Zimre back in the black with $1,1mln H1 net profit

Zimre back in the black with $1,1mln H1 net profit

HARARE,  September 11 (The Source) – Zimre Holdings on Friday reported a net profit of $1,1 million in the half year to June compared to a loss of $100,000 the previous year helped by a fall in total claims and expenses.

Zimre’s portfolio includes reassurance, short-term insurance, Life reassurance and property. Its Gross Premiums Written (GPW) were flat at $42 million but total claims and expenses declined to $30,9 million against $32,7 million reported in the prior comparable period.

Life assurance GPW were up seven percent to $3 million driving the unit’s operating profit to $800,000 while the general insurance unit also registered growth, with GPW increasing from $2,8 million to $3 million.

GPW for the reinsurance unit declined by five percent to $16,7 million while property revenue was down 16 percent to $2,1 million on increasing voids and operating expenses.

Shareholder’s funds increased by 38 percent from $46 million in 2014 to $63 million this year due to additional capital injected into the business in February this year. Total assets increased by 16 percent to $178 million from $154 million last year.

The group did not declare any dividend.