Zimre Holdings recorded a five percent increase in profit to US$8,1 million in the five months ended May 2026, supported by improved performance across its non-insurance businesses and higher insurance revenue.
The reinsurance business remained the group’s largest earnings contributor, with insurance contract revenue increasing 28 percent to US$26.43 million, from US$20.57 million in the comparable period prior year.
Speaking at the group’s recent annual general meeting, chief executive Stanley Kudenga said: “The performance was driven by insurance contract revenue…and a significant improvement in non-insurance entities, now coming in strong to also support the growth.”
He said the group sought to increase its underwriting capacity by strengthening its capital base through additional investment and retained earnings.
“If we talk of the great Africa trek, our ambition is to really grow the underwriting capacity by enhancing the capital base through new capital injection,” Kudenga said.
He said Zimre had chosen to retain a greater portion of earnings to support expansion rather than increase dividend payments.
“Our business is in need of competitive capital and we are doing so mainly because of retained earnings,” he said.
The short-term insurance business recorded a seven percent increase in total income to US$2,25 million, while insurance contract revenue rose two percent to US$2 million.
Core insurance products accounted for 64 percent of insurance revenue, up from 56 percent a year earlier, reflecting increased contribution from the group’s main insurance lines.
The property division also recorded strong growth, with revenue rising 31 percent to US$1,09 million on the back of higher rental income.
Occupancy remained firm at 87 percent, while rental collections averaged 93 percent.
Total income from the property business surged 270 percent to US$3,89 million, largely driven by investment income from Eagle REIT.
The life and pensions business recorded a 12 percent increase in revenue to US$6,68 million, with individual life policies accounting for 79 percent of total revenue.
Zimre’s wealth management business also strengthened, with total income increasing 71 percent to US$2,38 million, supported by growth in micro-lending and asset management.
Kudenga said the group remained cautious about the operating environment, citing tight liquidity and global economic uncertainty, but said its diversified business model provided a degree of resilience.
“Management’s focus will be directed towards advancing the capitalisation of the reinsurance cluster, strengthening cash generation, optimising strategic assets and revitalising underperforming operations,” he said.