FIRST Mutual Holdings Limited has revealed that gross premium income for the half year to June rose by 16 percent to US$52,2 million due to improved operating environment.
\nLife assurance and medical insurance business contributed us$33,7 million from US$29,6 million whilst short term insurance and reinsurance business contributed US$18,5 million from US$29,6 million.
\nThe short term insurance and reinsurance business contributed US$18,5 million from US$16,1 million.
\nGroup chairman Oliver Mtasa said FMLH\u2019s reinsured 16 percent of the gross premium written, achieving a net premium of US$344,1 million from last year\u2019s US$36,3 million.
\nRental income grew by 15 percent from US$3,4 million in 2012 to US$3,9 million in 2013.
\nInvestment gains from quoted equities and money market investments amounted to US$7,5 million, a 357 percent increase compared to investment gains of US$1,6 million for the first half of 2012.
\nTotal expenditure for the period amounted to US$48,2 million, an increase of 34 percent from the US$36 million incurred to June 2012.
\nTotal expenditure was largely driven by a 34 percent surge in claims. The incidence of claim was particularly high in the health care business.
\n\u201cThe group incurred an impairment loss of US$2 million relating to the carrying amount of the investment in the associate company, Rainbow Tourism Group to reflect the decline in market value of this investment,\u201d said Mtasa.
\nThe group achieved a profit after tax of US$2,4 million, a decline of 38 percent from the June 2012 figure of US$3,9 million, affected by the impairment loss referred to above and medical insurance business.
\nThe total comprehensive profit attributable to shareholders of the parent company amounted to US$1,3 million compared to US$2,9 million last year.
\n\u201cThe group\u2019s statement of financial position grew by eight percent to US$191,2 million due to appreciation in value of investment held, new investments from cash generated from operations by the respective business united and an increase in accounts receivables while payables remained largely unchanged,\u201d Mtasa said.
\nPremium receivable grew by 37 percent to US$9,3 million, reflecting liquidity challenges prevailing in the market. The group has made adequate provision for any outstanding balances that are considered doubtful.
\n\u201cThe group\u2019s total cash and cash equivalents at June 30 2013 were US$26,1 million made up of short term money market investments of US$22,1 million and bank balance of US$4 million,\u201d he said.
\nPolicy holder funds grew by 11 percent to US$80 million from US$71,6 million due to the growth of policyholders business written during the period and investment returns on the portfolio. <\/p>\n","protected":false},"excerpt":{"rendered":"
FIRST Mutual Holdings Limited has revealed that gross premium income for the half year to June rose by 16 percent to US$52,2 million due to improved operating environment. Life assurance and medical insurance business contributed us$33,7 million from US$29,6 million whilst short term insurance and reinsurance business contributed US$18,5 million from US$29,6 million. The short […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[68],"tags":[],"class_list":["post-3964","post","type-post","status-publish","format-standard","hentry","category-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/posts\/3964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/comments?post=3964"}],"version-history":[{"count":0,"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/posts\/3964\/revisions"}],"wp:attachment":[{"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/media?parent=3964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/categories?post=3964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/tags?post=3964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}