FMHL | Release of 2017 Annual Report

May 21, 2018|

Group Chairman’s Statement to Shareholders

ECONOMIC OVERVIEW
Zimbabwe was expected to record a 3.7% growth in GDP in 2017 (2016: 0.7%) on the back of a good 2016/17 agriculture season. This was complemented by the recovery of the mining sector following the increase in international commodity prices…

ACQUISITION OF NICOZDIAMOND INSURANCE COMPANY LIMITED AND CAPITAL RAISE
As part of the Group’s growth strategy, on 31 August 2017, shareholders approved the acquisition of the entire issued share capital of NicozDiamond Insurance Company Limited (”NDIL”) and a renounceable Rights Offer to raise US$17.25 million…

FINANCIAL PERFORMANCE
Statement of financial position
The Group’s total assets increased from US$229.7 million as at 31 December 2016 to US$329.9 million as at 31 December 2017…

OUTLOOK
In the short to medium term, the economy is expected to recover following enhanced international re-engagement and improved business performance driven by the agriculture and mining sectors…

DIVIDEND
At a meeting held on 16 March 2018, the Board resolved that a final dividend of US$1 050 000, being US0.15 cents per share be declared from the profits of the Group for the year ended 31 December 2017…

APPRECIATION
Lastly, I would like to thank our shareholders, regulators, customers and other stakeholders for their efforts and support to the Group. I would also like to thank fellow Board members, management and staff for their unwavering commitment, wise counsel and vision in taking the Group forward.

Oliver Mtasa
Chairman


FMHL | 2017 Annual report.pdf

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First Mutual Holdings Limited is a leading financial management group in Zimbabwe offering services in risk management, wealth creation and wealth management in the insurance sector. The company has been in operation for over a century in the field of short-term insurance, short-term reassurance, life assurance and long-term re-insurance. It has a property management and development division and offers an actuarial consultancy service. Its main subsidiaries include: First Mutual Life, First Mutual Properties, First Mutual Health, TristarInsurance Company, First Mutual Wealth Management, First Mutual Reinsurance and FMRE Property & Casualty (Botswana). The company head office is in Harare, Zimbabwe. First Mutual Holdings Limited is listed on the Zimbabwe Stock Exchange.

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