatile environment.
“The group will sustain business growth initiatives for profitability. The AFC commercial BDMK will expand support to exporters across all sectors of the economy while targeting new SBD energy frontiers through digital platforms.
“The AFC land and development company, the AFC leasing company, and the AFC insurance company will continue to provide accessible financial solutions to the agricultural sector, the group said.
AFC Insurance endeavours to create tailor-made agricultural insurance solutions for emerging and established farmers in order to meet their needs.
As part of its endeavours, it recently partnered with the Tobacco Industry and Marketing Board (TIMB) to expand the reach of insurance services to ensure the viability and sustainability of farming projects by providing farmers with improved access to insurance coverage.
This saw 6,500 small-scale tobacco farmers take up insurance for the 2023–2024 season. The insurance facility covers field-to-floor risks, which include hail and wind damage.
During FY23, AFC Insurance recorded an inflation-adjusted profit before tax of ZWL36,2 billion.
The group said this was besides the fair valuation gains on investment property due to increased insurance business underwriting.
“The company’s capital position is currently above the regulated position,” the group said.
The company’s revenues surged to ZWL39.7 billion, compared to ZWL1.4 billion the previous year.
