Published: 16 April 2025

Zimre Holdings Limited (ZHL), a leading financial services group, has reported an impressive 471% increase in profit after tax, reaching US$10.33 million for the financial year ended December 31, 2024. This remarkable growth is attributed to a strong performance across its life and pension, reinsurance, and real estate businesses.

In a statement accompanying its annual results, ZHL Chairperson Desmond Matete highlighted that total income surged by 25% to US$88.02 million, up from US$70.37 million in the previous year. This growth was driven by solid insurance contract revenues, enhanced retention capabilities in its Mozambique reinsurance business, and the balance sheet restructuring of its Botswana reinsurance operations.

"Continued topline growth, improved retention capabilities, lower expense ratios, and balance sheet resilience were key growth drivers during the year under review," Matete said.

ZHL's total assets for the year reached US$208 million, a 14% improvement from the previous year, showcasing the group's strengthened asset base, bolstered by strategic investments in property and equity. Net cash generated from operations also saw a notable increase of 51%, ending the year at US$15.82 million, up from US$10.50 million in 2023. This growth was attributed to effective working capital management strategies, particularly in cash collection.

Looking ahead, ZHL plans to expand its footprint across sub-Saharan Africa and diversify its market reach. The company aims to leverage the African Continental Free Trade Area (AfCFTA) to access new business opportunities, while continuing to strengthen its regional presence.

"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 noted. "The listing will enhance the balance sheets of regional subsidiaries, improve underwriting capacity, and expose the group to international best practices. Additionally, the planned Eagle REIT listing in 2025 is expected to unlock shareholder value, increase brand visibility, and optimise asset returns."

ZHL is also accelerating its digital transformation agenda, aiming to improve customer experiences through technology-driven solutions in insurance and wealth management. As part of its digital push, the company is focused on ensuring responsible data usage and stakeholder protection, reinforcing its position as a trusted financial services provider.

Sustainability remains a core component of ZHL's strategy, with a commitment to advancing environmental, social, and governance (ESG) initiatives. The company is focused on integrating sustainability into its business model through green real estate developments and financial inclusion projects.

"While the 2024 operating environment was characterised by economic turbulence, ZHL remains optimistic about the future," Matete said. "We are leveraging regional growth, digital transformation, and sustainability-driven investments to maintain momentum. Our focus remains on strengthening financial resilience, driving stakeholder value creation, and fostering sustainable business growth."

As ZHL continues to thrive despite challenging economic conditions, its efforts to expand regionally, embrace digital innovations, and prioritize sustainability signal a promising future for the company and its stakeholders.
- newsday

You might also want to read this

• ZHL bounces back to profitability
• ZHL to rebrand reinsurance unit