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Zimre banks on consolidation
ZIMRE Holdings (Zimre) says it will continue to focus on consolidation to capitalise on economies of scale while eliminating duplication of costs.
In the company’s 2021 annual report published last week, chairman Benjamin Kumalo said the group would continue to pursue its “new DNA” of being a financial services group with core competencies in insurance, property and wealth management.
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The group recently consolidated its heartland investments, and according to Kumalo, will be developing an overarching and formalised policy for environmental, social responsibility and corporate governance.
“The policy will encourage the sharing of ideas to ensure that best practices are implemented in a coordinated manner across all the operations to create sustainable economic value.
“The new consolidated structure has also made culture a real focus of the group. The group has therefore adopted a uniform culture that builds on opportunities, to align the organisational purpose, strategic values and leadership behaviours,” the chairman said, adding that the culture transformation was also expected to result in a positive effect on employees and in turn its success.
Chief executive Stanley Kudenga said the group’s ecosystem has continued to evolve and adapt to the dynamic operating environment “whilst keeping our customers at the core of our offering and delivering shareholder value”.
“The group will be focusing on a cultural transformation to define a common work ethic that ensures stakeholder value proposition is improved. Despite the economic challenges faced in our various operating environments, the group is implementing measures and strategies that will leverage the insurance value chain and synergies across the strategic business units,” Kudenga added.
He said notable growth and operating profitability was recorded during the year under review as a result of the integration of the Fidelity Life Assurance of Zimbabwe group, as well as currency stability in some of the regional markets, “primarily Zambia, Botswana and Mozambique”.
“The group’s restructuring efforts and strategies will continue to yield a positive impact into the future as it further refines the execution of strategies to sweat value.”
The group’s major business cluster — reinsurance and reassurance — recorded “commendable” growth during the period, with regional units posting a 29 percent growth in total income in real terms despite a high claims experience due to Covid-19 and weather-related claims.
newsdesk@fingaz.co.zw
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