FMHL posts robust Q1 performance
BUSINESS WRITER
First Mutual Holdings Limited (FMHL) has reported a strong performance for the quarter to March 31, 2026, driven by solid growth in both topline and bottom-line earnings, underpinned by strategic initiatives aimed at strengthening resilience and enhancing profitability.
One of Zimbabwe’s largest diversified financial services groups said revenue growth was supported by disciplined cost containment measures implemented to protect margins in a challenging macroeconomic environment.
Company secretary Sheila Lorimer said the group will continue to prioritise its real assets strategy as a hedge against downside risks, while pursuing growth through the rollout of innovative products and services.
FMHL recorded shareholder revenue of US$50.9m, a 6% increase from US$48.1m in the prior comparative period. Growth was mainly driven by insurance contract revenue, asset and project management fees, and the health services segment. Insurance contract revenue rose 7% year-on-year, supported by growth in the in-force portfolio, reflecting sustained demand for insurance products despite macroeconomic headwinds.
Lorimer said asset and project management fees surged 52%, buoyed by new mandate inflows and improved fee generation from investment performance. The health services division posted a 13% increase in revenue, supported by higher patient volumes, while rental income remained broadly stable, edging up 1% despite lower occupancy levels.
Profitability improved significantly, with profit before tax rising 96% to US$6.3m, while profit after tax surged 137% to US$5.6m.
Lorimer attributed the strong performance to robust investment returns from equities listed on the Victoria Falls Stock Exchange (VFEX) and the Zimbabwe Stock Exchange (ZSE), which rebounded sharply compared to losses recorded in the prior period.
She said the board remains confident that FMHL’s diversified business model is well positioned to navigate current market conditions and continue delivering shareholder value, supported by disciplined underwriting, revenue diversification and growth in fee-based income.
The listing of the First Mutual Wealth Gold Exchange product on the VFEX on May 8, she added, underscores the group’s commitment to innovation and strengthening its product offering in line with evolving market needs.
