adminmeeting.
Outgoing chairman Mr Innocent Chagonda told shareholders that the idea of rebranding was mooted after a survey conducted by an independent consultant established that the current brand was less visible on the market and lacked clear association with its subsidiaries.
Afre subsidiaries include Pearl Properties, First Mutual Life Assurance Company, FMRE Life & Health and FMRE Property Casualty Zimbabwe and Botswana.
“The consultant recommended that the Afre Corporation brand undergo a complete rebranding that reflects the views and aspirations of all stakeholders,” said Mr Chagonda who will be replaced by Mr Oliver Mutasa.
“The new name that has been chosen to replace Africa First Renaissance Corporation Limited is simply First Mutual Holdings Limited. The new name draws on the history and the legacy of the First Mutual brand (and) we believe it emphasises stability and inspires market confidence.
“This is a name that has strong meaning and equity within the market and allows the brand to compete on both a local and international level.”
Giving a trading update, group chief executive Mr Douglas Hoto said gross premiums written increased 14 percent during the three months to March to US$33,6 million from US$29,4 million in the previous comparable period.
Total income was up 18 percent to US$31,5 from while net premium written improved by 19 percent from US$24,7 million to US$29,5 million.
Rental income grew 12 percent to US$2,5 million and claims closed 44 percent higher at US$14,7 million.
Online Reporter