ZIMRE Holdings Limited (ZHL) recorded a 28% increase in insurance contract revenue to US$20,25 million in the first quarter ended March 31, 2026, driven by new business acquisitions, increased inflows from external markets, and expanded product offerings.
The performance reflects the group’s ongoing regional expansion strategy — dubbed the “Great Africa Trek” — aimed at strengthening its footprint across African insurance markets.
ZHL said the expansion push is supported by a stronger balance sheet, with cash flows rising 95% last year, enabling the group to pursue growth opportunities beyond Zimbabwe.
The company has previously identified Botswana, Zambia, Malawi, and Mozambique as priority regional markets.
“Insurance contract revenue increased by 28% from US$15,82 million (ZiG400,58 million) to US$20,25 million (ZiG512,75 million) on the back of new business acquisition, increased inflows from external markets and increased product variety,” ZHL said in its trading update for the quarter.
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“The reinsurance cluster contributed 75% of insurance revenue (2025: 73%), while the life and pensions cluster contributed 19% (2025: 22%), with the short-term insurance cluster contributing 6% (2025: 5%).”
The group said insurance contract revenue for its reinsurance and reassurance businesses rose 32% compared to the same period last year.
“This growth was driven by new business acquisition, organic expansion, and a strong contribution from external markets, reflecting management’s efforts to expand the group’s market footprint across Africa,” the company said.
Revenue from the short-term insurance cluster jumped 43% year-on-year, mainly driven by growth in core direct business, whose contribution increased from 51% to 68%.
The bonds, guarantees, and credit lines of business were major contributors to this expansion.
“The insurance broking cluster achieved significant improvement in new business acquisition following intensified efforts to diversify revenue streams both locally and through regional partnerships,” ZHL said.
Meanwhile, the life and pensions cluster recorded 15% growth in insurance contract revenue, supported by organic expansion, strategic partnerships, and product diversification.
Although the individual life business still accounted for the largest share of written premiums at 72% (2025: 79%), the group said it is implementing targeted market outreach and new product initiatives to diversify revenue streams and reduce concentration risk.
Outside insurance, the property cluster recorded a 6% increase in rental income, supported by office, retail, and industrial leases.
The wealth management cluster posted a 31% rise in total income, positioning the group to capitalise on emerging opportunities in local wealth and investment markets while building a regional growth pipeline.
As a result, total income surged 41% to US$29,67 million, supported by strong insurance revenues and positive investment income driven by fair value gains on financial assets.
Profit for the period rose 142% to US$4,12 million, up from US$1,7 million in the comparable period last year.
Total assets increased 7% to US$319,48 million, from US$298,28 million previously, while cash generated from operations improved to US$4,98 million from US$2,15 million.
“Anchored by its portfolio of well-established brands, with legacies spanning four to nine decades, the group’s strong market positioning, innovative culture, and strategic investment expertise are catalysts for its Great Africa Trek expansion exercise,” ZHL said.
The company added that its regional push is also supported by opportunities created by evolving protectionist laws across different African jurisdictions.
