CBZ Holdings net underwriting income up 20% in 2019,
……….As Bank launches money transfer center
Staff Writer
HARARE, CBZ Holdings net underwriting income grew 20,8% in 2019 to $69 million compared to $57 million in 2018 largely driven by growth in gross premium insurance.
The group’s 2019 financials shows that gross premium insurance grew 34% to $199 million from $148 million recorded during prior year. Net earned premium was lower at $98 million compared to $106 million in 2018 due to Reinsurance of $96 million.
During the financial year, net commission was at $2,6 million compared to $5 million in prior year due to increase in commissions paid at $26 million from commission received of $24 million.
CBZ Holdings group insurance units are CBZ Life and CBZ Insurance. The Insurance units early this year adopted new visual identity in line with the Group’s brand revolution as it sought to consolidate its market leadership as an integrated financial services provider.
CBZ Insurance is a short term insurance company, and the group’s chairman, Marc Holtzman, recently said the group’s insurance business will going forward hinging grow hinging on new strategies the group is implementing.
CBZ is one the largest financial services institution in the country and its involvement in the sector encompasses banking, insurance, investments, risk advisory, agribusiness and microfinance.
The banking unit, CBZ Bank recently launched a money transfer centre to facilitate ease of collection of funds from the diaspora and in line with its vision of being the preferred provider of financial solutions in Zimbabwe with a global reach.
The centre, which is situated at the bank’s Robert Mugabe branch will house money transfer agencies namely, Western Union, World Remit, MoneyGram, Mukuru, HelloPaisa and Xpresslinks
CBZ Managing Director Peter Zimunya said: “With the world now a Global Village, it is imperative for CBZ Bank to establish and grow strategic partners that will help us tap into various market segments such as the diaspora market. This is in line with our vision to be the preferred provider of financial solutions in Zimbabwe, with a global reach.”
He said that more centres will be rolled out across the country in the near future.
Recently appointed Divisional Director Retail Banking Dedrey Mutimutema said that the launch is in line with the bank’s thrust to provide fast and reliable service not only to its customers but the nation at large.
“We looked at the foreign remittances space and realised the amount of time people are spending in queues to collect their funds and a decision was made to intervene by coming up with an exclusive centre to facilitate ease of collection of funds.”
The service will however still be available at all CBZ Bank branches to increase convenience.
“What makes the CBZ MTA Centre different is the level of customer experience which we have pitched at world-class levels. This is to ensure that our customers will enjoy a dedicated remittance business and refer friends and family to use the same facility,” said Mutimutema.
