Zimre records Z$2.6 trillion before tax of 32 000 percent (21-09-07)

ZIMRE Holdings' Profit before tax rose 32 000% to $2,6 trillion and earnings attributable to policy-holders were $403 billion for the interim period ending June 30 from $1,5 billion during the same period last year.
Profit attributable to shareholders of the parent firm stoo

d at $1,4trillion, an increase of 31 000%. BEPS rose 31 000% to $1928, 93 from $6,14. No interim dividend was declared.
The group ended the period under review with a cash position of $153,8 billion. the balance sheet improved to $5, 99 trillion while shareholder funds rose to $2,4trillion.
The group’s grossed premiums of increased to $909 billion from $4,4billion during the same period, an increase of 2 0542%.
The group’s financial results announced today showed that,  it net premium revenue rose to $ 537, 8 billion from $1,9 billion achieved during the same period. Net claims rose to $218,6 billion from $789,9million.
The result were an underwriting profit of $55,2 billion from $261 million. Investment income rose 33 000% to $2, 6 trillion from $7,8 billion and $16 billion was accounted as a share of profit from associates.
The reinsurance business recorded a gross premium income of $385,5 billion. The sector which incorporates property investments was the top contributor to the group’s PBT.
The sector posted $1,3 trillion PBT mainly driven by bullish conditions on the property and equities market and strong contributions from regional operations.
General insurance realized gross premium income of $483billion and Profit Before Tax of $742 billion. Life and pensions registered Profit Before Tax of $536 billion while insurance broking posted $13 billion.
The group listed Zimre Property Investments on the ZSE by means of an equity carve out on July 27 and raised $554 billion through an Initial Public Offer- CAJ News.

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