- Zimre plans to list its reinsurance subsidiary, Emeritus International, on the Botswana Stock Exchange
- The company concluded fiscal year 2024 with total income reaching US$88 million, a 25% increase
- Mozambique’s reinsurance operations, along with life and local insurance, drove a 24% increase in insurance contract revenue to US$61.86 million
Harare-Zimre Holdings Limited (ZHL) plans to list its reinsurance subsidiary, Emeritus International, on the Botswana Stock Exchange (BSE) in 2025, marking a pivotal step in its pan-African growth strategy.
This comes after the group capped the fiscal year 2024 with mega profits, with total income edging US$100 million at US$88 million a 25% increase with net profit soaring to US$10 million, more than quadrupling.
Emeritus International, a reinsurance and risk management firm operating across Malawi, Mozambique, and Eswatini, has undergone significant restructuring since 2008 to bolster operational efficiency and position itself for long-term expansion.
In 2024, Mozambique’s reinsurance operations alongside life and pension and local insurance drove a 24% increase in insurance contract revenue to US$61.86 million from US$50 million with 87% in USD supported by a 17% increase in investment income and a 22% rise in rental income, contributing significantly to the company’s 471% profit surge from US$ 1.8 million in 2023.
The insurance service result jumped 166% to US$5.53 million driven by discipled underwriting and cost management.
The listing, a key component of Phase 2 of ZHL’s ongoing merger plan, aims to strengthen the financial foundations of its regional subsidiaries, enhance underwriting capacity, and align operations with global standards.
“This move will bolster the balance sheets of our regional subsidiaries, improve competitiveness, and expose the Group to international best practices,” said Desmond Matete, ZHL’s board chairperson, in a statement accompanying the company’s 2024 full-year financial results.
By tapping Botswana’s capital markets, ZHL aims to amplify its competitiveness in high-growth markets like Mozambique and Botswana while capitalizing on the African Continental Free Trade Area (AfCFTA), a US$3.4 trillion market serving 1.4 billion consumers.
The listing is expected to attract international investment, enhance reinsurance capabilities, and solidify ZHL’s position as a leading pan-African insurance group.
Looking ahead , ZHL is focusing on infrastructure, digital transformation, and sustainability.
A flagship initiative is the Eagle Real Estate Investment Trust (REIT), set for a 2025 listing on the Zimbabwe Stock Exchange (ZSE), which will raise capital for infrastructure projects and business expansion.
Key developments include the Mazowe Mall, with Phase 1 ready for tenants and Phase 2 slated for completion by year-end, and the Victoria Falls Development, expected to wrap up by mid-2025 to boost Zimbabwe’s tourism sector.
In Bulawayo, the Selbourne Park project, a 56-stand residential community, is on track for 2025 completion, targeting institutional and individual investors.
The company is also prioritizing digital innovation, with significant investments in technology-driven insurance and wealth management solutions to meet evolving market demands.
This strategic blend of financial discipline, regional expansion, and forward-thinking investments positions ZHL to deliver lasting value to stakeholders while shaping the future of sub-Saharan Africa’s insurance and infrastructure landscape.
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