FMHL | Release of 2018 Annual Report

June 7, 2019|


During the year the Group embarked on a journey of integrating sustainability into the business as a long term value creation business model and comprehensive risk management


The Zimbabwe economy is estimated to have grown by 4% in 2018, driven by strong growth in mining, agriculture and construction of 13%, 12% and 8% respectively. While international commodity prices have remained under pressure, performance by the mining sector has been sustained by increased throughput. The downside to the Gross Domestic Product growth was the acute shortage of foreign currency evidenced by parallel currency market premiums and sharp rise in inflation in the last quarter of the year…


The Group has in previous financial periods used the United States of America Dollar (”US$”) as its presentation and functional currency…


The business achieved growth in revenue but experienced pressure in operating costs in line with developments in the country, particularly the last quarter of the year.


We continuously endeavour to develop our governance and reflect an ethical and accountable leadership focused on value creation for all stakeholders.


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

Oliver Mtasa

Related download
FMHL | 2018 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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