Paul Nyakazeya, Group Digital Editor 
ZIMRE Holdings Limited (Zimre) seeks to develop an independent wealth management arm, which will inform and direct the group’s investment initiatives.
This comes as the diversified group last year announced it was restructuring its business to strengthen it against the macro-economic shocks prevailing in Zimbabwe and the region.
Zimre said it continues to implement its strategy to champion the financial services industry for value chain development and initiate real estate development and growth.
“Key moves within this strategy include the consolidation of operations to capitalise on economies of scale, elimination of duplicate costs, and exploring strategic partnerships both locally and regionally to enhance its market presence. In 2022 the group aims to develop an independent wealth management arm, which will inform and direct the group’s investment initiatives while offering similar services to the investing public,” Zimre company secretary Ruvimbo Chidora said in a trading update.
During the quarter ended March 31, 2022, the group recorded a moderate top line growth (gross premium written) of 34 percent and 116 percent from prior periods in inflation adjusted and historical terms respectively.
“Total revenue increased by 75 percent and 188 percent against prior year performance in inflation adjusted and historical terms respectively. Business segment contribution was reinsurance 52 percent, life and pensions – 31 percent, reassurance – eight percent, insurance – five percent and property four percent,” Chidora said.
She said the benefits of the group’s consolidation of heartland investments were however watered down by an unprecedented increase in claims, particularly agricultural claims as a result of climatic changes. As a result, total expenses and claims increased by 32 percent from prior year.
Commenting on the business environment, Chidora said the global economy entered 2022 in a weaker position than previously expected, with growth projections of 4,4 percent against 5,9 percent in 2021.
She said despite the optimistic start to the financial year, the effects of the Russia-Ukraine war spread to Africa and Zimbabwe, with fuel, cooking oil, gas and wheat price increases.
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