{"id":46853,"date":"2021-09-18T18:09:44","date_gmt":"2021-09-18T16:09:44","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/first-mutual-in-1b-loss-due-to-external-factors"},"modified":"2021-09-18T18:09:19","modified_gmt":"2021-09-18T16:09:19","slug":"first-mutual-in-1b-loss-due-to-external-factors","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/first-mutual-in-1b-loss-due-to-external-factors","title":{"rendered":"First Mutual In $1b\u00a0Loss Due To External Factors"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Alois Vinga<\/b> – FIRST Mutual Holdings Limited (FMHL) experienced a loss totaling $1 billion due to external factors which include fair value loss on property investments and higher claims ratio.<\/p>\n

Presenting the group\u2019s 2021 first-half report FMHL chairperson Amos Manzai said despite net investment income surging to $1,7 billion and an increase of 79% against the same period in 2020 attributable to investment gains, the company still suffered a huge loss.<\/p>\n

\u201cOverall, the group incurred an inflation-adjusted loss for the period of $1 billion mainly due to the fair value loss on investment property and higher claims ratios in the health subsidiary,\u201d he said.<\/p>\n

As opposed to fair market value, fair value is a legal construct rather than a value set by the market.<\/p>\n

During the period under review, Gross Premium Written, at $5,4 billion, increased by 71% in inflation-adjusted terms as a result of organic growth on the existing portfolio and the continuous revaluation of insurance policy values in line with inflation to ensure clients have adequate cover.<\/p>\n

Investment property had marginal growth in United States of America Dollar values determined as of June 30 2021 and converted to Zimbabwe Dollar at the prevailing auction rate.<\/p>\n

\u201cHowever, the Zimbabwe dollar depreciated by 6% against an inflation movement of 21%, hence the fair value loss of $1,6 billion. Net investment income of $1,7 billion was an increase of 79 % against the same period in 2020.<\/p>\n

\u201cThe investment gains were driven by fair value gains on listed and unlisted equities in line with the general performance of the ZSE Industrial Index,\u201d said Manzai.<\/p>\n

The group made significant progress towards the commissioning of the First Mutual Park solar power project and remains optimistic of opportunities for business growth in the foreseeable future.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga – FIRST Mutual Holdings Limited (FMHL) experienced a loss totaling $1 billion due to external factors which include fair value loss on property investments and higher claims ratio. Presenting the group\u2019s 2021 first-half report FMHL chairperson Amos Manzai said despite net investment income surging to $1,7 billion and an […]<\/p>\n","protected":false},"author":84,"featured_media":46852,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":{"0":"post-46853","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-zimbabwe"},"yoast_head":"\nFirst Mutual In $1b\u00a0Loss Due To External Factors - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga - FIRST Mutual Holdings Limited (FMHL) experienced a loss totaling $1 billion due to external fact ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/first-mutual-in-1b-loss-due-to-external-factors\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Mutual In $1b\u00a0Loss Due To External Factors\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga - 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