Staff Writer
HARARE: ZB Financial Holdings says an increase in new business as well as in sum assured was key in driving growth in gross premium for the group in 2024, closing the year at ZWG 0.16 billion and ZWG 0.33 billion in reinsurance gross premium.
The Group says this was also buoyed by an increase in the share participation, while the insurance service result was a deficit of ZWG 0.007 billion in 2024 against a loss of ZWG 0.340 billion in 2023.
In a statement accompanying financial results for FY24, ZBFH Group CE Shepherd Fungura said this was largely as a result of a decrease of 61% in insurance service expenses to ZWG 0.328 billion in 2024, from ZWG 0.839 billion in 2023.
“The Group generated an assurance gross premium of ZWG 0.16 billion for the year ended 31 December 2024 from
ZWG 0.099 billion in 2023. The Group also achieved a reinsurance gross premium of ZWG 0.33 billion in 2024.
from ZWG 0.37 billion in 2023. The growth in gross premium was mainly driven by an increase in new business as well as the increase in sum assured and the increase in the share participation,” he said.
During the period ZB Reinsurance posted a profit after tax of ZWG0.037 billion in 2024, down from a profit of ZWG0.053 billion in 2023.
Its total assets increased from ZWG 0.274 billion as at 31 December 2023 to close the year 2024 at ZWG 0.487 billion.
ZB Life Assurance, on the other hand, posted a profit of ZWG0,167 billion in 2024, up from ZWG0,034 billion in 2023, with its total assets increasing to ZWG1,005 billion from ZWG0,523 billion as of 31 December 2023.
Fungura said the group’s operating costs increased by 8% from ZWG 1,626 billion in 2023 to ZWG 1,785 billion in 2024.
During the period, the Group’s total income increased by 38% from ZWG2,308 billion in 2023 to ZWG3,211 billion in 2024.
Fungura said this performance outturn was on the back of significant improvement in non-funded income, mainly from commission fees and other income, whilst funded income registered a steady improvement.
In the outlook, the group said on the back of an improved 2024/2025 rainy season, the economy is expected to benefit from a better agricultural performance buoyed by improved rainfall.
Notwithstanding the efforts of authorities to maintain macroeconomic stability through prudent monetary policy, the Group respectfully suggested that a balanced approach be considered, one that harmonises stability with measures to stimulate economic growth.
“The Group encourages policymakers to explore initiatives that foster a conducive business environment, promote investment and support the overall development of the economy.
The Group is confident that the implementation of its sustainable revenue generation and cost optimisation
strategies will sustain the Group’s performance. These include ongoing improvement with respect to the efficiency of front-end systems, brand equity promotion and continuation with the Group’s mantra of creating happy people,” ZBFH said.
