adminSHORT term non-life insurers recorded a total profit after tax of $35,89 million for the first nine months of last year, which represents a 264 percent rise, a quarterly report released by the Insurance and Pensions Commission revealed.
The surge was mainly due to a major increase in unrealised gains which, according to IPEC, could be a result of a surge in stock value which occurred in the second half of 2017. Underwriting was the major income driver for non-life insurers.
The industry average return on assets and return on equity edged up from 5,32 percent and 11,57 percent to 16,59 percent and 32,43 percent, respectively.
ALL SHARE
The All Share index was gained 0.03 points (0,03 percent) to settle at 86,98 preceding the Easter Holidays. Old Mutual put on $0,0195 to close at $5,6195, Innscor added $0,0050 to $0,9700 while mining company RioZim went up by $0,0025 to end at $1,2075. Delta was $0,0009 firmer at $1,5875.
However, First Mutual Properties lost $0,0018 to trade at $0,0480 and Axia inched down by $0,0005 to close at $0,2000.
WEEK ON WEEK CHANGES
– All Share Index surged 0.11 points (0.13 percent).
Underwriting major driver for non-life insurers
– Industrial Index rose by 0.38 points (0.13 percent).
– Top 10 Index added 0.50 points (0.59 percent).
– Mining Index went up by 0.18 points (0.14 percent).
Online Reporter