First Mutual Sees Sustained Growth
"During 2021, this approach included the recapitalisation of our insurance subsidiary in
"At the close of the year, the group finalised the capital raise for the reinsurance cluster with 61 million Botswana Pula raised through a
"These two projects and other initiatives created a platform for further growth in the future," he said.
"Higher health services claims as the absorbed part of increases in health service costs for the benefit of clients," said
In terms of individual SBU performance, GPW at
"The underwriting of foreign currency denominated products as well as higher
He added that the company adjusted its operating structure to align to changing market preferences and continued to invest in the funeral services unit.
The company's claims ratio increased to 81,17 percent from 73,21 percent in the same period owing to increased access to services by members and charges by service providers rising faster than the premiums paid by members.
He said membership declined in numbers from 131 196 in
In the short term business, NicozDiamond Insurance GPW grew by 34 percent to
He said GPW grew by 75 percent in 2021 as a result of improved broker business due to improved confidence after recapitalisation of the business in the third quarter of 2020.
"In Mozambican Metical (MZN), the GPW growth was 29 percent to MZN193 million. The claims ratio at 32 percent was higher than the comparative period of 18 percent due to the stricter lockdowns in 2020," said
He added that in
"The claims ratio further increased to 55 percent from 49 percent in 2020 as a result of the change in the business mix."
The claims ratio, at 39 percent, was marginally lower than the prior period level of 41 percent.
First Mutual Wealth Management saw its investment management fees grow by 21 percent to
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