Fidelity topline doubles

(Last Updated On: November 17, 2022)

BUSINESS REPORTER

 

Diversified financial services group, Fidelity Life Assurance of Zimbabwe’s top line doubled in the nine months to September 30, 2022 from the prior comparative period, driven by life assurance business.

Life assurance business contributed 82% to the group’s total core revenue.

“The group’s total core revenue for the 9 months to September 2022 increased by 100% in inflation-adjusted terms. (It) was underpinned by growth in individual life business due to an increase in the uptake of the Vaka Yako investment product premiums, aggressive premium reviews, and employee benefits premium income growth as a result of salary increases, indexed business and foreign currency denominated products,” Fidelity company secretary Ruvimbo Chidora said.

Non-insurance businesses contributed 18% to the core revenue with the micro lending business spurring the non-insurance revenue contribution by 43%.

The group’s total income for the reviewed period increased by 393% from the same period prior year.  Chidora said total income was driven by premium income, fair value adjustments from investment property and equities.

Profit for the group grew 1532% inflation-adjusted terms reflecting a change in investment properties valuation methodology from US$ valuations in the prior year to ZWL$ valuations during the period under review.

Chidora said the stability of the micro-economy characterised from the second to the third quarter is expected to contribute towards positive economic growth.

The business, Chidora said is expected to finish the year on a positive trajectory as it responds to unfolding market trends to offer the appropriate products, services and solutions to the clients.

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