The company's financials for the half year to
"A deliberate choice of markets and expansion of distribution channels resulted in the writing of new business including USD denominated policies and this contributed to improved topline growth in addition to organic growth of the existing book as a result of product innovations which commanded higher premiums," he said in a statement of the financials.
He said the group will continue to be innovative, developing financial solutions for customers to align with their changing needs and circumstances.
"The Group will achieve this through asset preservation efforts that include adopting an investment strategy focusing on real growth, a scrupulous selection of USD generating markets and diversifying into the SADC region,"
During the period under review, total expenses of the company increased by 90 percent from
"Management expenses grew by 35 percent which was relatively low compared to inflation and growth in revenue and this shows management's commitment and discipline to tightly rein in controllable expenses and improved efficiencies in the value chain aided by leveraging on digital technologies," he said.
The Company closed the period under review with inflation adjusted operating profit of
"The growth in core revenue was attributable to significant new business acquisition, upward revision of sums assured and introduction of new products," noted
He said claims and benefit payments which make up direct costs grew by 773 percent and the growth was largely driven by Covid-19 related claims, mainly retrenchments and increased withdrawal benefits.
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"Management expenses grew by 154 percent and management will continuously review expenses and implement cost reduction strategies."
The group's financial services unit,
"The growth over 2020 is mainly attributable to firm shareholder support towards diversified lines of credit during the period and this aggressive growth is anchored on the quality of the loan book that continued to improve,"
"With a growing informal sector in both
He said the Bureau de Change has been actively participating in the RBZ foreign currency allocation system to the market and customers are benefiting from this facility to apply for USD to pay for such things as foreign fees, DSTV and business travel.
"There are more exciting products in the pipeline for our life business that cover individual life, funeral and pensions businesses. These will be introduced to the market before the end of the year," he said.