Staff Writer
First Mutual Holdings (FMHL) consolidated Insurance Contract Revenue (“ICR”) for the period ended 31 March 2025 was $41.7 million, reflecting a 17% increase compared to the prior year.
The group in a trading update said the growth was driven by sustained customer confidence in the Group’s insurance offerings.
Absolute foreign currency (USD, BWP and MZN) constituted 82% of the Group’s consolidated ICR.
In the period under review, the insurance service result grew by 2% to $4.7 million compared to prior year mainly due to claims rising faster than revenue.
Elsewhere, rental income for the quarter ended 31 March 2025 grew by 7% to US$2 million mainly driven by rental rate reviews.
The occupancy levels declined to 86.49% from 88.78% in the prior year as a result of recently completed properties yet to be fully occupied.
For the period under review, the business recorded a profit of $2.3 million for the quarter ended 31 March 2025, representing a 44% decline compared to the prior year.
“The decrease was primarily attributable to bearish market conditions on the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) during the quarter,” the group said.
