ZB Holdings insurance earnings surge
ZB Holdings Limited Net insurance related earnings rose from ZW$0.116bn in 2020 to ZW$0.239 billion in 2021, on the back of a favourable claims experience.
This was despite a 29.8% decline in total income to $2,9 billion from ZW$4.128 billion for the period to 30 June 2020.
ZB group CE Shepherd Fungura said gross premiums increased by 18.4% from ZW$0.592 billion in 2020 to ZW$0.701 billion in 2021, whilst there was a 3.1% decrease in insurance related expenses from ZW$0.477 billion to ZW$0.462 billion during the same period.
The Group is cautiously optimistic and stands ready to support and partner with the Government in initiatives to resuscitate the economy, including inter alia sustainable infrastructure development, retooling and capacitating the productive sectors and promoting financial inclusion.
In a statement of result the focus will continue to be placed on the preservation of the capital and asset base from value erosion attendant to inflation, as well as building digital capacities for customer service delivery in a sustainable and cost-effective manner.
During the period ZB Reinsurance Limited posted a profit of ZW$0.1 billion for the first six months in 2021 compared to ZW$0.266 billion in the corresponding period 2020 while its total assets increased in real terms from ZW$1.013 billion as at 31 December 2020 to ZW$1.129 billion.
“The company has maintained good relations with its cedants and retrocession partners. ZB Life Assurance Limited posted a profit of ZW$0.21 billion in the first six months to 30 June 2021, compared to ZW$0.09 billion in the corresponding period in 2020.
Its total assets increased in real terms from ZW$3.93 billion as at 31 December 2020 to ZW$4.378 billion as at 30 June 2021. The company has rolled out interesting products including the funeral service facility, which is being offered as an add-on to its bouquet of services.” Fungura said.