ZIMRE CEO Albert-Nduna
ZIMRE Holdings on Friday reported a net profit of US$1,1 million in the half year to June compared to a loss of US$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 US$42 million but total claims and expenses declined to US$30,9 million against US$32,7 million reported in the prior comparable period.
Life assurance GPW were up seven percent to US$3 million driving the unit’s operating profit to US$800,000 while the general insurance unit also registered growth, with GPW increasing from US$2,8 million to US$3 million.
GPW for the reinsurance unit declined by five percent to $16,7 million while property revenue was down 16 percent to US$2,1 million on increasing voids and operating expenses.
Shareholder’s funds increased by 38 percent from US$46 million in 2014 to US$63 million this year due to additional capital injected into the business in February this year. Total assets increased by 16 percent to US$178 million from US$154 million last year.