ZimRe Holdings Limited’s Financial Performance in HY2023: 42% Increase in Insurance Contract Revenue and 174% Growth in Total Group Assets

Published On: October 10, 2023Company: ZimRe Holdings Limited (ZIMR.zw)
What are some key indicators of ZimRe Holdings Limited's financial performance in HY2023?
One of the notable indicators is the 42% increase in insurance contract revenue from the previous year following the adoption of IFRS 17. Despite inflation-adjusted total income reducing by 25%, a considerable growth was noted in historical cost terms. Total Group assets also saw a significant 174% increase in inflation-adjusted terms highlighting a strong balance sheet. Additionally, the Group declared an interim dividend of USD250,000 for the period ending in June 2023.


  • The Zimbabwean economy saw an improved forecast in economic growth from 2.83% to 5.3% following interventions to handle inflationary pressures and exchange rate volatility by financial authorities.
  • Mozambique experienced a positive economic shift due to funding from the IMF, World Bank, and EU for national projects.
  • Botswana raised its economic growth forecast for 2023 from 3.8% to 4% targeting a medium-term growth of 5.7%.
  • ZimRe Holdings Limited adopted IFRS 17, a significant reformatory standard for insurance contracts, which led to a rise in insurance contract revenue by 42% from the prior year.
  • Despite a decrease of 25% in total income in inflation-adjusted terms, growth was noted in historical cost terms, largely propelled by reinsurance and life and pensions businesses, along with fair value gains on foreign-currency denominated assets.
  • The Group’s assets grew by 174% in inflation-adjusted terms, thanks to growth in investment properties and financial assets, reflecting a strong Group balance sheet.
  • The Board of Directors declared an interim dividend amounting to USD250,000 for the period ending in June 2023.
  • The Group is progressing with its sustainability efforts and has engaged the Institute for Sustainability Africa (INSAF) to ensure full implementation of ESG reporting.
  • Two new directors joined the ZimRe’s Board bringing their expertise in financial services and project financing.
  • The Group is focusing on growth and expansion of its core businesses, with a consolidation strategy for its regional reinsurance cluster.

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About ZimRe Holdings Limited (ZIMR.zw)

ZimRe Holdings Limited operates through subsidiaries to provide solutions for general insurance, health cover, reinsurance, life reassurance, reinsurance brokering and property services for private, commercial and corporate clients in Zimbabwe and overseas. Its insurance products range from short-term and whole-life insurance to endowment pensions, medical aid societies and motor, household and commercial insurance solutions. The company also has interests in producing a range of animal-drawn implements and in property management; maintaining, developing and leasing properties in the residential and commercial property market in Zimbabwe. ZimRe Holdings Limited was founded in 1983 and is based in Harare, Zimbabwe. ZimRe Holdings Limited is listed on the Zimbabwe Stock Exchange

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