Ghost of 2008-2009 haunts Pensions industry as viability and relevance is questioned

Staff Reporter

ZHL terminates negotiations for $10 million capital raise

Staff Reporter

ZIMRE Holdings has terminated negotiations for a proposed Emeritus International Reinsurance Company capital raise in Botswana.

The group which has been trading under a cautionary notified the withdrawal of the cautionary today.

“…….negotiations for the Emeritus International Reinsurance Company capital raise have been terminated….Accordingly,

IPEC sets terms on forex denominated insurance policies

HARARE – The Insurance and Pensions Commission (IPEC) made a statement on the forward going policy for foreign currency dominated insurance policies. The development comes in the midst of a growing confidence crisis in the recently formalised local currency.

The substance behind the statement (Circular 13 of 2019) appears to be aligning

Property and equity investment portfolios gains boost Fidelity H1 turnover

Staff Reporter

HARARE, Fidelity life Assurances’ (Fidelity Life) total revenue grew by 143%, closing the half year at ZW$62,5M, compared to ZW$25,8M same period last year driven by fair value gains on the Group’s property and equity investment portfolios.

The value gains of ZW$29,9M were recorded during the period

GCR upgrades Zimnat General Insurance rating to A+

Global Credit Rating (GCR) has revised Zimnat General Insurance’s national scale financial strength rating to A+(zw) Stable Outlook, from its previous rating of A-(zw).The financial strength rating (formerly claims paying ability) went up two notches.

GCR is the leading emerging market focused ratings agency, rating the full spectrum of security

Credit rating upgrade to spur growth 

Emeritus got reinsurance credit rating to –A from BBB, 1. This comes a year after Zimre Holdings Limited (ZHL) consolidated its reinsurance operations under Emeritus Reinsurance International, as it sought to innovatively grow its market share and profitability. The rebranding,

“Air travel insurance on a gradual increase”-NicozDiamond

 Noah Kupeta

Zimbabwe’s insurance industry is currently expanding and penetrating air travel insurance in their quest to outshine and compete with regional and international markets regardless of a myriad of challenges such as adverse weather conditions, political upheavals and unfavourable macro-economic fundamentals.

NicozDiamond Business

ZIMRE Holdings profit in massive jump

HARARE, ZIMRE Holdings after tax profit for the six months period to June 30, 2019 recorded a massive jump to $117,6 million compared to $766 832 in 2018 same period driven by profitability across its operations.

Benjamin Khumalo, the group chairman, said profitability at Zimre Property Investments (ZPI,  domestic insurance operations and the group’s associates

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%