ZHL delays 2019 financials, as it shuts head office on covid 19
Staff Reporter
INSURER, Zimre Holdings says due to its diversity, is unable to meet the March 31 deadline of publishing its 2019 financials as it require more time to conform to the International Accounting Standards – 29, reporting in hyperinflationary economies.
In a statement, the group said its number of subsidiaries and business interest domiciled in Zimbabwe requires extensive works.
“As a result, the group is unable to publish the 31 December 2019 financials by 31 March 2020. In light, thereof, we shall publish the financials on or before 30 April 2020 which leave has been granted by the Zimbabwe Stock Exchange (ZSE).
In the wake of corona virus pandemic, the ZSE has also extended the reporting deadline for listed companies by 30 days as individual companies implement social distancing measures to mitigate spread of the virus.
ZHL in response to the pandemic has closed its head office effective March 25, 2020, until further notice.
“After a careful consideration of the situation, the well-being of our employees, business partners and other stakeholders, we are temporarily closing our head office,” said the company.
The group added that the measures will not only protect its members, but it is an effort to reduce the rate of transmission, increase the number of recoveries.
ZHL in its half year results posted a profit of ZWL117.6 million driven by profitability at ZPI, domestic insurance operations and the Group’s associates as well as positive claims experience.
Total income was ZWL167.1 million (2018: ZWL14.9 million) on account of the continued business growth in the reinsurance operations especially in the regional subsidiaries which contributed 68% of the premium written, and letting of high value rental space by ZPI.
Total Expenditure Claims and expenses amounted to ZWL40.6 million in 2019 (2018: ZWL14.2 million). Increase in total expenditure was largely driven by inflationary factors and foreign currency exchange losses in the domestic environment and negative claims experience in Zambia and Malawi.
