Diversified insurance giant,
According to the group, after-tax profit jumped 82 percent to
Consolidated Insurance Contract Revenue (ICR) amounted to
"The positive outturn on the revenue was mainly driven by an increased uptake of US dollar insurance products by the group's clients. As of the reporting date, pure US dollar ICR for the local business units constituted 82 percent of the total ICR compared to 34 percent in the prior year," said the group in an update for the period.
FMHL revealed that the insurance service result grew by 3 percent to
However, the insurance service result growth was lower than ICR due to higher claims in the period that were partially offset by reinsurance recoveries.
According to the group, rental income for the quarter was
The growth compared to the prior year arose from the increased uptake of USD leases by tenants. A sector report by real estate firm Knight Frank Zimbabwe shows that the real estate's ability to generate cash in US dollars has helped offset the currency and exchange rate volatility.
Landlords are largely pegging their properties in US dollars, across segments - from residential to commercial.
By the close of the quarter, pure US dollar rentals for the group totalled
Total assets increased by 3 percent to
"The increase was driven by increases in the following lines: ZSE listed equities, insurance and reinsurance contract assets, debt securities at amortised (mostly consisting of foreign denominated bonds/money markets above 90 days)," said the group.
During the review period,
In line with the profit for the period, the group recorded a growth in shareholder equity of 3 percent to
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