malvernmugadzikwa
Business Writer
ZB Financial Holdings (ZBH) says regional expansion for its subsidiary, ZB Reinsurances into Botswana, is now advanced with the company already present on the market.
ZBH in its recent financials for the interim period to June 30, 2022 also indicated that it has made significant progress towards its organisaational transformation programme designed to transform the organisation into a more people centric and to enhance its customer journey.
However, the group’s expansion into Botswana has been on the cards over the years and was also delayed by the Covid 19 pandemic.
Shepherd Fungura, the group’s chairman, in a statement of financials said the company maintained good relations with its cedants and retrocession partners during the period under review.
“Expansion into the Botswana market is now at an advanced stage, as the company opened for business on 1 June 2022,” he said.
During the period, ZB Reinsurance’s net profit after tax in inflation adjusted term, improved from $277.56 million in 2021 to $990.70 million for the period ending 30 June 2022 and it recorded a historical cost improvement of 2 514 percent to ZW$2.442 billion.
The company’s total assets increased from $4.073 billion as at 31 December 2021 to $5.660 billion as at 30 June 2022, representing a 203 percent increase.
ZB Life’s inflation adjusted net profit after tax increased from $599.20 million in June 2021 to $1.285bln for the period ending 30 June 2022. In historical cost terms, net profit after tax improved by 1 686 percent to $3.570 billion.
The company’s total assets increased from $12.889 billion as at 31 December 2021
Overall, the group’s net insurance income increased by 45 percent, from $0.698 billion in June 2021 to $1.016 billion, on the back of a 43 percent rise in gross premiums from $2.044 billion in June 2021 to $2.933 billion in June 2022 whilst it improved by 215 percent to $2.075 billion in historical cost terms.
Bongani Ndlovu