Financial Summary
Financials
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Z$27:USD
1998
|
Z$38:1USD
1999
|
Z$55:1USD
2000
|
Z$55: 1USD
2001
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Z$824 : 1 USD
2002
|
GrossPremium
Written
|
32
|
51
|
73
|
113
|
450
|
NPW
|
24
|
36
|
47
|
73
|
317
|
Pre-tax
Profit
|
8
|
5.3
|
13
|
38
|
168
|
Shareholders
Funds
|
19
|
25
|
26
|
43
|
270
|
Gearing
|
0
|
0
|
0
|
0
|
0
|
Asset
Base
|
49
|
70
|
103
|
164
|
720
|
What Makes ZIMRE Your Reinsurer of First Choice
a) Strong Financial Base 2001
Financial highlights
A growing company
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2001 gross premium income up 55% to US$113m
-
2001 net premium income up 55% to US$73m
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2001 Retained premium remained pegged at 64%
A Profitable Company
-
2001 Pretax profit up 290% to US$38m
-
2001 Return on Equity up to 52.75% from 18.16% in 2000.
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Cumulative profits past 4 years to 2001 amounted to US$64m
b) A Strong Company
-
2001 Reserve ratio (Technical reserves NEP) up 60%
-
2001 operating expense ratio improved to 14.9% from 16.2% in
2000
-
2001 solvency ratio closed at 70%, legal benchmark is 25% for
Zimbabwean companies.
-
Liquidity ratio closed at 2:1 compared to 1,80:1
-
Gearing ratio has been zero since inception in 1984
-
2001 Asset Base up 60% to US$164m
Experience
Incepted in 1984 and has grown from a financial seed capital of
US$500 000 to US$164million as at 31/12/2001. ZimRe has had vast
experience drawn from the leadership of Mr AJ Nduna, who is the
Group Chief Executive Officer of the ZimRe Group of Companies. We
are also proud to mention that more than 70% of the Chief Executives
in the Zimbabwean Insurance industry are products of ZimRe.
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