Twice-fired CEO shows up, Old Mutual dismisses reinstatement order
HARARE, The high-profile tug-of-war at financial services group Old Mutual Limited (OML) isn’t looking to be over anytime soon.
Anyone who’s keeping score will know that former/current – at this point it’s not clear, really – chief executive Peter Moyo was twice issued an employment termination notice. Between those two ‘sackings’,
Inflationary costs weigh on FMHL H1 operating profit
Staff Writer
HARARE, First Mutual Holdings operating profit for the interim period to June 30, 2019 declined 16% to $4,5 million compared to $5,4 million same period last year largely driven by increased costs.
The company’s financials show that total expenses increase 126% to $39,3 million from $17,2 million same period comparable, due to a 112%
Emeritus International gets –A credit rating
HARARE, The Global Credit Rating agency has upgraded Emeritus Reinsurance credit rating to –A from BBB, reflecting the group’s claims paying ability and strong balance sheet.
Emeritus Reinsurance is a professional pan-African reinsurer specialising in providing reinsurance and risk management solutions to the direct insurance markets.
The group has
Equities market boost Pension industry profitability
Staff Reporter
HARARE, Gains on the equities market drove the Pension industry’s profitability after recording a surplus of $1,16 billion for the half year period ended June 30, 2019 compared to $121,02 million same period prior year.
Ipec, in its second quarter pensions report said fair value gains amounted to $828,74 million largely due to a
Funeral assures record negative working capital in Q2
Staff writer
HARARE, The latest Insurance and Pensions Commission report paints a bleak picture on the future of funeral assurers who have been hit hard by the ongoing liquidity crisis, recording a negative working capital during Q2 2019.
The country has been struggling with liquidity challenges after a government ZW$400 million mop-up left markets
Zimnat partners Access Finance to provide bureaux de change
HARARE, Zimnat customers can now obtain bureau de change services at selected Zimnat branches across the country, following the establishment of a partnership between Zimnat General Insurance and Access Finance for the provision of these services.
Zimnat offers businesses and individuals a variety of products that include motor insurance,
FBC still keen on Mauritius Re
Staff Writer
HARARE, FBC Holdings says plans to set-up reinsurance unit in Mauritius remains on course. The unit will be 100% owned by FBC Reinsurance Ltd.
Chief executive officer John Mushayavanhu at the company’s announcement of its 2019 half year results, said the group has now obtained the required approvals.
With Zimbabwe currently faced with foreign currency shortages,
Insurance uptake surge
Noah Kupeta
HARARE, The uptake of life insurance policies in Zimbabwe has significantly increased due to comprehensive digital communication efforts by most insurance companies.
Several insurance companies revealed that the uptake of life insurance products has surged by more than 90%, despite the recent upward revision of premiums. Life insurance involves the pooling of resources
Zim in hyperinflationary: Old Mutual Limited…. to manage capital from Zim business on ring fence basis
Staff Writer
HARARE, OLD Mutual Limited (OML) says its Zimbabwean business will be managed on a ring fenced basis until such a time the group will be able to access capital by way of dividends.
The diversified group has a primary listing in South Africa and in Zimbabwe. Old Mutual has a diversified
Sanlam says new business growth potential will remain under pressure, despite satisfactory performance in Four-month
HARARE, Sanlam, whose presence in Zimbabwe is through Zimnat, reported a satisfactory operational performance in the four months to 30 April 2019, despite persisting headwinds in South Africa, the Group’s largest market, and international political and economic turmoil affecting