2021 Fourth Quarter Non-Life Industry Report

SHORT TERM
REPORT
For the Year -Ended
31 December 2021
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DISCLAIMER
SHORT TERM INSURANCE REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER
2021
Disclaimer
This report, including any enclosures and attachments, has been prepared by
The Insurance and Pensions Commission (IPEC), solely for informative purposes
to the insurance sector stakeholders. The report may not be reproduced,
redistributed, communicated to a third party, or relied upon by any other
person for any other purpose without the Commission’s prior written consent.
This report, (including any enclosures and attachments), has been prepared exclusively for
The Commission
information purposesdoes
to thenot accept
industry any liability
stakeholders. Unless if
we this report
provide is used
express priorfor anyconsent,
written other
purposes other
no part of this than
report thebeabove-mentioned
should intended
reproduced, redistributed purpose. to third parties. IPEC
or communicated
does not accept any liability if this report is used for any alternative purposes from which it is
This report relates to short term insurance business written by short term insurers,
intended.
short term reinsurers, brokers, reinsurance brokers and micro-insurers.
Growth referred to in this report is nominal growth unless stated otherwise.
* Income statement figures were adjusted using year-on-year inflation of 60.7%

60%
reported for December 2021. Source:
https://www.rbz.co.zw/index.php/research/markets/inflation
**Balance sheet figures were not adjusted due to the unavailability of quarterly
inflation figures. Therefore, balance sheet figures are compared on a nominal
basis.
List of Acronyms and Abbreviations
DAC - Abbreviations
Deferred Acquisition Cost
List of Acronyms and
DAC -
DISCLAIMER
Deferred Acquisition Cost
GPW - Gross Premium Written
IBNR - Incurred But Not Reported
IPEC/Commission - Insurance and Pensions Commission
NEP - Net Earned Premium
NPW
This report, (including any- enclosures andNet Premium
attachments), hasWritten
been prepared exclusively for
information purposes to the industry stakeholders. Unless we provide express prior written consent,
NPW - Net Premium Written
O/S Claims - Outstanding Claims
no part of this report should be reproduced, redistributed or communicated to third parties. IPEC
does not
O/S accept any liability
Claims - if this report isOutstanding
used for any alternative
Claimspurposes from which it is
ROA
intended. - Return on Assets
ROA - Return on Assets
ROE - Return on Equity
ROE - Return on Equity
UCR - Unearned Commission Reserve
UCR - Unearned Commission Reserve
UPR - Unearned Premium Reserve
UPR - Unearned Premium Reserve
List of Acronyms and Abbreviations
DAC - Deferred Acquisition Cost
1 Economic Developments..................................................................................................3
2 About the Commission.......................................................................................................7
3 NPWThe Architecture- of the Short-Term Net Premium
InsuranceWrittenIndustry...................................................8
4 O/SRegulatory
Claims Developments
- forOutstanding
the PeriodClaims Ending 31 December 2021..........................9
5 Licensing.............................................................................................................................10
ROA - Return on Assets
6 SHORT TERM INSURANCE COMPANIES ...........................................................................11
7 ROEREINSURANCE COMPANIES..............................................................................................24
- Return on Equity
8 UCRMICROINSURANCE - COMPANIES......................................................................................36
Unearned Commission Reserve
9 UPRBROKERS SECTION.............................................................................................................39
- Unearned Premium Reserve
10 REINSURANCE BROKERS....................................................................................................44
11 Complaints handling........................................................................................................47
APPENDIX 1A................................................................................................................................48
APPENDIX 1B.................................................................................................................................49
APPENDIX 1C................................................................................................................................50
APPENDIX 2A................................................................................................................................51
APPENDIX 2B.................................................................................................................................52
APPENDIX 2C................................................................................................................................53
APPENDIX 3A................................................................................................................................54
APPENDIX 3B.................................................................................................................................55
APPENDIX 4A................................................................................................................................56
APPENDIX 4B.................................................................................................................................57
APPENDIX 5A................................................................................................................................58
APPENDIX 5B.................................................................................................................................59
Executive Summary
The report provides an analysis of the performance of the short-term insurance
industry, key economic indicators, investment markets and highlights of the
Commission’s regulatory activities for the twelve months ended 31 December
2021.
All short-term insurers and reinsurers are commended for submitting their 2021
fourth quarter returns on the IPEC online portal.
Total Gross Premium Written (GPW) by short-term insurers increased by 110.65%

from ZW$9.11 billion in December 2020 to ZW$19.19 billion during the
comparative period in 2021. In terms of foreign-currency denominated
business, short-term players reported an increase of 49.87% from US$67.71
million in December 2020 to US$101.48 million in December 2021.
The total business written by short-term reinsurers increased by 107.49% from

ZW$5.30 billion for the twelve months ended 31 December 2020 to ZW$11.00
billion during the period under review. In terms of foreign-currency
denominated business, the reinsurers reported an increase of 21.3% from
US$67.05 million reported for the twelve months ended 31 December 2020 to
US$81.33 million for the twelve months ended 31 December 2021.
Total assets reported by short-term insurers increased from ZW$8.87 billion as at

31 December 2020 to ZW$20.03 billion as at 31 December 2021.
Investments in prescribed assets by short-term insurers increased by 21.86%

from ZW$315.10 million as at 31 December 2020 to ZW$383.97 million as at 31
December 2021.
None of the short-term insurers was compliant with the minimum prescribed
asset ratio of 10%.
However, all eighteen (18) insurers reported capital positions above the
minimum capital requirement (MCR) of ZW$37.5 million.
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Short-term reinsurers had an asset base of ZW$12.70 billion as at 31 December
2021, reflecting a 99.22% increase from the ZW$6.40 billion reported as at 31
December 2020.
Investments in prescribed assets by short-term reinsurers increased from

ZW$1.08 billion as at 31 December 2020 to ZW$1.63 billion as at 31 December
2021.
Three (3) out of the eight (8) short-term reinsurers were compliant with the
minimum prescribed asset ratio of 10%.
As at 31 December 2021, all the registered short-term reinsurers reported

capital positions above the minimum capital requirement of ZW$75 million.
The total business written by micro-insurers increased by 654.77% from ZW$79.26

million reported for the year ended 31 December 2020 to ZW$598.23 million
reported for the same period in 2021. In terms of forex business, the amount of
business written increased by 436.71% from US$323.27 reported for the twelve
months ended 31 December 2020 to US$1, 735.01 reported for the
comparative period in 2021. The asset base for the micro-insurers increased by
294.89% from ZW$131 million reported as at 31 December 2020 to ZW$517.31
million reported as at 31 December 2021.
The two micro-insurers who were operational in 2021 were compliant with the
minimum capital requirement of ZW$4.5 million as of the reporting period.
Brokers wrote a total of ZW$10.4 billion in GPW registering an increase of 124%

in nominal terms during the year ended 31 December 2021, compared to
ZW$4.7 billion for the same period in 2020.
The broking industry held total assets amounting to ZW$2.1 billion as at 31

December 2021.
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1.0 Economic Developments
1.1 Global and Regional Economic Outturn and Outlook
1.1.1 The International Monetary Fund (IMF) estimated global output
growth of 5.9% in 2021, and a subdued projection of 4.4% in 2022 due
to economic disruptions caused by the Omicron variant. The World
Bank on the other hand estimated a growth of 5.5% in 2021 and 4.1%
in 2022, reflecting continued Covid-19 flare-ups, and persistent supply
bottlenecks.
1.1.2 The growth rates in other regions are illustrated in Table 1.
Table 1: World Economic Outlook Projections

202
2021 202
2022 202
2023
1 2 3
World Output 5.9 4.4 3.8
Advanced Economies 5.0 3.9 2.6
USA 5.6 4.0 2.6
Euro Area 5.2 3.9 2.5
Emerging Markets and Developing Economies 6.5 4.8 4.7
China 8.1 4.8 5.2
Sub-Saharan Africa 4.0 3.7 4.0
Nigeria 3.0 2.7 2.7
South Africa 4.6 1.9 1.4
Zimbabwe 5.1 3.1 -
Source: January 2022 World Economic Outlook Update, IMF Projections
1.2 Domestic Economic Performance Outturn and Outlook

1.2.1 The domestic output growth for 2021 is estimated to reach 7.8%,
reflecting a strong rebound from -5.3% registered in 2020. In 2022, the
economy is projected to grow by 5.5%, underpinned by higher output
in mining, manufacturing, agriculture, and construction.
1.3 Exchange Rate Developments

1.3.1 The Zimbabwe dollar depreciated against the US dollar in the fourth
quarter, shedding 31.44% to close at an average of US$1: ZW$108.7.
The marginal depreciation was due to high foreign exchange
demand as businesses were gearing for re-stocking ahead of the
festive season. Figure 1 shows the exchange rate trend since January
2021.
3
Figure 1: Interbank Exchange Rate January to December 2021
(US$/ZW$) – End of Period
105.7 108.7
97.1
Interbank rate US$/ZWL 82.70 83.9 84.4 84.5 84.7 85.4 85.6 85.7 87.7
JAN-21 FEB-21 MAR-21 APR-21 MAY-21 JUN-21 JUL-21 AUG-21 SEP-21 OCT-21 NOV-21 DEC-21
Source: Reserve Bank of Zimbabwe

1.4 Inflation Developments
1.4.1 The annual inflation decreased to 60.7% in December 2021, down
from 362.6% registered in January 2021. The month-on-month inflation
spiked in June and October 2021 due to acceleration in food and
non-food inflation before slowing down towards the end of 2021 on
account of tight monetary policy, and fiscal policy consolidation
measures. Figure 2 illustrates the inflation trend from January to
December 2021.
Figure 2: Inflation profile (%), January to December 2021

400 7
Year on Year Inflation(%)
350 6
Month on Month
300 5
Inflation(%)
250
4
200
3
150
100 2
50 1
0 0
(YoY(%) (YoY_Blended %) MoM (%) (MoM_Blended %)
Source: Zimbabwe National Statistics Agency

1.5
1.5 Zimbabwe Stock Exchange Performance
1.5.1
1.5.1 The fourth quarter of 2021 experienced positive trading, with the Top
10, and All-Share indices gaining 40.2%, and 26.1%, respectively. The
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4
The local bourse increased by 40.13% worth of capitalisation to close
at ZW$1, 3 trillion from ZW$940.02 billion recorded in the third quarter
of 2021. The level of activity on the stock exchange was driven by the
demand for equities as a value-preserving asset. Table 2 shows the
quarterly change in the key stock market indicators.
Table 2: Changes in the Key Stock Market Indicators
ZSE Indicator Sept-2021
Sept Dec-2021 Change
2021 (%)
All share index (points) 8, 580.16 10, 822.36 26.1
Top 10 Index (points) 4, 857.20 6, 811.43 40.2
Medium Cap Index (points) 20, 599.24 20, 407.26 -0.9
Small Cap Index (points) 25, 4232.9 40, 2753.1 58.4
Market Capitalisation 940.02 1, 317.21 40.1
(ZW$ billion)
Shares traded (million) 69.39 26.79 -61.4
Market turnover (ZW$ mil) 1, 403.07 831.60 -40.7
Source: Zimbabwe Stock Exchange
Victoria Falls Stock Exchange (VFEX) Performance:
1.5.2 The VFEX registered trades worth US$114,544.74 in the fourth quarter,
a decline of 75.8% when compared to US$473,336.01 recorded in the
third quarter of 2021. Two mining companies, Caledonia Mining, and
Bindura Nickel were listed on the VFEX during the quarter, bringing the
total number of counters to four. The total market capitalisation level
as at 31 December was US$259,743,936.20.
1.6 Money Market Developments - Savings Deposit Rates
1.6.1 During the quarter under review, the average savings deposit rates
were below 20% while the annual inflation rate closed at 60.7%. Thus,
in the entire quarter, the real returns on money market investments
continued to be in the negative territory.
1.7 COVID-19 Updates
1.7.1 The total Covid-19 cases in Zimbabwe rose to 213, 258 as at 31
December 2021, from 13, 867 recorded for the corresponding period
in 2020. Covid-19 related deaths increased to 5, 004 cases from 363
cases in the prior year. The national recovery rate stood at 85% and
a total of 313, 515 people had been fully vaccinated by year end.
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1.8 Covid-19 Impact on Insurance and Pensions Industry
1.8.1 In the outlook, the emergence of the new Covid-19 variants could
prolong the pandemic and induce renewed economic disruptions.
Meanwhile, Zimbabwe welcomes the opening up of the country's
borders, as this is expected to boost economic activity and address
liquidity challenges faced by the insurance and pensions industry.
1.8.2
1.8.2 The renewed economic activity is expected to improve household
and business incomes whose transmission effect will result in improved
premium payments and pension contributions leading to low
premium debtors, policy lapses, and contribution arrears in the
insurance and pensions industry.
1.9 Impact of Eastern Europe Geopolitical Tensions
1.9.1 The geopolitical tensions in Eastern Europe have resulted in global
commodity crises causing severe economic damage. Global
commodity prices for oil, gas and wheat but to mention a few have
risen to unprecedented levels and will most likely lead to imported
inflation for the country thereby affecting business and household
incomes.
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2. About the Commission
The Insurance and Pensions Commission (IPEC) is a statutory body mandated
with regulating, supervising and developing the insurance and pensions
industry for the protection of policyholders and pension scheme members in
Zimbabwe. This report outlines short-term sector developments and IPEC`s
various activities in the short-term sector consistent with its statutory mandate
during the twelve months ended 31 December 2021.
2.1 Term of Reference

The activities of the Commission are guided by the following Acts and their
Regulations:
• Insurance and Pensions Commission Act [Chapter 24:21];
• Pension and Provident Funds Act [Chapter 24:09];
• Insurance Act [Chapter 24:07];
• Money Laundering and Proceeds of Crime Act [Chapter 09:24];
• Finance Act [Chapter 23:04];
• Public Entities and Corporate Governance Act [Chapter 10:31];
• Public Finance Management Act [Chapter 22:19]; and
• Public Procurement and Disposal of Public Assets Act [Chapter 22:23]
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3. The Architecture of the Short-Term Insurance Industry
3.1.1 There were nine hundred and sixty (960) registered entities/persons in the
short-term insurance industry as at 31 December 2021. The architecture
of the industry is as shown in Table 3:
Table 3: Architecture of the Short-Term Insurance Industry
Type of of
Class institution
Business Number of registered entities/
Persons as at
31-Dec-2021 31-Dec-2020
Insurance Companies 19 18
Microinsurance Companies 5 2
Reinsurance Companies 9 8
Underwriting Management Entities 2 2
Insurance Brokers 28 32
Reinsurance Brokers 8 7
Loss Assessors 49 36
Multiple Agents 11 6
Corporate Agents 165 147
Sole Agents 664 483
Total 960 741
* Two insurers namely FBC Insurance Company and Alliance Insurance Company are
composite insurers, however the figures in this report pertain to their short -term business only.
**The number of short-term insurers increased by one however, the figure in the report pertains
to eighteen insurers, the newly registered entities have not yet started operation.
***Five reinsurers namely Emeritus Reinsurance Company, FBC Reinsurance Company, First
Mutual Reinsurance Company, Grand Reinsurance Company and Zep Re are composite
reinsurers who also write life business. However, the figures in this report pertain to their short-
term business only.
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4. Regulatory Interventions for the Period Ending 31 December 2021
4.1 Restructuring of the Commission
4.1.1 The Commission embarked on a restructuring exercise meant to align
the organisational structure of its core departments with the key
supervisory focus areas of prudential and market conduct supervision.
This was necessitated by the need to enhance focus on market conduct,
fair treatment of policyholders and prudential supervision.
4.1.2 In line with the restructuring of the Commission, the Insurance and
Microinsurance Department was restructured and now has three (3)
distinct sections. These are the Prudential Supervision, which will focus on
assessing the financial soundness of insurance companies; Market
Conduct Supervision that will focus on business conduct and fair
treatment of policyholders; and the Technical Supervision, which will
focus on financial analysis.
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5. Licensing
5. Licensing
5.1 Newly Registered Players
5.1 Newly Registered Players
5.1.1 During the year 2021, the Commission registered 11 entities. The details
5.1.1 4:During
Table the year 2021, the Commission
year 2021registered 11 entities. The details
ofEntities licenced
the registrations during
are as the
follows:
of the registrations are as follows:
Table 4: Entities licenced during the year 2021
Table 4: Entities licenced during the year 2021
Name of Entity Class of Business Date of Licensing
Stanbic Multiple Agent Agent 21 July
EBA Microinsurance 27 July
Microsure Microinsurance 27 July
NMB Multiple Agent Multiple Agent 16 August
Agrimed Multiple Agent Multiple Agent 24 August
Agrimed
AgrimedMultiple
MultipleAgent
Agent Multiple
Multiple Agent
Agent 24
24 August
August
Empaya Short term insurance 6 September
Empaya
Empaya Short
Short term
term insurance
insurance 66 September
September
Geneinsure Multiple Agent Multiple Agent 20 September
Geneinsure
GeneinsureMultiple
MultipleAgent
Agent Multiple
Multiple Agent
Agent 20
20 September
September
Skybridge Reinsurance Brokers Broking 4 October
Skybridge
SkybridgeReinsurance
ReinsuranceBrokers
Brokers Broking
Broking 44 October
October
Rise Capital Microinsurance 8 October
Rise
RiseCapital
Capital Microinsurance
Microinsurance 88 October
October
Acts Multiple Agent Agent 7 December
Acts
ActsMultiple
MultipleAgent
Agent Agent
Agent 77 December
December
Muca Reinsurance Reinsurance 16 December
Muca 16 16
December
MucaReinsurance
Reinsurance Reinsurance
Reinsurance ecember
16 December
5.2 De-registrations
5.2 De-registrations
5.2.1 During the year 2021, the Insurance and Pension Commission de-
5.2.1 During the year 2021, the Insurance and Pensions
Pension Commission de-
registered four (4) insurance players namely Ambassador Insurance
registered four (4) insurance players namely Ambassador Insurance
Brokers, Revival Insurance Brokers, Hostcare Insurance Brokers and Auto
Brokers, Revival Insurance Brokers, Hostcare Insurance Brokers and Auto
and General Insurance Brokers.
and General Insurance Brokers.
5.2.2 The four were de-registered for failure to comply with the Commission's
5.2.2 The four were de-registered for failure to comply with the Commission's
regulatory requirements, which include non-submission of quarterly and
regulatory requirements, which include non-submission of quarterly and
annual returns, payment of annual fees, quarterly levies and penalties
annual returns, payment of annual fees, quarterly levies and penalties
levied against the institutions.
levied against the institutions.
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SECTION A
6. SHORT TERM INSURANCE COMPANIES
6.1 Performance in terms of business written
The total business written by short-term insurers increased by 110.65% in nominal

terms from ZW$9.11 billion for the year ended 31 December 2020 to ZW$19.19
billion for the period under review. The significant nominal growth is mainly
attributable to insurance premiums closely tracking inflation. Figure 3 below
shows the trend in the volume of the business generated by short-term insurers
from 2017 to 2021.
Figure 3: Short-term insurers’ trend in business written (December 2017

2017 --2021)
2021)
GPW AND NPW

AMOUNT OF GPW AND NPW IN
25 000,00 600,0%
MLLIONS (ZW$)
20 000,00
PERCENTAGE GROWTH IN GPW

400,0%
15 000,00
10 000,00
200,0%
5 000,00
- 0,0%
2017 2018 2019 2020 2021
GPW 236,47 277,35 1 374,86 9 107,12 19 191,4
NPW 143,82 162,01 492,21 3 897,08 9 048,42
Growth in GPW 9,5% 17,3% 395,7% 562,4% 110,7%
GPW NPW Growth in GPW
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Table 5 below shows the percentage growth in GPW for different lines of
business:
Table 5: Short-Term Insurers' GPW by Line

LinesofofBusiness
Business
Gross Premium Written (ZW$ Million)

Inflation
Lines of Business adjusted %
31-Dec-21 31-Dec-21 31-Dec-20 Nominal % change change
Inflation Adjusted Nominal Nominal

Aviation 160,85 258,55 116,39 122,14% 38,2%
Bonds/Guarantee 634,88 1020,49 437,08 133,48% 45,3%
Engineering 922,05 1482,07 759,13 95,23% 21,5%
Farming 180,19 289,64 253,07 14,45% -28,8%
Fire 2 334,06 3751,71 2050,57 82,96% 13,8%
Hail 470,30 755,95 423,93 78,31 10,9%
Marine 273,50 439,62 184,46 138,33% 48,3%
Misc Accident 386,03 620,49 279,82 121,75% 38,0%
Motor 5 529,73 8 888,33 3668,81 142,27% 50,7%
P-Accident 594,10 954,94 442,34 115,88% 34,3%
P Liability 267,31 429,66 142,62 201,26% 87,4%
Other 186,63 299,98 348,91 -14,02% -46,5%
9
Total 11 939,63 19 191,43 107, 139 110,73% 31,10%
107,13
*Other comprise of casualty, directors’ liability, health, hire purchase.
As shown in Table 5 above, the real increase in GPW for the year ended 31
December 2021 was 31.10%, showing real growth in short-term insurance
business. Farming insurance and the ‘other’ line of business experienced a
decrease in income. Figure 4 below shows the contribution of GPW by line of
business for short-term insurers.
Figure 4: Contribution to GPW by line of business for the quarter ended 31

December 2021 and 31 December 2020
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decrease in income. Figure 4 below shows the contribution of GPW by line of
business for short-term insurers.
Figure 4: Contribution to GPW by line of business for the year

quarter ended
ended 31 31
December 2021 and 31 December 2020
17
*Others comprise of casualty, directors’ liability, health, hire purchase.
Motor and Fire lines of business remained the major sources of business for
short-term insurers contributing 66% in 2021 from 63% in 2020.
6.2 Foreign currency denominated business
The foreign currency denominated Gross Premium Written for the twelve
months ended 31 December 2021 increased by 49.87% from US$67.71 million
reported during 2020 to US$101.48 million reported for the comparative period
in 2021. Foreign currency denominated business contributed 57% of the total
business generated by short term insurers during the period under review. The
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foreign currency denominated GPW by line of business for short-term insurers is
shown in Table 6:
Table 6: Short-term insurers' USD GPW by line of business
Line
lineofofBusiness
business 31-Dec-21 (US$) 31-Dec-20 (US$)
Engineering 3 287 207,19 2 973,87
Farming 4 575 684,83 2 728,07
Fire 16 351 745,71 24 402,90
Assets All Risks 11 568 067,10 -
Machinery Breakdown 4 370 908,64 -
Hail 6 550 947,34 4 832,08
Hire Purchase 3 080 570,49 -
Marine 4 006 776,94 2 844,09
Motor 29 126 179,38 18 779,94
P-Accident 5 407 537,82 2 969,27
Misc Accident 3 474 921,28 1 805,17
Bonds/Guarantee 3 277 167,00 1 900,91
Other 6 405 905,28 4 475,13
Totals 101 483 619,00 67 711,43

*Other include Aviation, Bankers Blanket Policy, Contractors All Risk, Casualty, Directors’
liability, Public liability, Employers Liability, Health and Officers liability
Figure 5: Short-term insurers' USD GPW by line of business for the twelve months
of 2021 and 2020
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Figure 5: Short-term insurers' USD GPW by line of business for the twelve months
of 2021 31
ending and 2020
December 2021 and 2020
19
*Others include Aviation, Casualty, Directors’ liability, Public liability, Health and Hire purchase
*Others include Aviation, Casualty, Directors’ liability, Public liability, Health and Hire purchase
As shown
shown in
in Figure
figure 55 above
above and in line with ZWL denominated business, the
major sources of foreign currency denominated business for short-term insurers
were motor and fire lines of business, contributing a combined 44.8% of the
As shown in figure 5 above and in line with ZWL denominated business, the
total business written for the twelve months ended 31 December 2021.
major sources of foreign currency denominated business for short-term insurers
were motor and fire lines of business, contributing a combined 44.8% of the
6.3 Capitalisation
total business written for the twelve months ended 31 December 2021.
All eighteen (18) insurers reported capital positions that were above the
minimum
6.3 capital requirement of ZW$37.5 million as at 31 December 2021. The
Capitalisation
reported capital positions were computed without accounting for non-
All eighteen (18) insurers reported capital positions that were above the
admissible assets as stipulated in Statutory Instrument 95 of 2017. The reported
minimum capital requirement of ZW$37.5 million as at 31 December 2021. The
capital positions are shown in Table 7 below.
reported capital positions were computed without accounting for non-
admissible assets as stipulated in Statutory Instrument 95 of 2017. The reported
capital positions are shown in Table 7 below.
Table 7: Reported Capital Positions for Short-Term Insurers
Table 7: Reported Capital Positions for 20

Short-Term Insurers
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Table 7: Reported Capital Positions for Short-Term Insurers
Reported Capital Position (ZW$ Million)

Name of Insurance Company
31-Dec-21 31-Dec-20
Alliance 1 610,60 104,23
Allied 251,56 213,44
CBZ 169,28 137,58
Cell 510,45 251,06
Champions 216,36 59,07
Clarion 192,07 50,07
Credsure 174,28 129,08
ECGC 401,65 68,16
Econet 659,90 257,67
Evolution 536,10 128,03
FBC 432,11 216,13
Hamilton 124,96 44,85
Nicoz Diamond 1 252,39 568,99
Old Mutual 2 678,80 813,47
Quality 399,86 120,48
Safel 1 118,29 475,01
Sanctuary 199,07 218,64
Zimnat Lion 386,83 345,34
Total 11 314,56 4 201,30
Seventeen (17) out of the eighteen insurers that were operational were
compliant with the minimum solvency margin of 25% as stipulated in Section
24(1a) (ii) of the Insurance Act [Chapter 24:07]. The solvency margins for
individual insurers as at 31 December 2021 ranged from 21.03% to 843.62% as
shown in Appendix
appendix 1C.
1C.
6.4 Asset Quality
Total assets for short-term insurers increased by 125.82% from ZW$8.87 billion
reported as at 31 December 2020 to ZW$20.03 billion reported as at 31
December 2021.
Premium debtors increased by 29.32% from ZW$2.49 billion reported as at 31

December 2020 to ZW$3.22 billion as at 31 December 2021. The increase in
premium receivables is a sign of ineffective credit control systems by insurers in
the management of credit risk. The development of a No Premium No Cover
Policy framework to regulate the issuance of policies on credit is still work in
progress.
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Investments in prescribed assets increased by 21.86% from ZW$315.10 million as
at 31 December 2020 to ZW$383.97 million as at 30 December 2021. None of
the eighteen short-term insurers was compliant with the minimum prescribed
asset ratio of 10% as at 31 December 2021.
Compliance with prescribed asset requirements remains significantly very low.

The Commission still expects the submission of project initiatives that speak to
industry needs for the consideration of prescribed asset status.
The contribution of various asset classes to total assets as at 31 December 2021

is shown in Figure 6 below:
Figure 6: The contribution of various asset classes to total assets
Fixed assets, equities and premium receivables were the three major asset
classes accounting for 70% of total assets. Property and equipment alone
constituted 31% against a limit of 10% while premium debtors contributed 16%
against a limit of 5% in violation of Circular 2 of 2013 on investment limits.
Short term insurance players are encouraged to structure their investment

portfolios in ways that enable not only preservation of policyholder value but
also promote a balanced investment mix in line with the Commission’s
investment limits and asset/liability profiles.
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6.5 Reinsurance
The industry’s average retention ratio increased from 42.81% for the year
ended 31 December 2020 to 53.67% for the year ended 31 December 2021.
This shows an increase in the average risk appetite by the direct short-term
insurers. Retention ratios for individual insurers ranged from 15.08% to 99.31%.
The average reinsurance share of outstanding claims to gross outstanding

claims ratio was 61.96% as at 31 December 2021, compared to 36.28%
reported as at 31 December 2020. (See Appendix 1C for more indicators).
6.6 Technical Position
Technical liabilities for the short-term sector increased by 119.48% from ZW$1.54
billion as at 31 December 2020 to ZW$3.38 billion as at 31 December 2021. The
average liquid assets to technical reserves for the period under review
decreased from 111.15% in December 2020 to 87.61% during the comparative
period in 2021. The ratio measures the degree to which an insurer can cover its
unexpected technical obligations by holding cash and other liquid
investments without the sale of strategic investments that may result in realised
losses. The decline in the average liquid assets to technical reserves indicates
a decline in cautiousness by industry players, as less liquid assets were set aside
for unexpected claims.
The technical assets for short-term sector increased by 194% from ZW$0.32
billion as at 31 December 2020 to ZW$0.94 billion as at 31 December 2021.
Technical assets were ZW$2.44 billion lower than the technical liabilities. The
industry is encouraged to improve on their claims settling pattern so as to
reduce their outstanding liabilities.
6.7 Earnings
The short-term insurers reported a total profit after tax of ZW$4.54 billion for the
twelve months ending 31 December 2021, indicating an increase of 86.83% in
nominal terms from the ZW$2.43 billion reported in the comparative period in
2020.
23
19
There was an increase in the combined ratio for the short-term insurers from
91.18% during the twelve months of 2020 to 105.50% during the same period in
2021. Generally, a combined ratio above 100% is undesirable as it indicates
underwriting losses while the opposite is true for a combined ratio below 100%.
In line with the increase in the combined ratio, the short-term insurers made an
underwriting loss of ZW$510.91 million for the period ending 31 December 2021
as compared to the profit of ZW$369.98 million recorded during the same
period in 2020. Eight (8) out of the eighteen (18) short-term insurers reported
underwriting losses during the period under review compared to seven (7)
reported for the twelve months of 2020.
The average net commission ratio was 13.21% for the period under review
compared to 8.30% for the twelve months of 2020. The increase shows that the
industry paid more commissions to intermediaries as compared to the previous
reporting period. The increase in average commission rate is in line with the
Commission`s findings from the thematic offsite inspection on commissions. The
inspection established that some industry players were paying commissions
above the statutory limits outlined in Circular 2 of 2009. The highest net
commission paid by a short-term insurer for the period under review was 49.60%
of earned premiums. Non-compliant short-term insurers are reminded to
observe the dictates of Circular 2 of 2009. (For individual short-term insurers’ net
commission ratios, please refer to Appendix 1C).
The industry’s average return on assets (ROA) and return on equity (ROE) were
44.91% and 79.63% for the period under review, compared to 54.85% and
118.59% respectively for the year ended 31 December 2020. The decrease in
ROA shows that the short-term insurance sector did not fully utilise its investment
assets to increase profitability. (For more performance, indicators on
profitability refer to Appendix 1C under earnings).
24
20
6.8 Liquidity
Total cash and near-cash assets in the form of money market instruments
slightly increased by 1% from ZW$2 billion as at 30 September 2021 to ZW$2.02
billion as at 31 December 2021. Six (6) out of the eighteen operational short-
term insurers had negative working capital ratios while the industry’s acid test
ratio averaged 27.6% as at 31 December 2021. The low ratio is a cause for
concern as short-term insurers face a high liquidity risk leading to low capacity
to meet short-term financial obligations. The acid test ratio for individual insurers
as at 31 December 2021 ranged from 4.36% to 312.85% as shown in Appendix
1C.
6.9 Market share for short-term insurers
Consistent with the trend in 2020, Zimnat Lion, Nicoz Diamond and Old Mutual
have remained the market leaders in terms of GPW with a combined market
share of 49.5% for the twelve months ended 31 December 2021. Figure 7 below
shows market share in terms of GPW and NPW for all insurers:
Figure 7: Market Share for Short Term Insurers in Terms GPW
GPW AND NPW FOR THE YEAR ENDED 31 DECEMBER 2021
20,0%
MARKET SHARE
16,0%
12,0%
8,0%
4,0%
0,0%
Zimna Nicoz Old Cell Allianc Clario CBZ FBC Econe Cham Other
t Lion Diamo Mutua e n t pions
nd l
GPW 17,4% 17,1% 15,0% 13,2% 8,6% 4,8% 4,7% 4,1% 4,0% 3,1% 8%
NPW 12,7% 15,7% 19,1% 3,7% 8,6% 8,9% 3,4% 4,6% 6,4% 5,2% 12%
GPW NPW
Other include Allied, Credit Insurance, ECGC, Evolution, Hamilton, Quality and Sanctuary
25
21
In terms of total assets, the market leaders were Old Mutual, Nicoz Diamond
and Alliance with a combined market share of 41.7%. Figure 8 below shows
market share in terms of assets for all insurers:
Figure 8: Market Share for Short Term Insurers in Terms Assets
MARKET SHARE BASED ON ASSETS
18,0%
16,0%
14,0%
MARKET SHARE
12,0%
10,0%
8,0%
6,0%
4,0%
2,0%
0,0%
Old Nicoz Allianc Zimnat Econet Cell FBC Safel CBZ Evoluti Other
Mutua Diamo e Lion on
l nd
Series1 17,9% 12,1% 11,7% 11,3% 7,4% 6,5% 6,0% 5,7% 3,9% 3,2% 14,0%
*Other include Allied, Champions, Clarion, Credit Insurance, ECGC, Hamilton, Quality and
Sanctuary
6.10 Market Share for Short-term Insurers in terms of Foreign Currency

Denominated Business
During the year ended 31 December 2021, in terms of foreign currency

denominated GPW, Cell Insurance, Zimnat Lion and Old Mutual Insurance
were the market leaders with a combined market share of 56%. The market
share of foreign currency denominated business is shown in
in Figure
figure 9 below.
26
22
Figure 9: Market Share of USD Business for Short-Term Insurers for the year
ended 31 December 2021 and 31 December 2020
FOREX GPW MARKET SHARE FOR THE YEAR ENDED 31 DECEMBER

2021 AND 31 DECEMBER 2020
25,0%
20,0%
MARKET SHARE
15,0%
10,0%
5,0%
0,0%
Cell Zimnat Old Nicoz Alliance Econet FBC CBZ Other
Mut
31-Dec-21 20,4% 19,6% 16,0% 15,7% 10,9% 7,4% 3,5% 2,8% 3,7%
31-Dec-20 22,1% 22,7% 13,0% 11,3% 13,4% 10,0% 3,6% 2,3% 1,6%
31-Dec-21 31-Dec-20
*Others comprise of Allied, Champions, Clarion, Credsure, Evolution, ECGC, Hamilton, Quality,
Safel and Sanctuary.
27
23
SECTION B
7. REINSURANCE COMPANIES
7.1 Performance in terms of business written
The total business written by short-term reinsurers increased by 107.49% from

ZW$5.30 billion for the year ended 31 December 2020 to ZW$11.00 billion for
the comparative period in 2021. Figure10 below shows the trend in volume of
business written by short-term reinsurers from 2017 to 2021:
Figure 10: Short-term reinsurers’ trend in business written from 2017 to 2021
The significant increase in business written between 2019 and 2021 can be
attributed to premium reviews in line with inflation developments and
exchange rate volatility.
Table 8 below shows the percentage growth in GPW for different lines of
business.
28
24
Table
Table 8 below
below shows the percentage growth in GPW for different lines of
business.
Table 8: GPW by line of business for the year ended 31 December 2021 and 31
December 2020 28
Gross Premium Written (ZW$ Million)
Inflation adjusted %
Line of Business Nominal %
31-Dec-21 31-Dec-21 31-Dec-20 change
change
Inflation Adjusted Nominal Nominal
Aviation 207,56 333,62 325,26 2,57% -36,19%
Bonds/Guarantee 93,34 150,04 133,59 12,31% -30,13%

Engineering 244,65 393,24 457,72 -14,09% -46,55%
Farming 423,31 680,42 8,1 8300,25% 5126,08%
Fire 2 817,71 4529,11 2355,84 92,25% 19,61%
Hail 18,20 29,25 0 - -
Marine 188,32 302,7 348,24 -13,08% -45,92%
Misc Accident 865,29 1390,84 142,6 875,34% 506,79%
Motor 1 098,83 1 766,23 1001 76,45% 9,77%
P- Accident 508,10 816,7 234,93 247,64% 116,28%
P- Liability 71,37 114,72 187,78 -38,91% -61,99%
Others 296,19 476,08 104,2 356,89% 184,25%
Total 6 832,86 107,25% 28,94%

10 996,56 5 299,26
*Other comprises of hire purchase, hail, health and casualty.
As seen in Table
table 8
8 above,
above, the real growth in GPW for the year ended 31
December 2021 was 28.94%, which shows that there was real growth in
business. Five (5) lines of business experienced a decrease in income.
29
25
Figure 11: The contribution of GPW by line of business for short-term reinsurers
*Other comprises of hire purchase, hail, health and casualty.
In line with developments in the short-term direct business, Motor and Fire lines
of business were the major sources of business for the year ended 31 December
30
26
2020 and 31 December 2021 contributing 63% and 57% respectively to the
GPW. While fire insurance was the major source of business for reinsurers, motor
insurance was the major source of business for direct underwriters indicating
that direct underwriters retained the major portion of motor insurance risk
confirming that third party motor insurance has remained the major source of
business in the local market.
7.2 Foreign currency denominated business
The total foreign currency denominated business written by short-term

reinsurers increased by 21.3% from US$67.05 million for the twelve months
ended 31 December 2020 to US$81.33 million for the comparative period in
2021. Table 9 shows the GPW by line of business for the year ended 31
December 2021 and 31 December 2020.
Table 9: GPW by line of business for the year ended 31 December 2021 and 31
December 2020
Line of business GPW (USD'000) 2021 GPW (USD'000) 2020 % Change

Fire 37 964,17 32 460,34 17,0%
Motor 12 565,43 9 859,12 27,4%
Engineering 2 765,51 1 663,27 66,3%
Marine 2 815,46 2 402,79 17,2%
Aviation 2 176,76 2 615,65 -16,8%
P Accident 7 501,24 5 465,24 37,3%
P Liability 1 922,51 1 367,45 40,6%
Misc Accident 4 284,00 4 356,41 -1,7%
Bonds Guarantee 95,70 255,96 -62,6%
Health 616,47 196,25 214,1%
Hail 309,95 815,45 -62,0%
Farming 5 512,35 5 588,52 -1,4%
Other 2 803,79 - -
Total 81 333,34 67 046,45 21,3%

*Other comprises of hire purchase and casualty.
All the other classes of business except aviation, miscellaneous accident,

bonds/Guarantee, hail and farming had growth in business.
31
27
Figure 12: Contribution by class comparison 31 December 2021 and 31
December 2020
32
28
Other include Aviation, Casualty, Hire purchase, Hail, Health and Personal liability.
Consistent with 2020 trend in foreign currency denominated business, the

major classes of business written by short-term reinsurers were fire and motor
business contributing a combined 62% of the gross premium written for the year
ended 31 December 2021.
7.3 Capitalisation
7.3 Capitalisation
capital positions that were above the minimum capital requirement of ZW$75
capital positions that were above the minimum capital requirement of ZW$75
million. However, the reported capital positions were not adjusted in line with
million. However, the reported capital positions were not adjusted in line with
the provisions of Statutory Instrument (SI) 95 of 2017, which, among other things,
the provisions of Statutory Instrument (SI) 95 of 2017, which, among other things,
discount non-permissible assets. The reported capital positions as at 31
discount non-permissible assets. The reported capital positions as at 31
December 2020 and 31 December 2021 for short-term reinsurers are shown in
December 2020 and 31 December 2021 for short-term reinsurers are shown in
Table 10 below.
Table 10 below.
Table 10: Reported capital position for short term reinsurers

Table 10: Reported capital position for short term reinsurers
Reported Capital Position (ZW$ Millions)
Name of Reinsurance Company Reported Capital Position (ZW$ Millions)
Name of Reinsurance Company 31-Dec-21 31-Dec-20
31-Dec-21 31-Dec-20
Emeritus Re 775,30 175,73
Emeritus Re 775,30 175,73
FBC Re 1 004,48 480,3
FBC Re 1 004,48 480,3
First Mutual Re 585,43 204,46
First Mutual Re 585,43 204,46
Grand Re 346,21 194,39
Grand Re 346,21 194,39
Tropical Re 587,47 314,29
Tropical Re 587,47 314,29
Waica Re 676,12 234,91
Waica Re 676,12 234,91
ZB Re
Re 962,10 524,69
ZB 962,10 524,69
ZEP RE
RE 985,39
985,39 704,4
ZEP 704,4
Total
Total 5
5 922,50
922,50 2
2 833,17
833,17
Key
Key
Above minimum
Above capital
minimum requirement
capital of ZW$75
requirement million
of ZW$75 million
Below minimum capital requirement of ZW$75 million

Below minimum capital requirement of ZW$75 million
33 minimum solvency margin of 25% as

All the reinsurers were compliant with the
stipulated in Section 24(1a) (ii) of the Insurance Act [Chapter 24:07]. The
solvency margin for individual reinsurers as at 31 December 2021 ranged from
54% to 123% as shown in appendix 2C. 29
All the reinsurers were compliant with the minimum solvency margin of 25% as
stipulated in Section 24(1a) (ii) of the Insurance Act [Chapter 24:07]. The
solvency margin for individual reinsurers as at 31 December 2021 ranged from
54% to 123% as shown in Appendix
appendix 2C.
2C.
7.4 Asset quality
The asset base for short-term reinsurers increased by 99.22% from ZW$6.40 billion
reported as at 31 December 2020 to ZW$12.70 billion as at 31 December 2021.
Investments in prescribed assets slightly increased from ZW$1.28 billion as at 30
September 2021 to ZW$1.63 billion as at 31 December 2021. However, only
three (3) out of the eight (8) reinsurers were compliant with the requisite
prescribed asset threshold of 10%.
Premium receivables increased from ZW$1.08 billion as at 31 December 2020

to ZW$2.23 billion as at 31 December 2021, indicating an increase of 106.48%.
The increase in premium receivables is a cause for concern as it indicates
ineffectiveness of credit control systems to manage credit risk by players.

is shown in Figure 13 below:
Figure 13: Short-Term Reinsurers' Total Assets: Contribution by Asset Class
Contribution by asset class

Fixed Assets
12,8% 7,1%
Equities
17,6%
17,5% Investments in Associated
Companies
Cash & Money Market
Investments
3,2%
Technical Assets
Prescribed Assets
12,8%
21,7%
Premium Receivables
7,3%
Other Assets
34
30
7.5 Technical Position
Total technical liabilities increased from ZW$1.85 billion as at 30 September

2021 to ZW$4.01 billion as at 31 December 2021 indicating an increase of
116.76%. Unearned Premium Reserves, which amounted to ZW$2.01 billion
accounted for 50% of the total technical liabilities.
The technical assets increased from ZW$0.32 billion as at as at 31 December

2020 to ZW$0.94 billion as at 31 December 2021 indicating an increase of 194%.
Technical assets were ZW$3.13 billion lower than the technical liabilities. The
industry is encouraged to improve on their claims settling pattern so as to
reduce their outstanding liabilities.
7.6 Retrocession
The sector’s average retention ratio was 64.75% for the year ended 31
December 2021 compared to 64.02% during the comparative period in 2020.
This reflects a slight increase in risk appetite by the short-term reinsurance
companies. The individual reinsurers’ reported retention ratios ranged from
41.04% to 83.92% for the period under review.
7.7 Earnings
Total profit after tax for short-term reinsurers increased by 15.17% from ZW$2.11
billion for the period ended 31 December 2020 to ZW$2.43 billion for the period
ended 31 December 2021.
The average net commission ratio was 30.85% for the period under review
compared to 34.01% for the year ended 31 December 2020. This shows that
the average commission paid by short-term reinsurers decreased when 31 36
compared to the same period in 2020. The highest net commission ratio paid
by a short-term reinsurer during the period under review was 43.79% of earned
premiums, in violation of the limits prescribed by Circular 2 of 2009.
35
31
premiums, in violation of the limits prescribed by Circular 9 of 2009.
The average combined ratio for the short-term reinsurers decreased from
111.98% for the year ended 31 December 2020 to 82.26% for the period under
review. The decrease indicates improved operational profitability by the
sector. The combined ratio and other ratios that relate to profitability for short-
term reinsurers is shown in Appendix 2C under earnings.
7.8 Liquidity
Liquid assets in the form of cash and money market instruments held by short-
term reinsurers increased by 28.24% from ZW$2.16 billion as at 30 September
2021 to ZW$2.77 billion as at 31 December 2021. The average acid test ratio for
short-term reinsurers increased from 46.28% as at 31 December 2020 to 68.15%
as at 31 December 2021. The increase in average acid test ratio indicates a
decrease in liquidity risk for short term reinsures. The acid test ratios for short-
term reinsurers are shown in Appendix 2C under liquidity.
7.9 Market share for reinsurers
As shown in Figure below, the market leaders in terms of GPW were Zep Re,
figure 14 below,
ZB Re and Tropical Re. These reinsurers controlled 45.1% of the market in terms
of Gross Premium Written (GPW) for the year ended 31 December 2021. The
market leaders in terms of the Net Premium Written (NPW) were ZB Re, FBC Re
and Waica Re who collectively controlled 47.6% of the NPW for the year ended
31 December 2021.
36
32
Figure 14: Market Share for Short -Term Reinsurers in Terms of GPW and NPW
GPW AND NPW FOR THE YEAR ENDED 31 DECEMBER

2021
20,0%
15,0%
10,0%
5,0%
0,0%
Zep Re ZB Re Tropical FBC Re Grand WAICA Emeritus FM RE
Re Re Re Re
GPW 17,8% 14,3% 13,0% 12,7% 12,5% 12,1% 10,8% 6,7%
NPW 11,3% 16,4% 12,7% 15,6% 9,1% 15,6% 13,9% 5,3%
GPW NPW
GPW AND NPW FOR THE YEAR ENDED 31 DECEMBER 2020
25%
20%
Market share
15%
10%
5%
0%
Grand Re ZB Re Tropical Zep Re Emeritus FBC Re Waica Re FM Re
Re Re
GPW 18% 16% 15% 13% 12% 11% 10% 4%
NPW 8% 22% 13% 9% 15% 15% 14% 3%
GPW NPW
In terms of total assets, FBC Re, Zep-Re and Emeritus Re were the market
leaders for the year ended 31 December 2021, with a combined market share
of 48% as depicted in Figure 15.
figure15.
37
33
Figure 15: Market Share for Short-Term Reinsurers in Terms of Total Assets
Figure 15: Market Share for Short-Term Reinsurers in Terms of Total Assets
Figure 15: Market Share for Short -Term Reinsurers in Terms of Assets
Market Share for Short-Term Reinsurers in Terms of Total

MARKET SHARE BASED ON ASSETS AS AT 31 DECEMBER 2021 AND 30
Assetsasasat31
Assets 31December
December2021
2021and
and3131December
December2020
2020
SEPTEMBER 2021
Market
20,0%
20,0%
Share for Short-Term Reinsurers in Terms of Total
share
15,0%Assets as 31 December 2021 and 31 December 2020

MarketSHARE
15,0%
10,0%
10,0%
MARKET
20,0%
5,0%
5,0%
Market share
15,0%
0,0%
0,0% FBC Re Zep Re Emeritus ZB Re Waica Re Tropical FM Re Grand Re
10,0% FBC Re Zep Re Emeritus
Re ZB Re Waica Re Tropica
Re FM Re Grand Re
31-Dec-21 18,4% 14,9% Re
14,7% 11,9% 11,8% Re
11,0% 9,6% 7,8%
5,0%
31-Dec-21 18,4% 14,9% 14,7% 11,9% 11,8% 11,0% 9,6% 7,8%
30-Sep-21 18,0% 14,0% 15,0% 11,0% 13,0% 10,0% 10,0% 8,0%
31-Dec-20
0,0% 15,5% 18,7% 12,3% 13,4% 11,1% 9,3% 7,7% 12,1%
FBC Re Zep Re Emeritus ZB Re 30-Sep-21
31-Dec-21 Waica Re Tropica FM Re Grand Re
Re
31-Dec-21 31-Dec-20 Re
31-Dec-21 18,4% 14,9% 14,7% 11,9% 11,8% 11,0% 9,6% 7,8%
31-Dec-20 15,5% 18,7% 12,3% 13,4% 11,1% 9,3% 7,7% 12,1%
7.10 Foreign Currency Denominated
31-Dec-21
Business
31-Dec-20
The market leaders in terms of foreign currency denominated GPW were Zep
Re, ZB Re and Tropical Re. These reinsurers controlled 47.3% of market during
the year ended 31 December 2021 as shown in Table11 below.
Table 11: Foreign currency denominated GPW by company for the twelve
months ended 31 December 2021
Reinsurer GPW (USD)

Zep Re 13 795 820,00
ZB Re 12 589 056,00
Tropical Re 12 015 712,00
Grand Re 11 988 894,00
Waica Re 11 730 152,00
Emeritus Re 8 385 390,00
FBC Re 5 494 680,00
FM Re 5 333 619,00
Total 81 333 323,00
38
34
Figure 16: Market Share for Short -Term Reinsurers in Terms of Foreign Currency
Business for the year ended 31 December 2021 and 31 December 2020
FOREIGN CURRENCY BUSINESS MARKET SHARE FOR THE YEAR ENDED 31

DECEMBER 2021 AND 31 DECEMBER 2020
25,0%
20,0%
MARKET SHARE
15,0%
10,0%
5,0%
0,0%
Zep Re ZB Re Tropical Re Grand Re Waica Re Emeritus FBC Re FM Re
Re
31-Dec-21 17,0% 15,5% 14,8% 14,7% 14,4% 10,3% 6,8% 6,6%
31-Dec-20 20,6% 15,1% 14,9% 20,1% 8,7% 9,1% 9,7% 1,9%
31-Dec-21 31-Dec-20
39
35
SECTION C
8. MICROINSURANCE COMPANIES
8.1 Introduction
There were five (5) micro-insurance companies that were registered as at 31

December 2021. These were Coverlink Micro-insurance, Golden Knot Micro-
insurance, EBA Micro-insurance, Microsure Micro-insurance Company and Rise
Capital Micro-insurance. However, only Coverlink and Golden Knot were
operating during the year ended 31 December 2021. EBA, Microsure and Rise
Capital were recently registered and not yet operating.
8.2 Business Written
The total Gross Premium Written by the two (2) micro-insurers increased by
654.77% from ZW$79.26 million reported for the year ended 31 December 2020
to ZW$598.23 million reported for the same period in 2021. In terms of foreign
currency denominated business, Golden Knot did not write any foreign
denominated business. Coverlink reported foreign currency denominated
business amounting to US$1, 735.01 for the year ended 31 December 2021
which was a 436.71% increase from US$323.27 reported the same period in
2020.
8.3 Capitalisation
As shown in Table12 below, both micro-insurers were compliant with the

minimum capital requirement of ZW$4.5 million as at 31 December 2021.
Table 12: Reported Capital Positions for Micro-insurers
Reported Capital Position (ZW$ Million)

Microinsurer
2021-12-31 2020-12-31
Coverlink 254.37 90.66
Golden Knot 81.61 14.82
Total 335.98 105.48
40
36
8.4 Asset Quality
The micro-insurers reported a total asset base of ZW$517.31 million as at 31

December 2021, which is an increase of 294.89% from the ZW$131 million
reported as at 31 December 2020.

is shown in Figure17 below:
Figure 17: Microinsurance: Breakdown of Total Assets by Class
Contribution by asset class

3% 1%
6%
36% Investment property

fixed assets
Cash and cash equivalents
54% Premium receivables

Other Assets
Fixed assets were the major asset class, constituting 54% of total assets.
8.5 Earnings
The two micro-insurers recorded a total profit after tax of ZW$116.3 million for
the year ended 31 December 2021 compared to ZW$24.10 million reported the
same period in 2020. This indicates a 382.57% increase in profit after tax.
8.6 Liquidity
The two micro-insurers reported cash and near-cash assets amounting to

ZW$32.88 million as at 31 December 2021 which was an increase from the
ZW$20.58 million reported as at 30 September 2021.
41
37
8.7 Market Share for Micro-Insurers
As shown in Figure18 and 19 below, Coverlink Microinsurance Company has

remained the market leader in terms of both GPW and total assets controlling
66% and 79.5% of the market respectively during the year ended 31 December
2021.
Figure 18: Market Share for Micro-insurers in Terms of GPW
GPW market share
70%
60%
50%
market share
40%
30%
20%
10%
0%
Coverlink Golden knot
GPW market share 66% 34%
Figure 19: Market Share for Micro-insurers in Terms of Total Assets
Assets market share
80,0%
70,0%
60,0%
market share
50,0%
40,0%
30,0%
20,0%
10,0%
0,0%
Coverlink Golden Knot
Assets market share 79,5% 20,5%
42
38
SECTION D
9. BROKERS SECTION
9.1 Introduction
This section analyses the business performance of insurance brokers for the
period ending 31
December 31,2021.
December 2021. During the period under review,
Ambassador, Revival, Auto and General and Hostcare Insurance Brokers were
deregistered, and one new reinsurance broker (Skybridge) was registered. At
the time of reporting Skybridge had not begun trading. The operating
environment is slowly improving following relaxation of Covid-19 restrictions,
coupled with adoption of digitisation as the new norm of doing business by
most entities. All the 28 registered insurance brokers submitted their online
fourth quarter returns while eight failed to submit their USD returns to the
Commission.
9.2 Business Written by Insurance Brokers
Gross premium receivable by insurance brokers for the period ended 31

December 2021 was ZW$10.4 billion, which was a 124% increase in nominal
terms from ZW$4.7 billion reported during the same period in 2020. The increase
in premium receivable by the direct brokers is on account of premiums
tracking inflation.
Table 13: Key Indicators for the business brokered by the Insurance Brokers for
the period ended 31 December 2021
Indicator 31-Dec 2021 ($000) 31-Dec-2020 ($000) % change
Premium Received 10,429,236 4,657,670 124%
Premium Payable 8,859,120 3,994,707 122%
Brokerage Commission 1,545,242 657,947 135%
Commission Paid 93,573 27,072 246%
Net Brokerage Commission 1,476,544 635,891 132%
Other Income 87,647 191,619 -54%
Operating Expenses 1,159,600 454,117 155%
Profit Before Tax 494,383 413,499 20%
Taxation 92,161 86,879 6%
Profit After Tax 402,222 326,647 23%
43
9.3 Capitalisation
Despite the negative impact of the Covid-19 pandemic, direct brokers

39
managed to keep their capital positions above the ZW$1.5 million minimum
Profit After Tax 402,222 326,647 23%
9.3 Capitalisation
Despite the negative impact of the Covid-19 pandemic, direct brokers

managed to keep their capital positions above the ZW$1.5 million minimum
threshold, with the exception of Rainbow Insurance Brokers, which has
consistently struggled to raise the required minimum capital. The Commission
will continuously monitor the progress of Rainbow Insurance Brokers towards
compliance with this statutory requirement. Capital positions for the direct
brokers are as illustrated in table
Table 14 below.
Table 14: Capital positions for insurance brokers as at 31 December 2021
Name 31-Dec-21 (ZWL'000) 31-Dec-20 (ZWL'000)

Minerva Risk Solutions Pvt Ltd 300,023 209,466
Firstlink Insurance Brokers Pvt Ltd 127,896 32,930
CBZ Risk Advisory Services 125,168 27,873
Zimbabwe Insurance Brokers Limited 94,522 28,049
Bright Insurance broker 77,842 30,740
HRIB Pvt Ltd 76,666 42,101
Capitol Insurance Brokers Pvt Ltd 61,697 33,068
Victory Insurance Brokers Pvt Ltd 61,066 11,919
Eaton and Young 56,168 60,650
Glenrand MIB Zimbabwe Pvt Ltd 47,377 23,660
Progressive Insurance Brokers 34,091 17,686
L A Guard 30,952 13,251
First Sun Alliance Insurance Brokers 28,643 22,401
WFDR Pvt Ltd 26,610 30,792
SATIB Insurance Brokers Pvt 26,294 32,410
Paul Mkondo Insurance Brokers 20,902 15,612
Perpro Insurance Brokers Pvt Ltd 18,683 9,287
Eureka Insurance Brokers 18,116 10,286
TIB Insurance Brokers 12,451 8,977
Coverlink Insurance Brokers 10,822 8,708
Amour Khan Insurance Brokers Pvt Ltd 10,274 2,089
Entwide Insurance Brookers 10,106 1,834
Momentum Insurance Brokers 9,611 7,257
Hunt Adams Associates Pvt Ltd 4,848 6,344
Broksure Insurance Brokers Pvt Ltd 3,804 5,462
Goldstick Insurance Brokers 3,540 4,143
Care Insurance Brokers 1,584 2,839
Rainbow Insurance Brokers 1,310 27
Key:
Below minimum capital requirement of $1.5 million

Above minimum capital requirement
44of $1.5 million
9.4 Assets Distribution
As at 31 December 2021, the direct insurance brokers held total assets

amounting to ZW$2.1 billion. The majority
40of these assets were held in cash and
cash equivalents, as shown in the graph below.
Above minimum capital requirement of $1.5 million
9.4 Assets Distribution
As at 31 December 2021, the direct insurance brokers held total assets

amounting to ZW$2.1 billion. The majority of these assets were held in cash and
cash equivalents, as shown in the graph below.
Figure 20: Asset distribution for insurance brokers as at 31 December 2021
Asset class composition

423,301,017
450,000,000
400,000,000
350,000,000
238,578,937
300,000,000
250,000,000
200,000,000
150,000,000
31,893,412 20,791,764
100,000,000
50,000,000
-
Land and Cash and cash Computer Furniture and
Buildings equivalents equipment Fittings
9.5 Earnings
For the period ended 31 December 2021, insurance brokers reported a

combined profit after tax of ZW$402 million, representing a nominal increase of
23% from ZW$327 million reported during the comparative period 2020. The
primary contributor to the significant increase in profit during the period under
review were premium adjustments tracking inflation developments.
9.6 Market Share for Insurance Brokers in terms of Gross Premium Written (ZW$)
The graphs below depicts the distribution of market share among insurance
brokers for the year ending 31 December 2021. In terms of gross premium
45
41
receivable, Minerva, Marsh, HRIB, CBZ Risk Advisory, and Firstlink dominated the
market during the period under review.
Figure 21: Market share in terms Gross premium for insurance brokers for the
year ended 31 December 2021
Market share in terms of GPW ZW$

18% 17%
5%
14%
6%
6%
10%
7%
8% 9%
Minerva Marsh HRIB CBZ Firstlink Hunt Adams SATIB ZIB WFDR Other
Figure 22: Market share in terms of Commissions for insurance brokers for the
Brokerage Commission
Other Minerva
21% 20%
WFDR
5%
CBZ
Hunt Adams 10%
5%
ZIB
6% HRIR
Firstlink 10%
6%
SATIB Bright
7% 10%
Minerva CBZ HRIR Bright SATIB Firstlink ZIB Hunt Adams WFDR Other
46
42
9.7 Foreign Currency Business by Insurance Brokers
All the registered 28 insurance brokers, managed to file their USD returns with
the Commission for the quarter ended 31 December 2021. A total of US$53.8
million gross premium receivable was recorded for the period under review.
The graph below shows the USD market share for the short-term insurance
brokers as at 31 December 2021.
Figure 23: Short-term Insurance Brokers USD-Denominated Market Share for

the fourth quarter ended 31 December 2021
47
43
SECTION E
10. REINSURANCE BROKERS
10.1 Premium Written
For the year ending 31 December 2021, reinsurance brokers reported gross
premium written of ZW$15.3 billion, representing an increase of 496% from
ZW$2.6 billion recorded for the year ending 31 December 2020. Table
Table 15
5 below
below.
shows key indicators of business written by reinsurance brokers.
Table 15: Key Indicators of Reinsurance Brokers’ business for the period ended
31 December 2021
Indicator 31-De -21 (ZWL’000) 31-Dec-20 (ZWL’000) % change

Gross Premium Receivable 15,283,673 2,566,165 496%
Gross Premium Payable 14,676,374 2,297,579 539%
Brokerage Commission 607,299 258,870 135%
less Commission paid 336,333 189,208 78%
Net Brokerage Commission 270,966 79,378 241%
Other Income 38,382 93,726 -59%
Operating Expenses 228,017 61,644 270%
Profit Before Tax 106,953 119,093 -10%
Taxation 21,808 2,425 799%
Profit After Tax 85,145 116,668 -27%
10.2 Capitalisation
As at 31 December 2021, all reinsurance brokers reported capital positions that

exceeded the minimum capital requirement of ZW$1.5 million. The capital
positions reported by the reinsurance brokers are shown in Table 16
6 below.
below.
Table 16: Capitalisation levels of reinsurance brokers as at 31 December 2021
Name of Reinsurance Broker 31-Dec-21 (ZWL’000) 31-Dec-20 (ZWL’000)

Capitol Reinsurance Brokers 16,694 6,280
Pan African Re 23,854 6,914
Bright Insurance Brokers 172,240 7,814
Afro-Asian Reinsurance Brokers 14,826 7,906
Minerva Re-Insurance Brokers 14,035 109,490
Classic Reinsurance Brokers 7,366 9,539
Reinsurance Brokers international 15,968 4,104
Key:

48
44
10.3 Market share for Reinsurance Brokers in terms of Gross Premium
Receivable (ZW$)
Figure
Figure 33
24 below shows the total gross premium written and the market share
for Reinsurance Brokers as at 31 December 2021.
Figure 24:
Figure 34: Market share distribution for reinsurance brokers in terms of Gross
Premium written (ZW$)
Market share in terms of GPW - ZW$

Classic Re
Capitol Re Reinsurance Re
1% Afro-Asian Re
3% 1%
Pan African Re 0%
5%
Marsh Re
9%
Minerva Re
81%
Minerva Re Marsh Re Pan African Re Capitol Re

Reinsurance Re Classic Re Afro-Asian Re
49
45
Figure 25: Market share distribution for reinsurance brokers in terms of
Commission (ZW$)
Afro-Asian Re Pan African Re

1% 5%
Classic Re Capitol Re
1%
Reinsurance
Minerva Re
26%
Bright Re
63%
Capitol Re Bright Re Minerva Re Reinsurance Broker Classic Re Afro-Asian Re Pan African Re
10.4 Foreign Currency-denominated business
Reinsurance Brokers reported US$53.4 million in gross premium receivable for

the period ending 31 December 2021. The market leader in terms of foreign
currency premiums was Minerva Re, followed by Pan African Brokers. Figure
Figure 26
46
below shows US$ premium received from the reinsurance business.
Figure 26: Gross Premium in US$ for reinsurance brokers for the period ended
Figure 46:
December 2021
USD Premium receivable by Reinsurance

Brokers
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
-
Minerva_Re- Reinsurance_B Afro-

Pan_African__ Marsh_Reinsur Classic_Reinsur Capitol_Reinsu
Insurance_Bro rokers_Interna Asian_Reinsura
Brokers_PvT_Lt ance_Brokers ance_Brokers rance_Brokers
kers tional nce_Brokers
USD Premium 43,715,912 5,331,808 3,509,371 588,054 271,814 - -
50
46
SECTIONF F
SECTION
11.
11. Complaintshandling
Complaints handling
Thecommission
The commissionreceived
receiveda atotal
totalofof2222complaints
complaintsininthe
theperiod
periodunder
underreview
review
and2121ofofthem
and themwere
wereresolved
resolvedand
andthe
theother
other1 1was
wasstill
stillunder
underinvestigation.
investigation.
Themajor
The majorsource
sourceofofcomplaints
complaintswas
wasrepudiations
repudiationswhich
whichaccounted
accountedfor
for55%
55%ofof
totalcomplaints.
total complaints.Most
Mostofofthe
thecomplaints
complaintsemanated
emanatedfrom
fromtobacco
tobaccoclaims
claims
whosepremiums
whose premiumswere
werenot
notremitted
remittedtotoinsurers
insurersbybytobacco
tobaccocontractors,
contractors,while
while
somewere
some wereasasa aresult
resultofofviolation
violationofofpolicy
policyconditions
conditionsbybythe
theinsured.
insured.
Mostofofthe
Most thedelays
delaysininsettlement
settlementis isattributed
attributedtotoinvestigations
investigationsbybythe
theinsurer
insurer
wherethere
where thereare
aresuspicions
suspicionsofoffraudulent
fraudulentclaims
claimsand
andthird-party
third-partymotor
motorclaims
claims
wherethere
where thereis isinsufficient
insufficientdocumentation
documentationtotoenable
enablethe
thesettlement
settlementofofthe
the
claims.
claims.
Forthe
For thequarter
quarterunder
underreview
review96%
96%(21
(21complaints)
complaints)ofofreported
reportedcomplaints
complaintswere
were
resolvedwhile
resolved whilethe
theremaining
remaining4%
4%(1(1complaint)
complaint)percent
percentwas
wasnot
notresolved
resolvedand
and
spilledover
spilled overtotothe
thefirst
firstquarter
quarterofof2022.
2022.
Table1717 : Breakdown
Table : BreakdownofofShort-term
Short-termInsurance
Insurancecomplaints
complaints
Type
Type Total
Total %%ofofTotal
Total Resolved
Resolved Outstanding
Outstanding
Delayininsettlement
Delay settlement 1010 4545 1010 00
Repudiations
Repudiations 1212 5555 1111 11
Total
Total 2222 100
100 2121 11
5151
47
Appendix 1A
Statement of Comprehensive Income for Short-term Insurers for the year ended 31 December 2021
Item Alliance ECGC Clarion Zimnat Safel Cell Hamilton Evolution FBC CBZ Old Mut Credit Quality Nicoz Sanctuary Econet Allied Champions Total
Insurance
Gross premiums 84,722,704.12
1,643,607,021.98 333,893,555.12 920,969,704.83 3,329,873,746.73 191,719,590.68 2,539,876,743.00 253,294,593.85 162,780,525.85 796,238,389.56 899,999,392.75 2,878,700,176.87 194,846,550.00 180,399,804.75 3,281,962,686.33 145,307,868.03 760,037,785.78 593,196,371.71 19,191,427,211.94
Reinsurance 33,844,152.63
753,534,880.93 77,516,045.12 7,616,989.42 2,018,441,640.99 4,204,224.26 2,156,756,146.00 1,740,393.34 99,233,115.25 320,747,056.65 549,608,297.05 912,723,062.89 103,980,386.00 18,995,623.30 1,663,064,711.23 16,887,887.81 99,428,988.67 52,889,330.61 8,891,212,932.15
Premiums 50,878,551.49
written less 890,072,141.05 256,377,510.00 913,352,715.41 1,311,432,105.74 187,515,366.42 383,120,597.00 251,554,200.51 63,547,410.60 475,491,332.91 350,391,095.70 1,965,977,113.98 90,866,164.00 161,404,181.45 1,618,897,975.10 128,419,980.22 660,608,797.11 540,307,041.10 10,300,214,279.79
reinsurance
Transfer to/ - 853,359.80
from unearned 64,692,952.52 30,603,051.02 92,648,650.54 246,632,399.52 2,511,805.24 39,340,976.00 49,935,710.07 2,115,440.25 44,355,887.96 26,305,286.67 104,359,235.33 2,621,681.74 13,519,575.26 179,597,048.37 4,594,888.88 90,896,421.20 26,351,809.94 1,016,912,569.83
premiums
Earned 50,025,191.69
premiums 825,379,188.53 225,774,458.98 820,704,064.87 1,064,799,706.22 190,027,171.66 343,779,621.00 201,618,490.44 61,431,970.35 431,135,444.95 324,085,809.03 1,861,617,878.65 88,244,482.26 147,884,606.19 1,439,300,926.73 123,825,091.34 569,712,375.91 513,955,231.16 9,283,301,709.96
Net Claims 5,756,890.69
Incurred 373,655,832.01 45,954,316.33 56,701,274.46 372,094,945.15 9,669,242.38 200,028,962.79 24,614,352.22 15,559,528.02 184,280,996.80 125,803,218.63 948,212,917.73 20,494,307.00 10,971,614.21 460,170,770.91 26,731,104.05 224,794,527.67 60,872,089.48 3,166,366,890.53
Net Commissions - - - 7,603,699.65
Incurred 39,870,190.62 557,070.94 410,160,463.44 68,127,242.30 26,795,928.16 117,571,785.00 24,553,648.63 30,490,145.16 42,675,327.92 30,773,898.61 204,831,638.66 9,534,678.10 63,821,022.83 293,717,020.47 34,787,603.15 67,231,548.43 8,218,025.05 1,225,993,869.04
Technical Result 36,664,601.35 4,890,940,950.39
411,853,165.90 180,377,213.59 353,842,326.97 624,577,518.77 153,562,001.12 261,322,443.21 152,450,489.59 15,382,297.17 204,179,120.23 167,508,691.79 708,573,322.26 77,284,853.36 73,091,969.15 685,413,135.35 62,306,384.14 277,686,299.81 444,865,116.63
Operating
Expenses 394,974,363.20 126,644,028.85 224,931,244.10 477,709,500.06 24,225,109.37 264,474,089.00 150,979,912.78 11,005,368.03 406,656,718.18 250,873,761.00 816,493,801.01 115,970,528.76 64,515,500.18 745,438,710.24 84,686,013.69 826,433,995.21 - 415,602,924.00 5,401,615,567.66
Underwriting - - - - - - - - 36,664,601.35 -
Results 16,878,802.70 53,733,184.74 128,911,082.87 146,868,018.71 129,336,891.75 3,151,645.79 1,470,576.81 4,376,929.14 202,477,597.96 83,365,069.21 107,920,478.74 38,685,675.40 8,341,004.00 60,025,574.89 22,379,629.55 548,747,695.40 29,262,192.63 510,910,082.24
Investment
Income 4,211,248.50 1,014,916.36 268,174.67 2,558,235.71 2,031,469.82 3,477,544.00 11,361,911.19 - 151,982.04 1,098,610.00 37,252,463.22 1,310,356.85 10,251,064.81 18,204,332.35 13,073.15 - 111,304.31 93,316,686.98
Unrealised Gains/
(Losses) 209,377,331.37 35,865,983.68 - 26,925,844.45 - 45,993,513.00 - 8,928,661.27 259,954,202.83 33,209,755.00 1,606,252,872.90 28,072,513.19 266,308,042.11 809,001,638.17 - 5,413,240.22 - 3,335,303,598.19
Other Income/ 23,165,484.48
(Expenses) - 16,941,072.24 17,373,294.26 42,419.86 - 151,540,278.00 - 364,092.22 30,157,210.53 7,322,962.00 331,069,813.94 15,998,455.36 10,466,840.50 120,518,431.79 10,769,254.30 1,106,594,959.73 28,113,714.36 1,870,438,283.57
Profit/(Loss) - - 59,830,085.83 4,787,752,097.89
Before Tax 230,467,382.57 107,555,157.02 146,552,551.80 176,394,518.73 131,368,361.57 197,859,689.22 12,832,488.00 13,669,682.63 87,785,797.44 41,733,742.21 1,866,654,671.32 6,695,650.00 294,970,562.80 887,698,827.42 11,597,302.10 563,260,504.55 57,487,211.30
Taxation - - 2,605,458.44
199,647.18 - 37,737,282.08 64,216,256.98 - 43,698,881.00 3,079,797.12 - 12,693,790.84 19,782,604.00 8,651,297.50 1,655,164.63 384,615.38 69,454.77 - 81,628,611.67 16,682,838.63 248,309,575.34
Profit/(Loss) - - 62,435,544.27
After Tax 230,267,735.39 107,555,157.02 108,815,269.72 112,178,261.74 131,368,361.57 154,160,808.22 9,752,690.88 13,669,682.63 75,092,006.60 21,951,138.21 1,858,003,373.82 5,040,485.37 294,970,562.80 887,629,372.65 11,597,302.10 481,631,892.88 40,804,372.67 4,539,827,137.92
Dividends
19,232,413.48 3,658,880.00 - - 480,000.00 - - - - - - - 7,100,796.09 94,604,695.00 - - - 1,967,178.51 127,043,963.08
Retained Income - - 62,435,544.27
211,035,321.91 103,896,277.02 108,815,269.72 112,178,261.74 130,888,361.57 154,160,808.22 12,832,488.00 13,669,682.63 75,092,006.60 21,951,138.21 1,858,003,373.82 5,040,485.37 287,869,766.71 793,024,677.65 11,597,302.10 481,631,892.88 38,837,194.16 4,415,862,971.96
48
APPENDIX
Appendix 1B 1B
STATEMENT
Statement OF FINANCIAL
of Financial POSITION
Position for ShortFOR SHORT
Term TERM
Insurers for INSURERS AS AT 31
the year ended 31DECEMBER
December2021
2021
Item Alliance ECGC Clarion Zimnat Safel Cell Hamilton Evolution FBC CBZ Old Mut Credit Insurance Quality Nicoz Sanctuary Econet Allied Champions Total
EQUITY AND LIABILITIES

Shareholders' Equity :
Share Capital 300 986,00 1 500 000,00 1 494 922,00 2 500 000,00 4 249 497,00 11 583,00 500 000,00 15,00 1 000,00 78 200,00 300 000,00 24 646,10 230 000,00 2 990 059,00 100 000,00 100,00 30 350,00 381 500,50 14 692 858,60
Share Premium - 12 598 633,31 - 52 508,98 - 3 912 551,00 1 500 000,00 2 349 985,00 2 799 500,00 23 179 007,00 - 4 924 287,12 602 500,00 4 962 055,67 2 152 434,00 37 299 900,00 1 090 179,00 - 97 423 541,08
Revaluation & Other Reserves 1 267 699 280,30 232 115 597,15 71 772 207,79 33 251 351,00 924 165 438,15 - 32 207 473,00 7 337,68 308 752 993,15 85 372 015,00 2 614 990,00 153 277 165,21 57 794 131,45 - 105 000,00 140 968 575,00 15 645 907,00 204 320 816,00 3 530 070 277,88
Manority interest - - - - - - 3 869 622,00 - - - - - - - - 3 869 622,00
Certificate of deposit - 51 536 212,55 - - - - - - - - - - - - - 51 536 212,55
Retained Profit 342 597 577,88 103 896 277,02 118 798 210,61 351 030 864,74 189 877 918,57 506 525 670,22 86 886 213,00 533 739 368,35 120 557 441,77 60 654 438,79 2 675 954 318,99 16 054 199,37 341 229 526,95 1 218 789 127,65 196 717 171,64 481 631 892,88 234 794 226,67 11 654 920,02 7 591 389 365,12
Other : (Specify) - - - - - - - - - - - - - 25 652 910,00 - 25 652 910,00
TOTAL SHAREHOLDERS EQUITY 1 610 597 844,18 401 646 720,03 192 065 340,40 386 834 724,72 1 118 292 853,72 510 449 804,22 124 963 308,00 536 096 706,03 432 110 934,92 169 283 660,79 2 678 869 308,99 174 280 297,80 399 856 158,40 1 252 394 152,32 199 074 605,64 659 900 467,88 251 560 662,67 216 357 236,52 11 314 634 787,23
-
Non-current Liabilities : -
Deferred Tax Liabilities 152 381 369,42 - 163 030,00 75 562 398,99 - - - 41 234 114,00 81 606 532,17 - 47 121 557,00 20 001 412,30 4 591 366,58 11 689 247,04 57 142 537,01 103 991,74 9 427 371,00 35 125 746,50 5 964 673,87 447 872 233,62
Long Term loan - - - 108 196,00 - - - - - - - - - - 1 852 367,00 - 1 960 563,00
TOTAL NON-CURRENT LIABILITIES 152 381 369,42 - 163 030,00 75 670 594,99 - - - 41 234 114,00 81 606 532,17 - 47 121 557,00 20 001 412,30 4 591 366,58 11 689 247,04 57 142 537,01 1 956 358,74 9 427 371,00 35 125 746,50 5 964 673,87 449 832 796,62
-
Current Liabilities : -
Reinsurance Creditors 110 284 951,57 47 876 412,02 - 842 800 010,98 3 448 925,36 575 058 108,40 2 214 007,00 25 269 453,35 310 379 283,36 140 833 350,00 19 270 701,53 60 049 322,66 352 753,31 387 116 781,61 30 570 351,36 58 103 843,03 29 014 655,42 2 642 642 910,96
Related party payables 983 584,03 - - 13 011 295,00 - - - - - - 71 541 069,85 31 248 021,20 - 11 270 602,50 - 294 473 704,95 31 039 917,14 3 196 613,54 456 764 808,21
Current provisions 13 654 929,73 49 890 768,16 1 318 666,78 7 814 257,55 - 30 630 586,00 1 200 007,00 524 447,23 - - 387 439,00 9 000 795,81 1 192 807,38 5 375 467,24 51 468 901,59 - 160 154 054,00 3 520 868,26 335 359 117,73
Finance lease obligations - - - - - - - - 753 539,40 - - - - - - 753 539,40
Bank Overdrafts - - - - - - - - - - - - - - -
Other payables 143 627 226,77 - 2 491 241,76 152 535 818,02 - 52 625 080,04 2 367 373,00 - 270 372 831,90 344 219 854,00 88 654 521,04 - 4 938 481,49 170 877 648,84 - 199 593 365,32 - 2 605 458,44 17 824 574,53 1 447 522 558,27
TOTAL CURRENT LIABILITIES 268 550 692,10 97 767 180,18 3 809 908,54 1 016 161 381,55 3 448 925,36 658 313 774,44 5 781 387,00 25 793 900,58 581 505 654,65 484 665 765,00 188 467 088,23 92 490 151,24 10 666 702,04 620 733 934,54 30 570 351,36 712 324 967,30 60 969 982,38 21 021 188,07 4 883 042 934,56
-
Technical Liabilities: -
Gross Outstanding Claims 89 232 140,24 - 22 859 424,65 450 188 188,59 3 527 561,08 29 505 378,00 19 322 108,07 2 314 742,00 16 042 990,65 29 447 378,60 286 659 816,81 3 954 998,00 463 411,81 82 069 356,55 204 880,00 1 516 278,98 318 289,96 1 037 626 943,99
Outstanding claims (IBNR) 64 442 246,47 7 973 994,13 45 667 635,77 5 868 709,83 2 895 701,62 11 136 916,90 12 333 457,07 7 851 791,18 23 774 566,65 24 984 808,00 138 074 992,97 4 278 342,00 8 070 209,08 132 415 947,99 5 234 778,98 17 178 191,67 823 584,00 40 503 106,10 553 508 980,41
Unearned Premiums 160 686 806,27 30 603 051,02 164 403 488,77 323 102 951,41 6 639 871,76 94 187 509,00 57 323 648,47 28 912 470,35 74 328 562,52 110 463 942,07 268 382 902,61 9 042 659,74 28 573 382,57 272 587 683,34 27 361 337,14 92 740 540,77 7 679 387,63 35 355 106,72 1 792 375 302,16
TOTAL TECHNICAL LIABILITIES 314 361 192,98 38 577 045,15 232 930 549,19 779 159 849,83 13 063 134,46 134 829 803,90 88 979 213,61 39 079 003,53 114 146 119,82 164 896 128,67 693 117 712,39 17 275 999,74 37 107 003,46 487 072 987,88 32 800 996,12 109 918 732,44 10 019 250,61 76 176 502,78 3 383 511 226,56
-
TOTAL EQUITY & LIABILITIES 2 345 891 098,67 537 990 945,36 428 968 828,13 2 257 826 551,09 1 134 804 913,54 1 303 593 382,56 219 723 908,61 642 203 724,14 1 209 369 241,57 771 723 997,46 3 580 455 521,91 288 637 815,36 459 319 110,94 2 417 343 611,75 264 402 311,86 1 491 571 538,62 357 675 642,16 319 519 601,24 20 031 021 744,97
-
-
ASSETS -
Non-Current Assets : 16 842 003,27 16 842 003,27
Investments In Properties and Equipment 1 501 571 403,00 217 181 299,77 107 702 456,91 124 657 828,40 616 771 749,00 128 033 767,00 8 474 931,00 8 062 942,54 369 117 784,69 106 110 701,00 80 831 432,57 166 722 999,09 199 268 547,17 17 896 865,83 7 321 147,54 62 579 388,62 218 231 745,46 3 940 536 989,59
Equities 2 503 059,39 39 906 494,52 1 999,33 69 745 267,30 - 131 321 673,77 121 910 016,00 396 375 411,75 271 771 536,22 69 005 457,00 2 116 519 266,19 32 597 262,33 206 382 464,20 291 165 102,04 6 420,00 842 094 063,09 4 006 853,66 4 595 312 346,79
Government Municipal and Bonds 94 564 059,55 16 600 000,00 3 750 000,00 - 758 125,00 49 740 723,11 - - - - 172 289 195,10 8 244 165,41 11 959 867,90 12 570 314,60 50 000,00 2 345 353,81 11 100 000,00 383 971 804,48
Money Market 4 117 192,27 - - 180 748 576,37 - - - 10 000,00 40 025 491,11 21 733 200,00 4 316 600,37 - - 113 299 480,20 - 364 250 540,32
Long Term Fixed Deposits - - - - - - - - - - - - - - - -
Mortages and Loans - - - - - - - - - - - - - - - -
Investments in Associated Companies - - 160 000,00 - - 95 058 239,00 28 625 310,00 - - - - - - 84 697 760,69 232 464 096,54 43 869 680,25 484 875 086,48
Investment property - 32 800 000,00 76 722,00 - 465 283 951,00 157 500 000,00 - 188 860 570,00 1 680 000,00 61 642 733,00 55 921 000,00 - - 1 081 200 000,00 - 254 323 739,25 2 299 288 715,25
Intangible Assets - - 746 496,00 31 450 633,67 - - - 616 632,90 79 935,48 11 027,00 - 1 131 600,63 6 671,10 3 667 899,11 - 6 021 315,12 671 300,20 44 403 511,21
TOTAL NON-CURRENT ASSETS 1 602 755 714,21 306 487 794,29 112 437 674,24 406 602 305,75 1 082 813 825,00 561 654 402,88 159 010 257,00 593 925 557,19 682 674 747,50 258 503 118,00 2 429 877 494,25 208 696 027,46 417 617 550,37 1 604 497 422,47 239 841 664,08 910 694 766,83 273 511 096,33 277 879 579,57 12 129 480 997,42
-
Technical Assets : -
Reinsurers' Share of Outstanding Claims 35 472 594,00 - 6 720 525,57 448 819 993,11 37 785,60 - 2 166 527,00 - 3 136 539,58 - 145 688 308,81 - 534 627,09 - - 370 810,45 642 947 711,21
Deffered Acquisation Cost/UCR 32 857 975,75 2 741 862,88 61 795 304,23 - 12 373 025,01 331 993,59 35 453 070,06 7 766 336,68 1 966 344,82 3 710 826,43 29 981 974,10 35 999 125,05 2 486 731,00 10 926 690,47 57 214 738,31 3 327 979,21 20 051 773,30 1 767 932,48 296 007 633,35
TOTAL TECHNICAL ASSETS 68 330 569,75 2 741 862,88 68 515 829,80 436 446 968,10 369 779,19 35 453 070,06 9 932 863,68 1 966 344,82 6 847 366,01 29 981 974,10 181 687 433,86 2 486 731,00 11 461 317,56 57 214 738,31 3 327 979,21 20 051 773,30 2 138 742,93 938 955 344,56
-
Current Assets : -
Premiums Receivable 114 953 114,21 132 025 500,26 41 718 952,93 1 043 864 755,13 840 073,69 454 741 778,00 15 829 548,00 21 124 379,14 270 843 853,39 264 648 250,76 262 057 640,54 53 569 241,19 8 245 242,63 377 565 541,98 18 514 701,41 101 981 651,57 23 809 012,78 16 947 886,66 3 223 281 124,27
Related party receivable 7 994 107,46 - - 17 218 894,02 - 46 649 696,00 - 12 981 750,74 - - 11 258 837,21 2 721 194,32 - 16 443 804,21 - 141 667 975,08 2 577 740,02 259 513 999,06
Other receivables 258 396 266,93 28 786 946,94 193 236 263,60 187 383 873,73 - 29 739 720,00 4 682 702,00 2 364 029,70 31 430 451,92 176 708 949,60 415 728 250,99 11 254 879,53 1 373 631,93 202 944 647,23 - 264 929 892,00 12 876 182,68 5 296 945,88 1 827 133 634,66
Cash & cash equivalents 293 461 326,11 67 948 840,99 13 060 107,56 166 309 754,35 50 781 235,66 175 354 715,62 30 268 537,00 9 841 662,55 217 572 822,75 41 881 705,00 279 845 865,07 9 909 741,85 20 621 368,44 158 677 457,55 2 717 967,16 52 245 479,84 42 762 182,68 19 395 189,13 1 652 655 959,31
TOTAL CURRENT ASSETS 674 804 814,71 228 761 288,19 248 015 324,09 1 414 777 277,24 51 621 309,35 706 485 909,62 50 780 787,00 46 311 822,13 519 847 128,06 483 238 905,36 968 890 593,81 77 455 056,89 30 240 243,00 755 631 450,97 21 232 668,57 560 824 998,49 82 025 118,16 41 640 021,67 6 962 584 717,31
-
TOTAL ASSETS 2 345 891 098,67 537 990 945,36 428 968 828,13 2 257 826 551,09 1 134 804 913,54 1 303 593 382,56 219 723 907,68 642 203 724,14 1 209 369 241,57 771 723 997,46 3 580 455 521,92 288 637 815,35 459 319 110,93 2 417 343 611,75 264 402 311,86 1 491 571 538,62 357 674 957,42 319 519 601,24 20 031 021 744,97
53
49
Appendix 1C
APPENDIX
Key 1C Indicators (KPIs) for Short-Term Insurers for the year ended 31 December 2021
Performance
KEY PERFOMANCE INDICATORS FOR SHORT TERM INSURERS AS AT 31 DECEMBER 2021
Alliance Allied CBZ Cell Champions Clarion Credsure Econet Evolution ECGC FBC Hamilton Nicoz Diamond Old Mutual Quality Safel Sanctuary Zimnat Lion Total/ Average
Capital Adequacy
Capital Position ($000) 1 610 597,84 251 560,66 169 283,66 510 449,80 216 357,24 192 065,34 174 280,30 659 900,47 536 096,71 401 646,72 432 110,93 121 883,51 1 252 394,15 2 678 869,31 399 856,16 1 118 292,85 199 074,61 386 834,72 628 419,72
Capital Maintenance Ratio (CMR) 723,81% 1977,73% 193,25% 532,94% 160,17% 84,11% 767,20% 399,57% 3374,47% 626,65% 363,51% 193,81% 309,44% 545,05% 990,94% 2385,50% 620,07% 117,99% 439,27%
Equity/Total Assets Ratio 68,66% 70,33% 21,94% 39,16% 67,71% 44,77% 60,38% 44,24% 83,48% 74,66% 35,73% 55,47% 51,81% 74,82% 87,05% 98,54% 75,29% 17,13% 56,47%
Solvency Margin 180,95% 494,43% 48,31% 133,23% 40,04% 21,03% 191,80% 99,89% 843,62% 156,66% 90,88% 48,45% 77,36% 136,26% 247,74% 596,37% 155,02% 29,50% 109,82%
Asset Quality
Total Assets ($000) 2 345 891,10 357 674,96 771 724,00 1 303 593,38 319 519,60 428 968,83 288 637,82 1 491 571,54 642 203,72 537 990,95 1 209 369,24 219 723,91 2 417 343,61 3 580 455,52 459 319,11 1 134 804,91 264 402,31 2 257 826,55 20 031 021,74
Interest Generating Assets to Total Assets 16,82% 12,61% 17,18% 27,34% 10,80% 3,92% 17,58% 59,96% 63,26% 23,13% 43,77% 69,26% 23,82% 71,86% 52,03% 4,54% 1,05% 18,46% 34,93%
Non-Interest Generating Assets/Total Assets 83,18% 87,39% 82,82% 65,37% 75,47% 96,04% 82,42% 40,04% 36,74% 76,87% 56,23% 17,71% 72,68% 28,14% 47,97% 95,46% 11,03% 81,54% 62,65%
Fixed Assets/Total Assets 64,01% 75,81% 21,74% 21,90% 68,30% 25,13% 57,76% 4,20% 30,66% 46,47% 30,66% 3,86% 45,47% 3,82% 43,38% 95,35% 2,77% 5,52% 31,23%
Prescribed Assets Ratio 4,15% 0,66% 0,00% 3,92% 3,48% 1,04% 2,89% 0,00% 0,00% 3,10% 0,00% 0,00% 0,53% 5,07% 2,67% 0,07% 0,02% 0,00% 2,02%
Premium Debtors/Gross Premium 6,99% 28,10% 29,41% 17,90% 2,86% 4,53% 27,49% 13,42% 12,98% 39,54% 34,02% 6,25% 11,50% 9,10% 4,57% 0,44% 12,74% 31,35% 16,80%
Premium Debtors/Total Assets 4,90% 6,66% 34,29% 34,88% 5,30% 9,73% 18,56% 6,84% 3,29% 24,54% 22,40% 7,20% 15,62% 7,32% 1,80% 0,07% 7,00% 46,23% 16,09%
Reinsurance
Risk Retention Ratio 54,15% 60,05% 38,93% 15,08% 91,08% 99,17% 46,63% 86,92% 39,04% 76,78% 59,72% 99,31% 49,33% 68,29% 89,47% 97,81% 88,38% 39,38% 53,67%
Reinsurance Creditors/Reinsurance Premium 14,64% 85,73% 25,62% 26,66% 0,00% 0,00% 57,75% 58,44% 25,46% 61,76% 96,77% 127,21% 23,28% 2,11% 1,86% 82,03% 181,02% 41,75% 29,72%
Reinsurers' Share of O/S Claims to O/S Claims 39,75% 24,46% 0,00% 0,00% 0,00% 29,40% 0,00% 0.00% 0,00% 0.00% 19,55% 11,21% 0,00% 50,82% 115,37% 1,07% 0,00% 99,70% 61,96%
Reinsurers Debtors/Reinsurance Creditors 32,16% 1,28% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 0,00% 1,01% 97,86% 0,00% 756,01% 151,56% 1,10% 0,00% 53,25% 24,33%
Actuarial
UPR ($000) 160 686,81 7 679,39 110 463,94 94 187,51 35 355,11 164 403,49 9 042,66 92 740,54 28 912,47 30 603,05 74 328,56 57 323,65 272 587,68 268 382,90 28 573,38 6 639,87 27 361,34 323 102,95 1 792 375,30
IBNR ($000) 64 442,25 823,58 24 984,81 11 136,92 40 503,11 45 667,64 4 278,34 17 178,19 7 851,79 7 973,99 23 774,57 12 333,46 132 415,95 138 074,99 8 070,21 2 895,70 5 234,78 5 868,71 553 508,98
Net Outstanding Claims 53 759,55 1 145,47 29 447,38 29 505,38 318,29 16 138,90 3 955,00 - 2 314,74 - 12 906,45 17 155,58 82 069,36 140 971,51 - 71,22 3 489,78 204,88 1 368,20 394 679,23
Liquid Asets/Total Reserves 140,61% 467,51% 38,58% 166,95% 40,03% 7,43% 105,08% 47,53% 25,21% 219,17% 232,05% 34,87% 58,42% 83,38% 89,09% 395,69% 8,44% 105,06% 87,61%
Liquid Assets/(Outstanding Claims+IBNR) 331,76% 2290,82% 116,87% 553,85% 74,70% 27,20% 220,49% 304,14% 96,90% 1060,31% 702,27% 102,64% 132,67% 163,58% 407,32% 807,13% 50,88% 4795,67% 253,21%
Assets/Total Reserves 841,16% 3707,08% 468,01% 966,84% 419,45% 189,63% 1670,74% 1356,98% 1643,35% 1394,59% 1089,43% 253,10% 496,30% 654,05% 1255,92% 8712,28% 806,08% 683,49% 730,91%
Earnings
Profit After Tax ($000) 230 267,74 62 435,54 - 21 951,14 154 160,81 40 804,37 108 815,27 5 040,49 481 631,89 13 669,68 107 555,16 75 092,01 9 752,69 887 629,37 1 858 003,37 294 970,56 131 368,36 - 11 597,30 112 178,26 4 539 827,14
Return on Equity 28,50% 49,31% -25,17% 59,91% 37,19% 112,35% 5,74% 144,54% 5,07% 53,14% 34,59% 14,56% 139,23% 138,63% 146,43% 23,46% -11,56% 56,80% 79,63%
Return on Assets 19,37% 34,64% -5,61% 23,52% 24,97% 50,20% 3,45% 64,07% 4,22% 39,72% 12,39% 7,89% 72,38% 103,72% 126,94% 23,11% -8,67% 9,87% 44,91%
Loss Ratio 45,27% 11,51% 38,82% 58,19% 11,84% 6,91% 23,22% 39,46% 25,33% 20,35% 42,74% 12,21% 31,97% 50,93% 7,42% 5,09% 21,59% 34,95% 34,11%
Net Commission Ratio 4,83% 15,20% 9,50% -34,20% 1,60% 49,98% -10,80% 11,80% 49,63% -0,25% 9,90% 12,18% 20,41% 11,00% 43,16% 14,10% 28,09% 6,40% 13,21%
Net Expense Ratio 47,85% 0,00% 77,41% 76,93% 80,86% 27,41% 131,42% 145,06% 17,91% 56,09% 94,32% 74,88% 51,79% 43,86% 43,63% 12,75% 68,39% 44,86% 58,19%
Combined Ratio 97,96% 26,71% 125,72% 100,92% 94,31% 84,29% 143,84% 196,32% 92,88% 76,20% 146,96% 99,27% 104,17% 105,80% 94,20% 31,94% 118,07% 86,21% 105,50%
Underwriting Margin 2,04% 73,29% -25,72% -0,92% 5,69% 15,71% -43,84% -96,32% 7,12% 23,80% -46,96% 0,73% -4,17% -5,80% 5,64% 68,06% -18,07% 13,79% -5,50%
Investment Income/NPW Ratio 24,00% 0,00% 9,79% 12,91% 0,02% 0,03% 32,34% 0,82% 14,05% 14,39% 54,70% 4,52% 51,10% 83,60% 171,35% 1,08% 0,01% 2,25% 33,29%
Liquidity
Working Capital ($000) 251 134,19 8 828,69 276 733,60 51 161,20 - 29 401,15 85 868,91 5 076,46 243 272,77 - 57 818,85 111 758,93 60 588,05 - 34 759,37 - 44 085,22 585 793,20 - 863,04 36 237,15 - 38 864,69 326 636,30 1 837 297,00
Current ratio 120,29% 81,81% 88,80% 99,82% 51,12% 139,14% 77,11% 69,84% 45,51% 181,97% 73,21% 63,46% 80,58% 175,58% 91,06% 320,19% 38,77% 142,89% 107,12%
Acid Test ratio 56,03% 42,66% 10,56% 28,38% 29,56% 7,30% 15,87% 6,28% 9,28% 62,01% 33,28% 31,64% 24,43% 60,39% 55,29% 312,85% 4,36% 24,41% 29,73%
Market Shares
Market Share Based on GWP 8,56% 0,44% 4,69% 13,23% 3,09% 4,80% 1,02% 3,96% 0,85% 1,74% 4,15% 1,32% 17,10% 15,00% 0,94% 1,00% 0,76% 17,35% 100,00%
Market Share Based on NWP 8,64% 0,49% 3,40% 3,72% 5,25% 8,87% 0,88% 6,41% 0,62% 2,49% 4,62% 2,44% 15,72% 19,09% 1,57% 1,82% 1,25% 12,73% 100,00%
Market Share Based on Total Assets 11,71% 1,79% 3,85% 6,51% 1,60% 2,14% 1,44% 7,45% 3,21% 2,69% 6,04% 1,10% 12,07% 17,87% 2,29% 5,67% 1,32% 11,27% 100,00%
50
54
Appendix
APPENDIX2A 2A
Statement of
COMPREHENSIVEComprehensive
INCOME FORIncome for Short-Term
SHORT Reinsurers
TERM REINSURERS FORfor THE
the year
YEARended
ENDED3131
December 20212021
DECEMBER
Emeritus Re FBC Re FM RE Grand Re Tropical Re WAICA Re ZB Re Zep - Re Total

Gross Written Premiums 1 186 437,59 1 399 753,70 751 326,85 1 377 962,37 1 426 702,18 1 325 043,38 1 569 584,68 1 958 752,65 10 995 563,39
Reinsurance Premiums 194 664,85 288 420,77 363 164,32 733 728,60 521 039,56 213 126,33 403 954,60 1 154 798,12 3 872 897,15
Net Written Premiums 991 772,74 1 111 332,93 388 162,53 644 233,76 905 662,62 1 111 917,04 1 165 630,08 803 954,53 7 122 666,24
Increase/(Decrease) in UPR 164 619,42 140 836,91 96 870,55 74 072,34 53 790,38 414 445,80 - 1 370,10 57 982,00 1 001 247,31
Net Earned Premiums 827 153,33 970 496,02 291 291,98 570 161,43 851 872,24 697 471,24 1 167 000,18 745 972,52 6 121 418,93
Net Incurred Claims 294 223,58 433 467,57 132 647,78 181 521,22 - 491 440,77 23 141,32 506 532,59 440 677,45 1 520 770,73
Net Commission Incurred 293 010,75 261 765,74 107 211,62 159 466,42 235 231,66 305 412,06 326 388,20 245 412,58 1 933 899,01
Technical Result 239 919,00 275 262,72 51 432,57 229 173,79 1 108 081,35 368 917,87 334 079,39 59 882,50 2 666 749,19
Operating Expenses 231 302,00 546 562,14 292 834,51 207 642,30 104 138,14 166 197,05 243 013,65 72 909,23 1 864 599,02
Underwriting Result 8 617,00 - 271 299,41 - 241 401,94 21 531,48 1 003 943,22 202 720,81 91 065,74 - 13 026,73 802 150,17
Investment
Investment Income 78 547,96 - 13 954,66 - 4 229,91 4 919,27 13 897,35 15 159,28 69 131,47 171 930,58
Unrealised Gains/Losses 475 161,62 1 080 406,14 407 532,46 73 580,35 142 981,98 13 065,05 395 175,76 45 834,59 2 633 737,95
Other Income - 11 167,71 29 157,23 3 510,19 125 441,82 770,28 - 454,20 170 501,44
Profit Before Tax 562 326,58 806 319,78 195 287,75 102 851,94 1 277 286,28 230 453,50 501 400,78 102 393,53 3 778 320,14
Taxation - 207 627,34 - 33 552,28 13 477,51 72 865,17 56 968,10 68 584,60 - 385 970,46
Profit After Tax 562 326,58 598 692,44 228 840,03 89 374,42 1 204 421,11 173 485,39 432 816,17 102 393,53 3 392 349,68
Dividends - - - 4 980,38 - - - - 4 980,38
Retained Income 562 326,58 598 692,44 228 840,03 84 394,04 1 204 421,11 173 485,39 432 816,17 102 393,53 3 387 369,29
55
51
Appendix 2B
Statement
APPENDIXof2BFinancial Position for Short-Term Reinsurers for the year ended 31 December 2021
STATEMENT OF FINANCIAL POSITION FOR SHORT TERM REINSURERS AS AT 31 DECEMBER 2021
Emeritus Re FBC Re FM RE Grand Re Tropical Re WAICA Re ZB Re Zep - Re Total

ASSETS
Non-Current Assets
Fixed Assets 236 879,90 45 001,86 2 121,92 51 401,61 422 969,52 97 220,55 15 197,50 34 653,78 905 446,66
Investments 169 462,13 1 099 726,91 617 107,52 41 952,09 3 368,03 5 280,90 303 428,92 - 2 240 326,50
Investments in Associated Companies 89 203,28 82 926,83 11 634,38 - - - 229 171,77 - 412 936,26
Long Term Prescribed Assets - - - - - - - - -
Other Non-Current Assets - 59,55 3 661,11 - - 741 294,53 - - 745 015,20
Total Non-Current Assets 495 545,31 1 227 715,16 634 524,94 93 353,71 426 337,55 843 795,99 547 798,19 34 653,78 4 303 724,62
Technical Assets
Reinsurers' Share of O/S Claims 65 338,42 166 106,92 - 111 919,03 30 699,44 478,62 - - 374 542,44
Deferred Acquisition Cost (DAC) 114 279,66 70 859,67 37 961,79 44 048,18 24 991,90 163 772,63 - 107 982,06 563 895,87
Total Technical Assets 179 618,09 236 966,59 37 961,79 155 967,20 55 691,33 164 251,25 - 107 982,06 938 438,31
Current Assets
Cash & cash equivalents 210 314,45 403 817,33 360 105,72 236 880,87 561 022,25 10 521,77 582 803,40 256 279,94 2 621 745,72
Money Market Investments 53 994,89 - 29 023,79 60 788,62 2 669,28 - - - 146 476,59
Current Prescribed Assets 2 203,17 222 779,08 - 28 546,68 18 670,47 25 000,00 163 999,00 1 173 261,23 1 634 459,64
Premium Receivables 453 092,72 253 104,70 77 970,39 320 072,81 200 793,23 423 673,43 208 440,45 218 772,75 2 155 920,47
Inventory and Other Debtors 480 983,15 - 19 048,46 92 510,07 139 791,36 42 075,43 18 114,82 102 600,22 895 123,51
Total Current Assets 1 200 588,39 879 701,12 486 148,35 738 799,05 922 946,59 501 270,62 973 357,67 1 750 914,14 7 453 725,93
TOTAL ASSETS 1 875 751,79 2 344 382,86 1 158 635,08 988 119,96 1 404 975,47 1 509 317,86 1 521 155,86 1 893 549,98 12 695 888,86
Liabilities
Deferred Tax Liabilities - - 78 407,60 - 103 317,64 14 199,82 98 095,76 - 39 638,04 50 251,54 - - 58 816,15
Long term loan - - - - - - - - -
Current Tax provisions 2 479,02 216 981,83 10 854,68 5 928,67 - - 30 057,17 - 266 301,37
Gross Outstanding Claims 162 805,52 296 880,26 84 459,53 182 183,33 56 188,59 26 931,19 64 248,77 273 612,55 1 147 309,75
IBNR 99 177,27 56 342,38 91 051,24 84 039,17 86 251,89 19 312,99 186 372,54 270 400,89 892 948,37
UPR 255 745,77 304 216,49 113 725,24 163 247,32 124 959,47 596 269,52 109 955,94 364 145,96 2 032 265,70
Retrocession Creditors 474 025,66 464 618,77 408 545,47 143 240,34 402 810,53 137 542,72 29 189,32 - 2 059 972,82
Other Creditors 106 217,50 79 273,99 72 267,40 49 071,03 49 203,68 92 779,77 88 976,57 - 537 789,93
Total Liabilities 1 100 450,74 1 339 906,11 677 585,91 641 909,67 817 509,92 833 198,17 559 051,86 908 159,40 6 877 771,77
SHAREHOLDERS' EQUITY
Share Capital 568,00 900,00 67 128,42 600,00 0,06 10,20 5,00 - 69 211,68
Share Premium 32 258,18 42 703,33 10 518,43 5 187,66 409,94 6 101,02 2 495,00 - 99 673,57
Revaluation & Other Reserves 1 667,73 39 919,17 - 31 459,92 63 507,20 169 314,24 526 787,83 178 592,94 1 011 249,02
Retained Profit 740 807,14 920 954,27 403 402,31 308 962,71 523 548,36 500 694,24 432 816,17 806 797,64 4 637 982,83
Shareholders's Equity 775 301,05 1 004 476,77 481 049,17 346 210,29 587 465,55 676 119,69 962 104,01 985 390,58 5 818 117,10
TOTAL EQUITY & LIABILITIES 1 875 751,79 2 344 382,88 1 158 635,08 988 119,96 1 404 975,47 1 509 317,86 1 521 155,86 1 893 549,98 12 695 888,87
56
52
Appendix 2C
Key Performance Indicators for Short-Term Reinsurers for the year ended 31 December 2021
APPENDIX 2C
KEY PERFOMANCE INDICATORS FOR SHORT TERM REINSURERS AS AT 31 DECEMBER 2021
Emeritus Re FBC Re FM RE Grand Re Tropical Re WAICA Re ZB Re Zep - Re Total/ Average

Key Perfomance Indicator
Capital Adequacy
Capital Position ($ 000) 775 301,05 1 004 476,77 481 049,17 346 210,29 587 465,55 676 119,69 962 104,01 985 390,58 727 264,64
Capital Maintenance Ratio (CMR) 312,69% 361,54% 495,72% 214,96% 259,46% 243,23% 330,16% 490,27% 326,74%
Equity/Total Assets Ratio 41,33% 42,85% 41,52% 35,04% 41,81% 44,80% 63,25% 52,04% 45,83%
Solvency Margin 78,17% 90,38% 123,93% 53,74% 64,87% 60,81% 82,54% 122,57% 81,68%
Asset Quality
Total Assets ($ 000) 1 875 751,79 2 344 382,86 1 158 635,08 988 119,96 1 404 975,47 1 509 317,86 1 521 155,86 1 893 549,98 12 695 888,86
Investments to Assets 23,24% 73,64% 86,85% 37,26% 41,69% 2,70% 69,04% 75,50% 55,58%
Non-Interest Generating Assets/Total Assets 72,00% 22,82% 11,83% 62,74% 58,31% 48,18% 15,89% 24,50% 38,56%
Fixed Assets/Total Assets 12,63% 1,92% 0,18% 5,20% 30,11% 6,44% 1,00% 1,83% 7,13%
Prescribed Assets Ratio 0,13% 10,57% 0,00% 3,43% 1,38% 4,14% 10,78% 65,71% 14,84%
Premium Debtors/Gross Premium 38,19% 18,08% 10,38% 23,23% 14,07% 31,97% 13,28% 11,17% 19,61%
Premium Debtors/Total Assets 24,16% 10,80% 6,73% 32,39% 14,29% 28,07% 13,70% 11,55% 16,98%
Retrocession
Risk Retention Ratio 83,59% 79,39% 51,66% 46,75% 63,48% 83,92% 74,26% 41,04% 64,78%
Retrocession Creditors/Retrocession Premium 243,51% 161,09% 112,50% 19,52% 77,31% 64,54% 7,23% 0,00% 53,19%
Retrocessionaires' Share of O/S Claims to O/S Claims 40,13% 55,95% 0,00% 61,43% 54,64% 1,78% 0,00% 0,00% 32,65%
Actuarial
UPR 255 745,77 304 216,49 113 725,24 163 247,32 124 959,47 596 269,52 109 955,94 364 145,96 2 032 265,70
IBNR 99 177,27 56 342,38 91 051,24 84 039,17 86 251,89 19 312,99 186 372,54 270 400,89 892 948,37
Net Outstanding Claims 97 467,10 130 773,34 84 459,53 70 264,30 25 489,15 26 452,57 64 248,77 273 612,55 772 767,31
Liquid Assets/Total Reserves 58,91% 127,53% 134,54% 102,73% 246,03% 5,53% 207,11% 157,41% 119,06%
Liquid Assets/(Outstanding Claims+IBNR) 135,53% 334,87% 221,71% 211,41% 521,17% 77,62% 297,98% 262,78% 264,31%
Total Assets/Total Reserves 414,63% 477,15% 400,58% 311,17% 593,57% 235,08% 421,87% 208,50% 343,32%
Earnings
Profit After Tax (000) 562 326,58 598 692,44 228 840,03 89 374,42 1 204 421,11 173 485,39 432 816,17 102 393,53 3 392 349,68
Return on Equity 139,13% 119,07% 92,68% 50,29% 406,36% 50,97% 89,04% 20,72% 115,05%
Return on Assets 58,44% 51,00% 38,80% 17,80% 170,14% 22,85% 56,34% 10,77% 52,89%
Loss Ratio 35,57% 44,66% 45,54% 31,84% -57,69% 3,32% 43,40% 59,07% 24,84%
Net Commission Ratio 35,42% 26,97% 36,81% 27,97% 27,61% 43,79% 27,97% 32,90% 31,59%
Net Expense Ratio 27,96% 56,32% 100,53% 36,42% 12,22% 23,83% 20,82% 9,77% 30,46%
Combined Ratio 98,96% 127,95% 182,87% 96,22% -17,85% 70,93% 92,20% 101,75% 86,90%
Underwriting Margin 1,04% -27,95% -82,87% 3,78% 117,85% 29,07% 7,80% -1,75% 13,10%
Investment Income/NPW Ratio 55,83% 95,96% 104,99% 12,08% 16,33% 2,42% 35,20% 14,30% 39,39%
Investment Income/Total Financial Assets 127,00% 61,78% 40,50% 21,13% 25,25% 66,08% 39,07% 8,04% 42,23%
Liquidity
Working Capital 385 973,23 - 143 964,42 - 81 208,37 301 927,60 210 331,68 - 74 896,52 503 282,38 950 736,79 2 052 182,39
Current ratio 133,34% 95,13% 77,35% 168,83% 124,38% 79,92% 174,11% 204,69% 129,05%
Acid Test ratio 25,75% 53,38% 57,43% 61,55% 74,02% 4,27% 133,58% 157,41% 67,70%
Market Share of Total Liquid Assets 6,05% 14,23% 8,84% 7,41% 13,23% 0,81% 16,96% 32,47% 100,00%
Market Shares
Market Share Based on GPW 10,79% 12,73% 6,83% 12,53% 12,98% 12,05% 14,27% 17,81% 100,00%
Market Share Based on NPW 13,92% 15,60% 5,45% 9,04% 12,72% 15,61% 16,37% 11,29% 100,00%
Market Share Based on Total Assets 14,77% 18,47% 9,13% 7,78% 11,07% 11,89% 11,98% 14,91% 100,00%
53
57
Appendix 3A Statement of Comprehensive Income for Microinsurers for the year ended 31 December 2021
APPENDIX 3A
COMPREHENSIVE INCOME FOR MICROINSURERS FOR THE YEAR ENDED 31 DECEMBER 2021
Item Coverlink Golden Knot Total
Gross premiums $395 122 860,64 $ 203 109 417,11 $ 598 232 277,75
Reinsurance $0,00 $ - $ -
Premiums written less reinsurance $395 122 860,64 $ 203 109 417,11 $ 598 232 277,75
Transfer to/from unearned premiums $85 888 661,63 $ - $ 85 888 661,63
Earned premiums $309 234 199,01 $203 109 417,11 $ 512 343 616,12
Net Claims Incurred $107 320 081,56 $22 590 335,41 $ 129 910 416,97
Unearned premium reserve mvt (DAC) $0,00 $ - $ -
Net Commissions Incurred $49 224 444,28 $ 7 935 912,97 $ 57 160 357,25
Technical Result $152 689 673,17 $ 172 583 168,73 $ 325 272 841,90
Operating Expenses $107 789 265,71 $ 83 883 942,76 $ 191 673 208,47
Underwriting Results $44 900 407,46 $ 88 699 225,97 $ 133 599 633,43
Investment Income $525 678,64 $ - $ 525 678,64

Unrealised Gains/(Losses) $10 692 354,90 $ - $ 10 692 354,90
Other Income/(Expenses) $2 070 103,82 $ 20 366,51 $ 2 090 470,33
Profit/(Loss) Before Tax $58 188 544,82 $88 719 592,48 $ 146 908 137,30
Taxation $8 680 946,05 $ 21 931 483,26 $ 30 612 429,31
Profit/(Loss) After Tax $49 507 598,77 $66 788 109,22 $ 116 295 707,99
Dividends $0,00 $ - $ -
Retained Income $49 507 598,77 $ 66 788 109,22 $ 116 295 707,99
54
APPENDIX 3B
STATEMENT OF FINANCIAL POSITION FOR MICROINSURERSAS AT 31 DECEMBER 2021
Appendix 3B Statement of Financial Position for Microinsurers for the
Item Coverlink Golden Knot Total
EQUITY AND LIABILITIES

Shareholders' Equity :
Share Capital $40 000,00 $ 2 000,00 $ 42 000,00
Share Premium $332 296,90 $ - $ 332 296,90
Revaluation & Other Reserves $187 254 181,26 $ - $ 187 254 181,26
Manority interest $108 625,00 $ - $ 108 625,00
Certificate of deposit $0,00 $ - $ -
Retained Profit $66 633 378,82 $ 81 610 923,92 $ 148 244 302,74
Other : (Specify) $0,00 $ - $ -
TOTAL SHAREHOLDERS EQUITY $254 368 481,98 $ 81 612 923,92 $ 335 981 405,90
Non-current Liabilities :
Deferred Tax Liabilities $0,00 $ - $ -
Long Term loan $0,00 $ - $ -
TOTAL NON-CURRENT LIABILITIES $0,00 $ - $ -
Current Liabilities :
Reinsurance Creditors $0,00 $ - $ -
Related party payables $0,00 $ - $ -
Current provisions $3 744 670,03 $ 8 543 909,45 $ 12 288 579,48
Finance lease obligations $0,00 $ - $ -
Bank Overdrafts $0,00 $ - $ -
Other payables $5 532 915,27 $ 15 651 379,25 $ 21 184 294,52
TOTAL CURRENT LIABILITIES $9 277 585,30 $ 24 195 288,70 $ 33 472 874,00
Technical Liabilities:
Gross Outstanding Claims $35 663 086,32 $ - $ 35 663 086,32
Outstanding claims (IBNR) $15 575 185,04 $ - $ 15 575 185,04
Unearned Premiums $96 618 464,66 $ - $ 96 618 464,66
TOTAL TECHNICAL LIABILITIES $147 856 736,02 $ - $ 147 856 736,02
TOTAL EQUITY & LIABILITIES $411 502 803,30 $ 105 808 212,62 $ 517 311 015,92
ASSETS
Non-Current Assets :
Fixed Assets $197 793 672,00 $ 81 202 255,42 $ 278 995 927,42
Equities $1 225 574,90 $ - $ 1 225 574,90
Government Municipal and Bonds $0,00 $ - $ -
Long Term Fixed Deposits $0,00 $ - $ -
Mortages and Loans $0,00 $ - $ -
Investments in Associated Companies $0,00 $ - $ -
Investment property $186 013 713,37 $ - $ 186 013 713,37
Intangible Assets $0,00 $ 2 005 897,21 $ 2 005 897,21
TOTAL NON-CURRENT ASSETS $385 032 960,27 $ 83 208 152,63 $ 468 241 112,90
Technical Assets :
Reinsurers' Share of Outstanding Claims $0,00 $ - $ -
Deffered Acquisation Cost/UCR $0,00 $ - $ -
TOTAL TECHNICAL ASSETS $0,00 $ - $ -
Current Assets :
Premiums Receivable $15 074 657,31 $ - $ 15 074 657,31
Related party receivable $946 343,91 $ - $ 946 343,91
Money Market $2 401 317,50 $ - $ 2 401 317,50
Other receivables $0,00 $ 169 553,38 $ 169 553,38
Cash & cash equivalents $8 047 524,34 $ 22 430 506,62 $ 30 478 030,96
TOTAL CURRENT ASSETS $26 469 843,06 $ 22 600 060,00 $ 49 069 903,06
TOTAL ASSETS $411 502 803,33 $ 105 808 212,63 $ 517 311 015,96
55
Appendix 4A Statement of Comprehensive Income for Insurance Brokers for the year ended 31 December 2021
Item Firstlink_ Amour_Khan_ SATIB_Insurance_ Eaton_and_Young HRIB_Pvt_Ltd Eureka_Insurance_ Progressive_ L_A_Guard Perpro_Insurance_ Entwide_ Hunt_Adams__ WFDR_Pvt_Ltd First_Sun_ Marsh_Insurance_ Capitol_Insurance_ Care_Insurance_ Momentum_ Zimbabwe_ Coverlink_ Victory_Insurance_ Broksure_ Glenrand_MIB_ PAUL_MKONDO_ Minerva_Risk_ TIB_Insurance_ Goldstick_ CBZ_Risk_ Rainbow_ Total
Insurance_ Insurance_ Brokers_Pvt Brokers Insurance_Brokers Brokers_Pvt_Ltd Insurance_ Associates_Pvt_Ltd Alliance_ Brokers_Zimbabwe Brokers_Pvt_Ltd Brokers Insurance_ Insurance_ Insurance_ Brokers_Pvt_Ltd Insurance_ Zimbabwe_ INSURANCE_ Solutions_Pvt_Ltd Brokers Insurance_ Advisory_Services Insurance_
Brokers_Pvt_Ltd Brokers_Pvt_Ltd Brookers Insurance_Brokers Brokers Brokers_Limited Brokers Brokers_Pvt_Ltd Pvt_Ltd BROKERS Brokers Brokers
Gross Premium 849,870,527.37 10,833,116.32 635,686,537.43 175,310,558.00 994,287,127.55 149,280,328.19 204,519,726.05 128,698,179.23 25,753,027.14 5,711,560.36 742,232,574.14 479,005,126.35 136,456,907.00 1,466,492,978.75 303,376,674.58 63,112,917.23 320,227,703.00 610,861,526.10 4,830,869.77 36,453,472.74 35,945,787.27 159,180,775.62 3,547,659.11 1,819,944,772.00 109,704,635.33 11,800,042.44 943,483,913.56 2,627,245.50 10,429,236,268.13
Receivable
Gross Premium 755,617,263.95 9,256,982.88 533,541,641.44 146,540,286.00 841,045,842.74 117,590,985.16 154,089,815.61 102,302,159.23 19,851,292.40 4,859,270.50 664,965,489.28 400,487,827.63 116,931,116.79 1,300,325,780.37 255,117,264.14 52,310,590.73 266,655,454.00 516,901,130.12 3,919,327.15 30,530,744.50 29,719,909.08 149,075,997.25 3,044,453.88 1,503,370,514.00 85,463,671.51 10,300,733.03 783,011,788.02 2,292,290.86 8,859,119,622.25
Payable
Brokerage 94,253,263.43 1,576,133.44 102,144,895.99 28,770,272.00 153,241,284.81 31,689,343.02 50,429,910.44 26,396,020.00 5,901,734.74 852,289.86 77,267,084.87 71,148,929.24 19,525,790.21 149,339,296.81 48,259,410.44 10,144,577.49 53,572,249.00 93,960,395.98 911,542.62 5,922,728.24 6,225,878.19 10,104,778.37 503,205.23 316,574,258.00 24,240,963.82 1,499,309.41 160,472,125.54 314,244.84 1,545,241,916.03
Commission
less Commission 0 0 0 887,292.24 46,314,606.26 0 718,952.19 0 727,535.76 0 28,155,483.11 3,033,776.77 0 0 0 0 0 0 20,647.00 0 0 488,346.00 208,771.34 0 0 300,000.00 12,717,399.50 0 93,572,810.17
paid
Net Brokerage 94,253,263.43 1,576,133.44 102,144,895.99 27,882,979.76 106,926,678.55 31,689,343.02 49,710,958.25 26,396,020.00 5,174,198.98 852,289.86 49,111,601.76 75,483,521.95 19,525,790.21 166,167,198.38 48,259,410.44 10,802,326.50 53,572,249.00 93,960,395.98 890,895.62 5,922,728.24 6,225,878.19 9,616,432.37 294,433.89 316,574,258.00 24,240,963.82 1,199,309.41 147,754,726.04 334,954.64 1,476,543,835.72
Commission
Dividend income 0 0 0 115,008.89 0 0 0 0 0 0 0 0 0 0 321,365.00 0 0 0 0 0 0 0 39,793.12 0 0 0 281,808.32 0 757,975.33
Rental income 0 0 454,961.10 0 557,815.26 36,000.00 0 0 1,150,000.00 0 0 0 0 0 124,841.00 0 0 0 0 0 0 0 405,256.98 0 0 0 0 0 2,728,874.34
Interest 0 0 0 1,177.37 0 6,967,061.89 5,897.99 0 0 0 0 0 0 290,601.34 497,578.00 0 0 540,942.84 1,373.51 323,780.00 0 0 4.8 0 129,598.44 0 381,175.53 0 9,139,191.71
Fair value 0 0 0 15,968,817.62 0 0 3,249,398.09 4,260,057.40 0 0 0 7,700,103.90 432,981.83 0 21,658,009.08 0 0 7,695,979.94 0 0 0 0 0 0 0 0 16,200,577.86 0 77,165,925.72
adjustments
Other Income 0 0 6,003,678.96 897,540.83 0 7,259,574.00 0 0 2,482,483.00 0 0 182,468.11 0 0 1,233,415.00 2,282,856.25 1,387,524.00 1,113,656.68 1,500,000.00 2,235,536.00 0 3,876,139.27 0 29,837,914.00 10,620,537.45 0 16,733,454.70 0 87,646,778.25
Less Administration 21,789,752.68 2,233,282.69 94,042,012.88 30,342,114.10 97,873,742.91 40,111,074.00 41,395,710.96 15,516,639.49 4,054,961.92 785,621.58 48,117,595.99 55,185,577.95 13,717,336.65 109,391,596.49 48,145,449.36 13,816,425.40 43,565,086.00 76,625,474.21 4,514,232.01 6,314,193.00 5,924,238.19 9,983,536.20 739,611.82 239,749,716.20 34,028,739.36 845,000.00 100,491,052.05 300,000.00 1,159,599,774.09
expenses
Profit Before Tax 72,463,510.75 -657,149.25 14,561,523.17 14,523,410.37 9,610,750.90 5,840,904.91 11,570,543.37 15,139,437.91 4,751,720.06 66,668.28 994,005.77 28,180,516.01 6,241,435.39 57,066,203.24 23,949,169.16 -731,242.65 11,394,687.00 26,685,501.23 -2,121,962.88 2,167,851.24 301,640.00 3,509,035.44 -123.03 106,662,455.80 962,360.35 354,309.41 80,860,690.40 34,954.64 494,382,806.99
Taxation 18,640,265.04 0 3,304,922.99 0 2,528,863.27 0 0 3,784,859.47 204,181.00 24,737.00 0 2,985,589.48 1,607,169.61 15,435,479.47 275,452.00 80,134.66 2,962,619.00 6,973,681.80 0 650,355.37 0 567,201.00 0 18,885,151.89 240,590.09 111,926.75 12,897,570.47 0 92,160,750.36
Profit After Tax 53,823,245.71 -657,149.25 11,256,600.18 14,523,410.37 7,081,887.63 5,840,904.91 11,570,543.37 11,354,578.44 4,547,539.06 41,931.28 994,005.77 25,194,926.53 4,634,265.78 41,630,723.76 23,673,717.16 -811,377.31 8,432,068.00 19,711,819.42 -2,121,962.88 1,517,495.87 301,640.00 2,941,834.44 -123.03 87,777,303.91 721,770.26 242,382.66 67,963,119.93 34,954.64 402,222,056.61
56
APPENDIX
Appendix 4B 4B
Statement of Financial Position for Insurance Brokers for the year ended 31 December 2021
STATEMENT OF FINANCIAL POSITION FOR INSURANCE BROKERS AS AT 31 DECEMBER 2021
Item Firstlink_Insurance_ Amour_Khan_Insur SATIB_Insurance_Br Eaton_and_Young HRIB_Pvt_Ltd Eureka_Insurance_Brokers Progressive_Insura L_A_Guard Perpro_Insurance_ Entwide_Insurance Hunt_Adams__Asso WFDR_Pvt_Ltd First_Sun_Alliance_I Marsh_Insurance_Br Capitol_Insurance_ Care_Insurance_Brokers Momentum_Insuran Zimbabwe_Insurance Coverlink_Insurance Victory_Insurance_ Broksure_Insuran Glenrand_MIB_Zim PAUL_MKONDO_I Minerva_Risk_Soluti TIB_Insurance_Brokers Goldstick_Insuran CBZ_Risk_Advisory_ Rainbow_Insurance Total
Brokers_Pvt_Ltd ance_Brokers_Pvt_ okers_Pvt nce_Brokers Brokers_Pvt_Ltd _Brookers ciates_Pvt_Ltd nsurance_Brokers okers_Zimbabwe Brokers_Pvt_Ltd ce_Brokers _Brokers_Limited _Brokers Brokers_Pvt_Ltd ce_Brokers_Pvt_L babwe_Pvt_Ltd NSURANCE_BRO ons_Pvt_Ltd ce_Brokers Services _Brokers
Ltd td KERS
Equity and Liabilities
Equity
Share Capital :
Authorised Share Capital
Issued and Paid Up Capital 100 000,00 32 000,00 0 100 000,00 0 500 000,00 500 000,00 100 000,00 0 0 2 000,00 100 0 120 000,00 100 000,00 0 50 000,00 30 000,00 200 000,00 500 000,00 0 0 0 50 000 000 000,00 10 0 0 50 001 102 110,00
Share Capital 100 000,00 32 000,00 1 000,00 100 000,00 50 50 000,00 120 392,00 100 000,00 40 000,00 4 990 1 500,00 0 5 000,00 115 700,00 97 977,00 100 000,00 50 000,00 30 000,00 100 500 000,00 50 000,00 200 000,00 4 50 000,00 10 200 1 275 000,00 2 516 485,00
Share Premium 0 0 0 0 500 0 0 12 390 494,99 0 0 275 428,82 0 624 414,52 0 0 78 874,00 0 0 147 000,00 59 547 973,13 0 0 126 031,00 0 0 0 1 344 880,00 0 62 144 601,47
Non-Distributable Reserves 5 462 522,42 10 241 563,85 136 000,00 23 137 627,10 0 2 542 674,00 643 963,74 5 310 212,14 4 361 411,00 28 446,00 261 655,00 47 678,65 16 434 800,70 2 169 797,00 0 1 556 220,00 5 325 006,00 4 364 860,43 0 0 2 592 800,00 1 172 662,00 36 066,00 0 4 900 250,00 151 168,00 0 0 43 402 820,78
Retained Income 122 333 099,24 0 14 643 593,00 32 930 182,71 45 446 060,52 9 507 518,00 26 600 145,74 13 150 793,00 8 971 033,20 715 332,00 -4 787 487,23 26 560 493,67 11 583 313,60 75 667 244,00 32 909 128,16 -148 574,00 4 186 206,00 28 267 094,43 -2 494 030,21 1 517 495,87 711 140,00 7 852 403,24 551 718,00 299 567 682,00 7 500 350,00 242 382,66 123 823 220,00 34 954,64 623 231 100,03
Revaluations 0 0 11 513 642,00 0 31 219 774,00 6 015 381,00 6 726 536,33 0 5 310 250,00 9 361 794,00 9 097 129,00 0 0 0 28 672 265,00 0 0 61 839 944,68 13 139 191,92 0 0 38 301 866,00 19 988 345,00 455 225,00 0 3 146 858,00 0 0 189 312 868,60
Owners Equity 127 895 621,65 10 273 563,85 26 294 235,00 56 167 809,81 76 666 384,52 18 115 573,00 34 091 037,81 30 951 500,13 18 682 694,20 10 105 576,00 4 847 715,59 26 609 672,32 28 642 528,82 77 842 041,00 61 697 093,16 1 584 497,00 9 611 212,00 94 521 899,53 10 822 161,71 61 065 569,00 3 803 940,00 47 376 931,24 20 902 160,00 300 022 911,00 12 450 600,00 3 540 418,66 125 168 300,00 1 309 954,64 920 607 875,87
0,00
Non-current liabilities: (Specify them) 0,00
Deffered tax 0 0 0 71 848,00 74 751,25 0 0 1 190 000,00 0 0 1 460 546,00 1 377 012,75 1 607 169,61 0 1 288 221,00 36 952,00 0 10 799 341,00 0 0 0 476 482,00 45 817,00 0 0 1 099 579,00 0 0 18 191 120,36
Bank overdraft 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Shareholder loan 0 0 0 0 0 0 0 0 0 307 666,00 0 0 0 0 0 0 0 0 16 498,00 0 0 0 0 0 0 0 0 34 895 897,45 35 220 061,45
Longterm loan 0 0 0 0 0 0 451 391,90 0 0 0 23 279 768,73 0 0 0 0 0 1 106 008,00 0 0 0 0 0 0 0 0 0 0 0 24 385 776,73
Other non current liablity1 0 0 47 518 700,00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 301 266,25 0 1 301 266,25
Other non current liablity2 0 0 4 789 441,00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Total Non current liabilities 0 0 52 308 141,00 71 848,00 74 751,25 0 451 391,90 1 190 000,00 0 307 666,00 24 740 314,73 1 377 012,75 1 607 169,61 0 1 288 221,00 36 952,00 1 106 008,00 10 799 341,00 16 498,00 0 0 476 482,00 45 817,00 0 0 1 099 579,00 1 301 266,25 34 895 897,45 79 098 224,79
0,00
Current liabilities 0,00
Payable Premiums 5 571 954,85 3 896 256,23 48 434 377,00 -2 166 376,35 29 337 424,54 4 271 926,00 37 928 866,91 13 433 656,99 1 478 000,00 214 000,00 57 294 201,34 126 138 348,79 151 252 793,81 11 997 229,37 17 734 920,38 154 413,13 10 640 227,00 20 674 082,37 148 972,60 1 235 425,00 3 848 937,87 1 007 364,00 0 44 322 596,00 23 250 960,00 1 415 000,00 378 596 488,28 0 851 403 959,94
Brokers commision payable 0 0 0 -59 509,66 954 934,81 0 0 0 0 48 700,00 3 758 064,99 0 0 0 0 0 0 0 0 0 0 0 0 0 259 850,30 0 8 896 232,54 0 12 962 847,83
Provisions 23 514,68 0 0 0 879 044,96 0 0 0 0 0 4 057 799,87 0 0 4 427 207,52 902 928,00 0 0 0 175 000,00 0 0 198 788,00 0 0 522 360,00 0 6 617 442,05 0 16 901 525,44
Sundry creditors 1 334 358,59 4 396 256,96 0 0 0 25 638 191,00 2 596 903,00 1 455 166,00 0 0 6 609 025,43 4 485 286,64 0 29 079 828,32 276 300,00 107 000,00 3 410 499,00 2 502 018,13 1 791 868,47 0 0 39 470,00 255 180,00 0 250 360,00 0 28 388 488,20 0 77 195 324,19
Prepayments 937 082,79 0 0 0 22 794 836,39 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 102 350,50 0 0 0 102 350,50
Accruedexpenses 0 444 853,44 0 0 0 0 0 0 0 0 0 0 0 0 1 021 809,00 195 240,00 0 0 0 0 0 0 0 0 660 357,25 505 046,31 23 412 146,32 0 25 794 598,88
Taxation 18 640 265,04 0 3 304 922,99 0 2 528 863,27 0 0 3 784 859,47 204 181,00 24 737,00 0 2 985 589,48 1 607 169,61 15 435 479,47 275 452,00 80 134,66 2 962 619,00 6 973 681,80 0 650 355,37 0 567 201,00 0 18 885 151,89 240 590,09 111 926,75 12 897 570,47 0 63 901 839,59
Other 0 0 26 896 859,00 658 289,64 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 19 324,00 0 0 113 823 919,00 0 0 0 0 113 843 243,00
Other1. 0 0 0 0 3 949 446,23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Other2. 0 0 0 0 23 813,81 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Other3. 0 0 0 0 570 136,33 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Total Current Liabilities 21 785 404,57 8 737 366,63 75 331 236,00 -4 693 611,35 58 509 637,07 29 948 573,00 40 525 769,91 18 673 682,47 1 478 000,00 262 700,00 71 719 091,63 130 623 635,43 151 252 793,81 45 504 265,21 19 935 957,38 456 653,13 14 050 726,00 24 626 442,58 2 115 841,07 1 235 425,00 3 868 261,87 1 245 622,00 418 490,00 158 146 515,00 25 786 488,14 1 920 046,31 446 513 701,71 0 1 101 160 656,27
Total Equity and liabilities 149 681 026,23 19 010 930,48 153 933 612,00 51 546 046,46 135 250 772,84 48 064 146,00 75 068 199,62 50 815 182,60 20 160 694,20 10 675 942,00 101 307 121,95 158 610 320,50 181 502 492,24 123 346 306,21 82 921 271,54 2 078 102,13 24 767 946,00 129 947 683,12 12 954 500,78 62 300 994,00 7 672 201,87 49 099 035,24 21 366 467,00 458 169 426,00 38 237 088,14 6 560 043,97 572 983 267,96 36 205 852,09 2 100 866 756,94
0,00
Assets 0,00
Non - Current Assets 0,00
Property and Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Land & Buildings 0 9 633 240,00 20 082 335,00 22 655 000,00 32 033 293,85 4 958 289,00 19 559 880,00 8 000 000,00 0 5 000 000,00 24 346 801,59 0 16 200 000,00 2 000 000,00 18 900 000,00 1 441 617,20 0 46 168 952,15 10 719 989,24 32 580 000,00 0 30 905 215,53 10 995 410,00 0 0 4 480 000,00 840 951,15 34 000 000,00 238 578 936,86
Furniture and Fittings 810 059,39 896 742,13 6 885 363,00 0 25 597,13 190 288,00 1 086 447,11 2 815 625,00 2 052 161,00 0 405 742,82 57 641,33 294 562,46 118 746,61 1 375 210,00 10 893,24 125 148,00 3 161 669,31 1 721 664,00 3 381 040,00 65 574,00 458 097,88 2 299 369,00 2 905 986,00 59 360,00 102 600,00 1 720 470,40 475 827,45 20 791 763,50
Motor Vehicles 2 725 709,48 2 896 563,78 10 480 433,00 0 419 348,69 0 3 458 703,47 9 200 000,00 4 642 500,00 3 000 000,00 3 049 336,00 1 104 634,38 769 450,00 20 344,21 4 434 177,32 0 5 883 147,00 18 502 002,48 112 032,21 5 980 000,00 8 478,00 2 827 815,00 667 039,00 9 157 525,00 3 950 230,20 0 0,12 1 275 000,00 65 383 710,92
Computer Equipment 677 769,04 986 654,21 3 244 069,00 593 223,99 1 013 622,51 615 140,00 896 737,85 4 122 500,00 2 219 494,00 1 500 000,00 1 376 041,00 1 454 015,83 501 839,56 3 073 366,07 1 623 500,00 27 052,00 198 033,00 9 372 237,76 163 691,76 1 680 430,00 140 477,00 211 279,75 383 458,00 6 358 650,00 950 250,00 16 649,00 217 946,94 425 000,00 31 893 411,67
Computer Software 693 649,04 856 321,47 0 0 0 0 746 898,74 450 000,00 1 726 250,00 0 0 667 006,35 118 575,60 0 0 0 120 000,00 0 0 1 150 000,00 9 750,00 0 0 0 0 0 0 0 3 791 581,95
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Investments Quoted Equities 0 0 0 3 470 812,19 0 0 3 900 611,69 13 277 879,51 0 0 0 0 0 0 27 555 576,77 0 0 13 046 886,12 0 6 240 000,00 0 2 761 022,00 0 0 0 0 31 486 180,02 0 81 089 664,91
Investments Unquoted Equities 0 0 0 0 0 0 0 4 000 000,00 0 0 0 0 187 500,00 0 0 0 800 000,00 3 103,00 0 0 0 0 0 0 0 0 0 0 990 603,00
Investments Bonds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Investments Money Market 0 0 0 0 0 0 0 70 0 500 000,00 0 0 0 0 3 997 578,74 0 0 0 0 0 0 0 1 030 559,00 0 0 0 380 000,00 0 5 908 137,74
Defered tax 0 0 0 0 0 0 0 0 0 0 0 0 0 5 949 626,92 0 0 0 0 0 0 0 0 0 0 0 0 2 874 121,53 0 8 823 748,45
Other1 606 071,28 0 2 903 423,00 0 893 022,47 0 0 0 0 0 0 0 0 0 5 023 808,00 37 0 0 0 3 080 700,00 2 520 618,00 0 4 859 757,00 0 0 0 54 117 260,26 0 69 602 180,26
Other2 0 0 293 009,00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4 600 000,00 0 0 523 236,00 0 0 0 0 0 5 123 236,00
Other3 0 0 0 0 18 368,95 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Other4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Total Non- Current Assets 5 513 258,23 15 269 521,59 43 595 623,00 26 719 036,18 34 403 253,60 5 763 717,00 29 649 278,86 41 866 074,51 10 640 405,00 10 000 000,00 29 177 921,41 3 283 297,89 18 071 927,63 11 162 083,81 62 909 850,83 1 479 599,44 7 126 328,00 90 254 850,82 12 717 377,21 58 692 170,00 2 744 897,00 37 163 430,16 20 758 828,00 18 422 161,00 4 959 840,20 4 599 249,00 91 669 261,93 36 175 827,45 532 009 306,78
0,00
Current Assets 0,00
Commission Receivable 0 589 631,24 0 0 5 342 360,67 0 1 137 118,43 1 715 048,54 684 104,66 130 938,00 0 0 0 13 580 115,48 0 149 305,00 7 459 031,00 6 231 537,90 0 1 043 000,00 0 4 872 534,00 190 490,00 0 0 0 0 0 34 341 056,04
Premium Receivable 2 351 467,83 0 39 021 982,00 2 127 758,98 31 277 455,46 0 0 0 3 423 050,00 130 800,00 11 983 810,67 101 202 890,93 158 076 170,10 0 0 0 0 0 0 0 2 277 103,34 0 0 269 472 829,00 2 970 362,00 0 442 137 064,56 0 991 674 080,60
Accured Investment Income 0 0 0 0 0 0 0 0 0 4 000,00 0 0 0 0 0 0 0 0 0 146 810,00 0 0 0 0 0 0 0 0 150 810,00
Other Debtors & Inventory 0 42 611,58 20 019 099,00 124 954,15 9 803 466,48 4 714 923,00 43 295 634,62 5 194 059,55 3 897 617,41 112 500,00 9 925 561,33 11 237 468,27 0 16 038 603,13 2 046 180,00 0 632 383,00 6 297 678,12 50 298,19 1 128 790,00 0 0 0 26 217 652,00 310 225,60 0 5 382 379,01 0 83 277 336,06
Cash & Cash Equivalents 141 660 578,53 3 109 166,07 51 003 899,00 22 574 297,15 20 227 919,38 31 306 809,00 986 167,71 2 040 000,00 1 515 517,13 297 704,00 50 219 828,54 42 886 663,41 5 354 394,52 45 437 879,92 17 026 092,71 449 197,69 9 550 204,00 27 163 616,28 186 825,38 1 290 224,00 2 650 201,53 7 063 071,08 417 148,69 144 056 784,00 31 950 281,36 1 960 794,97 33 794 562,95 30 024,64 423 301 016,80
Other1. 0 0 0 0 3 949 446,23 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Other2. 0 0 0 0 23 813,81 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Other3. 0 0 0 0 570 136,33 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0,00
Total Current Assets 144 167 767,99 3 741 408,89 110 044 980,00 24 827 010,28 100 847 519,24 42 300 429,00 45 418 920,76 8 949 108,09 9 520 289,20 675 942,00 72 129 200,54 155 327 022,61 163 430 564,62 112 184 222,40 20 011 420,71 598 502,69 17 641 618,00 39 692 832,30 237 123,57 3 608 824,00 4 927 304,87 11 935 605,08 607 638,69 439 747 265,00 35 230 868,96 1 960 794,97 481 314 006,52 30 024,64 1 570 811 071,37
Total Assets 149 681 026,23 19 010 930,48 153 933 612,00 51 546 046,46 135 250 772,84 48 064 146,00 75 068 199,62 50 815 182,60 20 160 694,20 10 675 942,00 101 307 121,95 158 610 320,50 181 502 492,25 123 346 306,21 82 921 271,54 2 078 102,13 24 767 946,00 129 947 683,12 12 954 500,78 62 300 994,00 7 672 201,87 49 099 035,24 21 366 466,69 458 169 426,00 40 190 709,16 6 560 043,97 572 983 268,45 36 205 852,09 2 102 820 378,15
57
COMPREHENSIVE INCOME FOR REINSURANCE BROKERS FOR THE YEAR ENDED 31 DECEMBER 2021
Appendix 5A Statement of Comprehensive Income for Reinsurance Brokers for the year ended 31 December 2021
Item Capitol_Reinsurance Marsh_Reinsurance_Brokers Minerva_Re-Insurance_Brokers Reinsurance_Broker Classic_Reinsuranc Afro- Pan_African__Broke Total

_Brokers s_International e_Brokers Asian_Reinsurance rs_PvT_Lt
_Brokers
Gross Premium Receivable 407 021 049,00 1 356 081 294,39 12 339 717 387,00 137 250 160,92 100 263 306,73 90 729 612,70 852 610 291,38 15 283 673 102,12
Gross Premium Payable 389 249 567,00 974 206 895,93 12 181 697 148,00 133 189 204,09 95 220 013,13 83 647 471,34 819 163 745,21 14 676 374 044,70
Brokerage Commission 17 771 482,00 381 874 398,46 158 020 239,00 4 060 956,83 5 043 293,61 7 082 141,36 33 446 546,17 607 299 057,43
less Commission paid 0 336 332 881,10 0 0 0 0 0 336 332 881,10
Net Brokerage Commission 17 771 482,00 45 541 517,36 158 020 239,00 4 060 956,83 5 043 293,61 7 082 141,36 33 446 546,17 270 966 176,33
Dividend income 86 171,53 0 0 232 200,00 0 57 443,91 0 375 815,44
Rental income 0 0 0 0 0 0 0 0,00
Interest 190 200,32 96 619,97 0 1 096 722,25 0 0 3 641 238,00 5 024 780,54
Fair value adjustments 8 647 638,99 0 0 0 0 11 572 527,95 0 20 220 166,94
Other Income 0 0 38 382 315,00 0 0 0 0 38 382 315,00
Less Administration expenses 12 974 691,00 37 189 748,65 133 093 566,00 1 605 596,33 1 716 531,80 11 480 277,36 29 956 172,00 228 016 583,14
Profit Before Tax 13 720 801,84 8 448 388,68 63 308 988,00 3 784 282,75 3 326 761,81 7 231 835,86 7 131 612,17 106 952 671,11
Taxation 1 042 438,00 2 088 441,55 16 954 645,57 630 874,00 0 0 1 091 567,00 21 807 966,12
Profit After Tax 12 678 363,84 6 359 947,13 46 354 342,43 3 153 408,75 3 326 761,81 7 231 835,86 6 040 045,17 85 144 704,99
58
APPENDIX 5B
Appendix 5B Statement of Financial Position for Reinsurance Brokers for the year
STATEMENT OF FINANCIAL POSITION FOR REINSURANCE BROKERS AS AT 31 DECEMBER 2021
ended 31 December 2021
Item Capitol_Reinsuranc Marsh_Reinsurance_Brokers Minerva_Re- Reinsurance_Broke Classic_Reinsuran Afro- Pan_African__Broke Total

e_Brokers Insurance_Brokers rs_International ce_Brokers Asian_Reinsurance rs_PvT_Lt
_Brokers
Equity and Liabilities
Equity
Share Capital :
Authorised Share Capital
Issued and Paid Up Capital 2 000,00 0 0 250 000,00 11 149 131,60 12 000,00 1 000,00 11 414 131,60
Share Capital 2 000,00 0 4 200 000,00 2 000 000,00 1 000,00 1 000,00 2 204 004,00
Share Premium 118 638,00 0 0 148 780,00 5 200 000,00 265 539,22 70 000,00 5 802 957,22
Non-Distributable Reserves 0 0 0 0 3 914 828,88 0 0 3 914 828,88
Retained Income 15 838 302,84 23 854 455,00 172 230 867,50 14 477 001,00 2 919 803,33 6 804 364,25 15 897 478,00 252 022 271,92
Revaluations 735 287,00 0 9 266,60 0 0 295 234,14 0 1 039 787,74
Owners Equity 16 694 227,84 23 854 455,00 172 240 138,10 14 825 781,00 14 034 632,21 7 366 137,61 15 968 478,00 264 983 849,76
0,00
Non-current liabilities: (Specify them) 0,00
Deffered tax 72 949,00 0 0 2 286,32 0 446 778,89 0 522 014,21
Bank overdraft 0 0 0 0 0 0 0 0,00
Shareholder loan 0 0 0 0 0 0 0 0,00
Longterm loan 0 0 0 0 0 0 0 0,00
Other non current liablity1 0 0 0 0 0 0 0 0,00
Other non current liablity2 0 0 0 0 0 0 0 0,00
Total Non current liabilities 72 949,00 0 0 2 286,32 0 446 778,89 0 522 014,21
0,00
Current liabilities 0,00
Payable Premiums 65 926 302,87 50 754 182,75 1 355 198 938,10 38 745 368,95 1 778 840,22 32 927 105,23 91 263 010,00 1 636 593 748,12
Brokers commision payable 0 0 0 0 0 0 0 0,00
Provisions 134 936,74 1 235 451,43 50 078 445,66 225 368,07 0 7 572 484,03 4 558 764,00 63 805 449,93
Sundry creditors 268 881,00 34 759 608,91 0 158 221,02 0 0 2 447 136,00 37 633 846,93
Prepayments 0 0 0 0 0 0 0 0,00
Accruedexpenses 119 802,45 0 0 110 950,35 0 861 786,90 0 1 092 539,70
Taxation 1 042 438,00 2 088 441,55 16 954 645,57 630 874,00 0 0 1 091 567,00 21 807 966,12
Other 0 0 0 0 152 561,48 0 12 554 731,00 12 707 292,48
Other1. 0 0 0 0 0 0 0 0,00
Other2. 0 0 0 0 0 0 0 0,00
Other3. 0 0 0 0 0 0 0 0,00
Total Current Liabilities 66 449 923,06 86 749 243,09 1 405 277 383,76 39 239 908,39 1 931 401,70 41 603 965,90 111 915 208,00 1 753 167 033,90
Total Equity and liabilities 83 217 099,90 110 603 698,09 1 577 517 521,86 54 067 975,71 15 966 033,91 49 416 882,40 127 883 686,00 2 018 672 897,87
0,00
Assets 0,00
Non - Current Assets 0,00
Property and Equipment 0 0 0 0 0 0 0 0,00
Land & Buildings 0 0 0 0 11 149 131,60 0 0 11 149 131,60
Furniture and Fittings 134 218,00 403 627,11 73 679,56 0 1 057 131,41 173 707,96 1 243 327,00 3 085 691,04
Motor Vehicles 991 232,00 0 11 174 521,53 0 0 0 5 215 814,00 17 381 567,53
Computer Equipment 98 235,00 0 2 296 465,00 0 254 043,00 236 042,78 298 443,00 3 183 228,78
Computer Software 0 0 0 0 0 0 0 0,00
Investments 0 0 0 0 0 0 0 0,00
Investments Quoted Equities 11 991 404,86 0 0 0 0 18 345 560,13 0 30 336 964,99
Investments Unquoted Equities 0 0 0 7 517 743,00 0 0 0 7 517 743,00
Investments Bonds 0 0 0 0 0 0 0 0,00
Investments Money Market 1 690 200,00 0 0 0 0 0 0 1 690 200,00
Defered tax 0 729 675,00 0 0 0 0 0 729 675,00
Other1 0 0 0 0 0 0 0 0,00
Other2 0 0 0 0 0 0 0 0,00
Other3 0 0 0 0 0 0 0 0,00
Other4 0 0 0 0 0 0 0 0,00
Total Non- Current Assets 14 905 289,86 1 133 302,11 13 544 666,09 7 517 743,00 12 460 306,01 18 821 098,65 6 757 584,00 75 139 989,72
0,00
Current Assets 0,00
Commission Receivable 0 31 744 712,49 0 0 836 082,74 0 0 32 580 795,23
Premium Receivable 60 438 030,21 0 1 355 582 822,42 37 265 947,61 0 25 641 850,70 3 807 747,26 1 482 736 398,20
Accured Investment Income 0 0 0 0 0 0 0 0,00
Other Debtors & Inventory 0 0 53 669 353,38 3 780 759,38 0 182 038,54 0 57 632 151,30
Cash & Cash Equivalents 6 831 341,83 77 725 683,50 154 720 679,97 5 503 525,72 2 669 645,16 4 771 894,51 117 318 354,74 369 541 125,43
Other1. 0 0 0 0 0 0 0 0,00
Other2. 0 0 0 0 0 0 0 0,00
Other3. 0 0 0 0 0 0 0 0,00
Total Current Assets 68 311 810,04 109 470 395,99 1 563 972 855,77 46 550 232,71 3 505 727,91 30 595 783,75 121 126 102,00 1 943 532 908,17
Total Assets 83 217 099,90 110 603 698,10 1 577 517 521,86 54 067 975,71 15 966 033,91 49 416 882,40 127 883 686,00 2 018 672 897,88
63
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2021 Fourth Quarter Non-Life Industry Report

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2021 Fourth Quarter Non-Life Industry Report

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SHORT TERM

Growth referred to in this report is nominal growth unless stated otherwise.

* Income statement figures were adjusted using year-on-year inflation of 60.7%

Total Gross Premium Written (GPW) by short-term insurers increased by 110.65%

The total business written by short-term reinsurers increased by 107.49% from

Total assets reported by short-term insurers increased from ZW$8.87 billion as at

Investments in prescribed assets by short-term insurers increased by 21.86%

Investments in prescribed assets by short-term reinsurers increased from

As at 31 December 2021, all the registered short-term reinsurers reported

The total business written by micro-insurers increased by 654.77% from ZW$79.26

Brokers wrote a total of ZW$10.4 billion in GPW registering an increase of 124%

The broking industry held total assets amounting to ZW$2.1 billion as at 31

Table 1: World Economic Outlook Projections

1.2 Domestic Economic Performance Outturn and Outlook

1.3 Exchange Rate Developments

Source: Reserve Bank of Zimbabwe

Figure 2: Inflation profile (%), January to December 2021

(YoY(%) (YoY_Blended %) MoM (%) (MoM_Blended %)

Source: Zimbabwe National Statistics Agency

Victoria Falls Stock Exchange (VFEX) Performance:

2.1 Term of Reference

• Insurance and Pensions Commission Act [Chapter 24:21];

• Pension and Provident Funds Act [Chapter 24:09];

• Insurance Act [Chapter 24:07];

• Money Laundering and Proceeds of Crime Act [Chapter 09:24];

• Finance Act [Chapter 23:04];

• Public Entities and Corporate Governance Act [Chapter 10:31];

• Public Finance Management Act [Chapter 22:19]; and

• Public Procurement and Disposal of Public Assets Act [Chapter 22:23]

Underwriting Management Entities 2 2

Corporate Agents 165 147

Sole Agents 664 483

Total 960 741

6.1 Performance in terms of business written

The total business written by short-term insurers increased by 110.65% in nominal

Figure 3: Short-term insurers’ trend in business written (December 2017

GPW AND NPW

PERCENTAGE GROWTH IN GPW

GPW NPW Growth in GPW

Table 5: Short-Term Insurers' GPW by Line

Gross Premium Written (ZW$ Million)

Inflation Adjusted Nominal Nominal

Figure 4: Contribution to GPW by line of business for the quarter ended 31

Figure 4: Contribution to GPW by line of business for the year

*Others comprise of casualty, directors’ liability, health, hire purchase.

6.2 Foreign currency denominated business

Table 6: Short-term insurers' USD GPW by line of business

Totals 101 483 619,00 67 711,43

Table 7: Reported Capital Positions for Short-Term Insurers

Table 7: Reported Capital Positions for 20

Reported Capital Position (ZW$ Million)

6.4 Asset Quality

Premium debtors increased by 29.32% from ZW$2.49 billion reported as at 31

Compliance with prescribed asset requirements remains significantly very low.

The contribution of various asset classes to total assets as at 31 December 2021

Figure 6: The contribution of various asset classes to total assets

Short term insurance players are encouraged to structure their investment

The average reinsurance share of outstanding claims to gross outstanding

6.6 Technical Position

6.9 Market share for short-term insurers

Figure 7: Market Share for Short Term Insurers in Terms GPW

GPW AND NPW FOR THE YEAR ENDED 31 DECEMBER 2021

Figure 8: Market Share for Short Term Insurers in Terms Assets