FBC Insurance units in hyperinflation induced losses
Staff Writer.
HARARE, Zimbabwe’s unrelenting hyperinflationary environment has hit hard FBC Insurance and Reinsurance units with both recording losses in the year ended December 31 2019 although its full impact on traditional business was reduced by the in-house investments strategies that increased investment income.
FBC insurance recorded an
Short term insurers first quarter total GWP up 520 percent
Staff writer
HARARE, Total Gross Premium Written (GPW) by short-term insurers amounted to ZWL$817.93 million for the quarter ended 31 March 2020, reflecting an increase of 521.59% from ZWL$131.57 million reported for the comparative period in 2019.
The total business written by short-term re-insurers increased from ZWL$60.63 million for the
Old Mutual suspends equity and balanced funds transactions
Staff writer
HARARE, Old Mutual Zimbabwe has with immediate effect suspended transacting (deposits and withdraws) in the OMUT equity and balanced funds
following the suspension of trading on the Zimbabwe Stock Exchange (ZSE).
ZSE on Monday said it had suspended trading “until further notice” in compliance with a government directive after
Fidelity Life to pursue regional opportunities to de-risk from Zim’s hyperinflation
Staff writer
HARARE, Fidelity Life Assurance of Zimbabwe says it will continue exploring and pursuing opportunities in the region for geographical diversification and de-risking
Sanlam takes full ownership of FBN Insurance in Nigeria
Sanlam is pleased to announce that it has acquired the remaining stake in the Nigerian insurance business FBN Insurance from its partner, FBN Holdings Plc (FBNH). This gives the Group 100% ownership of FBN Insurance Limited (FBNI) and its subsidiary, FBN General Insurance Limited.
The transaction, conducted through Sanlam’s business cluster
Cimas announces cover for COVID-19 positive members
Staff Writer
HARARE, Cimas Medical Aid Society has announced that it will provide any of its members who test positive for COVID-19 with medical aid cover for subsequent treatment and clearance tests at the end of their treatment.
The cover, which is subject to the benefit levels provided for in the member’s medical aid package, includes admission
National lockdown delays ZHL’s audit process
HARARE, ZIMRE Holdings (ZHL) says the national lockdown has delayed the group’s audit process, hence will not be able to publish its 2019 financials by April 30, 2020.
Government instituted a national lockdown to contain the spread of the novel Corona Virus (COVID- 19), through Statutory Instrument (SI) 83 of 2020 and subsequent extension through
Old Mutual approved first market maker for ETFs
Staff Reporter
INSURER, and diversified financial services group, Old Mutual Securities (Private) Limited has been approved as the first market maker for an Exchange Traded Fund (ETF) which is anticipated to list on the Zimbabwe Stock Exchange (ZSE) in due course.
The registration of OMSEC is in accordance with the ZSE Market Making Rules and is with
First Mutual rescues vulnerable communities during lockdown
Staff Reporter
HARARE- First Mutual Holdings has partnered government in the fight against Covid 19 pandemic through a $750 000 food donation to vulnerable communities.
Farai Mangwende, the group’s Marketing & Strategy Executive, said the distribution will be done through a partnership with Miracle Missions.
“Following the COVID-19
Zimnat launches inflation-proof funeral cover
HARARE,Zimnat Life Assurance has launched an inflation-proof funeral policy, which provides for regular review of covers and premiums in order to hedge against inflation and maintain the value of the policy.
Zimnat’s new Gadziriro/Lungiselelo ZWL$ Funeral Plan is designed to overcome this problem and maintain the value of the policy by making it an inflation-linked