FINANCIAL services group Zimre Holdings Limited (ZHL) posted a 471% increase in profit after tax to US$10,33 million in its financial year ended December 31, 2024, owing to a robust performance in its life and pension, reinsurance and real estate businesses.
In a statement accompanying the firm’s annual results, ZHL chairperson Desmond Matete said total income soared by 25% to US$88,02 million from US$70,37 million in the prior year.
This, he added, was on the back of a solid performance in insurance contract revenue, improved retention performance due to enhanced capitalisation of its Mozambique reinsurance business and balance sheet restructuring of the Botswana reinsurance business.
“Continued topline growth, improved retention capabilities, lower expense ratios and balance sheet resilience were key growth drivers during the year under review,” Matete said.
During the year under review, the group’s total assets reached US$208 million, a 14% improvement from the prior year, showcasing the strong asset base augmented by investment in property and equity investments.
“Net cash generated from operations increased by 51%, ending the year at US$15,82 million from US$10,50 million, driven by effective working capital management strategies aimed at cash collection, which is vital to the group’s success,” Matete said.
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In the current financial year, the group will focus on regional expansion and market diversification, strengthen operations across sub-Saharan Africa and leverage the African Continental Free Trade Area to access new opportunities.
“A key priority for this year is the implementation of phase 2 of the amalgamation exercise through the potential listing of Emeritus International on the Botswana Stock Exchange,” Matete said.
“The listing will upscale the balance sheets of the regional subsidiaries, improving underwriting capacity to enhance competitiveness while exposing the group to international best practice. Additionally, the Eagle REIT listing in 2025 is expected to unlock shareholder value, enhance brand visibility and optimise asset returns.”
To drive operational efficiency, the group is also accelerating its digital transformation agenda, enhancing customer experiences through technology-driven insurance and wealth management solutions.
“A key focus is ensuring responsible data usage and stakeholder protection, reinforcing ZHL’s position as a trusted financial services provider,” Matete said.
“Sustainability-driven investments remain a core pillar of our strategy, with a commitment to advancing ESG integration through green real estate developments and financial inclusion initiatives.”
He said that by embedding sustainability into the group’s business model, the firm aimed to create shared value for its stakeholders and contribute to long-term overall economic resilience.
“While the 2024 operating environment was characterised by economic turbulence, ZHL remains optimistic about the future, leveraging regional growth, digital transformation and sustainability-focused investments to maintain momentum,” Matete said.
“As we move forward, our focus remains on strengthening financial resilience, driving stakeholder value creation and fostering sustainable business growth.”
