adminBrighton Gumbo Business Reporter
FIDELITY Life Assurance of Zimbabwe allocated over 2,000 housing stands to its customers early this year under the Southview Park housing project in Harare. In a statement accompanying the group’s financial statement for the half year ended June 30, 2015, board chairman Lawrence Tamayi said they remain committed to identifying and developing successor projects so as to continue creating value.
The Zimbabwe Stock Exchange-listed entity was selling residential stands at Southview Park along the Harare — Masvingo highway. “The Fidelity Life Southview Park project is progressing well and the first 2,121 customers were allocated their stands earlier during the year,” he said.
Tamayi said the project is expected to be completed in the current financial year. “We’re confident of completing the project and obtaining requisite certification in the second half of the year,” he said.
Meanwhile, Tamayi said despite the deteriorating operating environment, the group during the period under review posted a profit after tax of $2.9 million reflecting a 141 percent increase from the previous year.
He said revenue was up by 50 percent to $13.8 million during the period from $9.2 million last year.
He said insurance premiums grew by 15 percent to $8,9 million during the period from $7,7 million recorded during the comparable period last year.
“Attributable profit for the period more than doubled to $2,9 million whilst total comprehensive income at $1,8 million was down seven percent on the corresponding period due to exchange losses arising from translation of foreign operations,” he said.
Tamayi said the anchor company had net premium income of $7,3 million, up four percent on period resulting in an underwriting surplus of $2,2 million and a profit for the period of $1,8 million.
He said the profit for the period amounted to $0,13 million.
“The actuarial consultancy business contributed $27,000 with the asset management company breaking even,” said Tamayi.
He said due to the need to conserve cash for various projects being undertaken, the board has resolved not to declare an interim dividend.
On the outlook, he said the group would focus on cost containment by engaging suppliers and timely collection of premiums.
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