First Mutual FY20 profit jumps 1 790%

LIVINGSTONE MARUFU

Listed financial services group, First Mutual Holdings Limited, reported a 1 790% growth in profit to ZWL$2.3bn during the year to December 31, 2020 from ZWL$124m reported in the previous year, buoyed by a massive increase in investment income.

Gross premium written grew 2% to ZWL$5.9bn in the reviewed period from ZWL$5.8bn in the previous year. Rental income grew 9% to ZWL$257m from ZWL$235m due to quarterly rental reviews and increases in occupancy rates in retail and residential properties.

Total assets for the group appreciated 43% to ZWL$15.5bn in the reviewed period from ZWL$10.8bn in the previous year.

“The group has remained focused on delivering its promise on the core pillars of risk management, wealth creation and wealth management.

Economic developments and policy pronouncements during the year had an impact on the operations of the group but through initiatives such as product innovation, service excellence and strategic partnerships, we were able to mitigate against the loss of value for our stakeholders,” group chief executive Douglas Hoto said.

In the last quarter of the year, the group commenced the process to implement a solar powered energy solution for the company’s head office in Harare. 

In future, the group will leverage on its diverse business portfolio, strategic partnerships, as well as its regional footprint to sustain a positive growth trajectory into the future.

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