FMHL | Unaudited HY2018 Abridged Financial Results and Presentation

September 13, 2018|

Consolidated Financial Results Commentary

  • GPW went up 40% mainly driven by acquisition of NDIL, health insurance, pension and savings and life assurance.
  • Rental income increased by $0.6 million to US$3.8 million (HY2017: US$3.2 million) owing to new lettings in high value space and increase turnover rentals in retail properties.
  • Operating profit went up by 227% to US$5.3million (HY2017: US$1.6 million excluding NDIL).
  • NDIL contributed US$1 million.
  • Achieved an investment profit of US$1.8 million compared to US$13 million in 2017.
  • Slower uplift of share prices compared to the experience in 2017.
  • Overall, achieved profit for the year was up 102% to US$8.7 million (HY2017: US$4.3 million) including NDIL.
  • Total assets increased from US$329.9 million to US$344.2 million.


  • The Group recommended paying dividend in May 2018 based on financial results for the year ended 31 December 2017.
  • In view of the need to preserve cash for current Group initiatives, the directors recommend that no dividend be paid from the profits of the Group for the half year ended 30 June 2018.
  • This position will be reviewed at year end based on performance.

Basic Earnings Per Share

  • BEPS for the period was US0.95 cents per share compared to the restated US0.86 cents for the same period in 2017.

Outlook & Priorities

  • Restructuring of reinsurance businesses.
  • Establishment of Reinsurance Holding Company in Botswana.
  • Capital raise in Botswana.
  • Use of digital technology to increase customer convenience, process efficiencies and savings.
  • Consolidation of the operations of TristarInsurance and NDIL.
  • Revenue growth and cost containment.
  • Commission of Inquiry Report – Conversion of Pension values from Z$ to US$.
  • Opportunities arising from aggressive infrastructure investments by the Government.
  • To Go Beyond in delivering value to stakeholders through commitment, innovation, cost optimisation and focus on profitable product lines.

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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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