{"id":4924,"date":"2017-09-14T06:54:27","date_gmt":"2017-09-14T06:54:27","guid":{"rendered":"https:\/\/www.firstmutualholdings.com\/?p=4924"},"modified":"2017-09-14T06:54:27","modified_gmt":"2017-09-14T06:54:27","slug":"fmhl-half-year-profits-up-63-percent-to-43-million","status":"publish","type":"post","link":"https:\/\/263host.co.zw\/projects\/firstmutual\/fmhl-half-year-profits-up-63-percent-to-43-million\/","title":{"rendered":"FMHL half year profits up 63 percent to $4,3 million"},"content":{"rendered":"

FIRST Mutual Holdings Limited (FMHL) reported a 63 percent increase in after tax profit in the six months to June from $2,6 million last year to $4,3 million driven by high returns from investment securities.<\/span><\/p>\n

FMHL chief executive, Douglas Hoto told analysts on Wednesday that the stock market rally had significantly contributed to the group\u2019s bottom line.<\/p>\n

Profit on investments increased to $13 million compared to $500,000 in the same period last year.<\/p>\n

<\/div>\n

Gross premium written (GPW) increased marginally from $60,6 million in the same period last year to $61,5 million.<\/p>\n

Life assurance registered a 7 percent increase in GPW to $7,3 million while Health insurance GPW stood at $28,1 million compared to $26 million in the same period last year.<\/p>\n

\u201cOperating profit went down 61 percent to $1,6 million due to high agribusiness claims under property and casualty reinsurance business and a higher claims ratio in heath insurance business ,\u201d Hoto said.<\/p>\n

Total expenses increased to $68,3 million from $53,9 million in the same period last year.<\/p>\n

The group\u2019s assets grew to $247,6 million from $229,7 million previously.<\/p>\n

The group\u2019s subsidiary First Mutual Properties, formerly Pearl Properties, \u00a0posted an after tax profit of $808,000 \u00a0in the half year from a loss of $1,19 million in the same period last year following a marked improvement in fair value adjustments.<\/p>\n

Rental income decreased by 8 percent to \u00a0$3,7 million \u00a0from $4 million. Occupancy levels improved from 71 percent to 74 percent as at December 31.<\/p>\n

Both the companies did not declare dividend. \u2013\u00a0The Source<\/em> <\/p>\n","protected":false},"excerpt":{"rendered":"

FIRST Mutual Holdings Limited (FMHL) reported a 63 percent increase in after tax profit in the six months to June from $2,6 million last year to $4,3 million driven by high returns from investment securities. FMHL chief executive, Douglas Hoto told analysts on Wednesday that the stock market rally had significantly contributed to the group\u2019s […]<\/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-4924","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\/4924","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=4924"}],"version-history":[{"count":0,"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/posts\/4924\/revisions"}],"wp:attachment":[{"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/media?parent=4924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/categories?post=4924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/263host.co.zw\/projects\/firstmutual\/wp-json\/wp\/v2\/tags?post=4924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}