Fidelity Life’s Total Income Grows by 45% in Inflation Adjusted Terms

Published On: June 20, 2023Company: Fidelity Life Assurance of Zimbabwe Limited (
With the increase in interest rates and inflation, would Fidelity Life group be strategically positioning itself to continue delivering value to its various stakeholders going forward?
Yes, the Fidelity Life Group remains committed to delivering value to its various stakeholders and is well positioned to do so despite the shocks and bumps that may be obtaining in the operating environment. The Group will continue to identify opportunities in such an environment and provide solutions to its various stakeholders. Additionally, Fidelity Life is continuing to enhance its e customer experience through the increased use of technology to ensure constant client engagement quality delivery of its product and services.

Fidelity Life Assurance (FLA)

  • Contributed 38% to the core revenue of the Group.
  • Inflation-adjusted core revenue was bolstered by new products, premium reviews, and new markets.
  • Inflation-adjusted total revenue for the Company increased by 54%.
  • Gains on investments contributed to the growth in total revenue.
  • Total expenses decreased by 15%.
  • Changes in insurance liabilities increased by 81%.

Vanguard Life Assurance Company (VLA) – Malawi

  • Contributed 33% to the core revenue of the Group.
  • Total revenue decreased year-on-year.
  • Largest driver to total revenue was investment income which grew by 61%.
  • Recorded a comprehensive profit tax of ZWL0.03 billion.
  • Remains a good hedge against Zimbabwe’s country risk.

Fidelity Life Financial Services (FLFS)

  • Contributed 13% to the core revenue of the Group.
  • Total revenue largely driven by interest income which grew by 53%.
  • Posted a modest profit of ZWL62.4 million.


  • Enhanced customer experience through increased use of technology.
  • Following of a Group expansion strategy.

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About Fidelity Life Assurance of Zimbabwe Limited (

Fidelity Life Assurance of Zimbabwe Limited is a holding company providing products and services for life assurance, employee benefits, asset management, medical insurance, funeral assurance provision of actuarial services and residential property development. This includes managing pensions, funeral insurance and microfinancing in the informal banking market. Fidelity Life Assurance Zimbabwe offers additional products for individual loans, salary-based loads and loans for farmers. Its actuarial services include life and general insurance services, healthcare insurance, investments and finance and funeral assurance schemes. Its asset management services include unit trusts, money market funds, equity funds, balanced funds and advisory services. Its medical aid services include an access health package, express health package and a foundation health package. The company operates in Zimbabwe and Malawi, with the latter offering products for life assurance and pensions. Fidelity Life Assurance of Zimbabwe Limited is listed on the Zimbabwe Stock Exchange

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