Regional expansion will be a priority for diversified financial services group ZimRe Holdings, according to its chairman, Mr Desmond Matete, who was speaking at the presentation of the group's financial performance for the year ended 31 December 2024. The expansion plan leverages the African Continental Free Trade Area (AfCFTA).
Group chief executive Mr Stanley Kudenga said during the presentation that the company’s growth strategy is anchored on expanding its presence in Africa, data-driven decision-making and investing in IT and data management, according to a report by The Herald.
Mr Kudenga said, “We are aiming for momentum in terms of our plans for top-line growth and consolidation, and we have a strong appetite for acquisitions. You will see us looking around for new acquisitions that will drive our growth.
“But the big one is the Africa trek, and we have dealt with the housekeeping issues in terms of amalgamating and setting the trajectory for our regional operations.”
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“We are already active in Ivory Coast, and we are looking to expand our services in Mozambique in terms of insurance broking and microfinance.”
The group has also established a presence in Malawi. ZimRe recently merged its two Botswana reinsurance entities and recapitalised its Mozambique subsidiary as part of its strategy to grow regional business.
ZimRe also announced that in the second quarter of 2025, it will embark on a fundraising programme to solidify Emeritus Re, which will anchor the group’s expansion plans. The group will engage investors to finance the expansion plan.
ZimRe’s CFO Mr Zvenyika Zvenyika said the reinsurance segment's venture into North and Central Africa will solidify its contribution to the group’s revenue.
Mr Zvenyika said the group’s businesses are segmented into the reinsurance cluster, which is the Emeritus family; the life and pensions cluster, which is Fidelity; the wealth management cluster, which includes financial services and Fidelity Asset Management; the short-term cluster, which is Credsure; and the property cluster, which is Zimre Property Investments (ZPI).
In 2024, the group’s insurance revenue amounted to $61.86m compared to $50m in the previous year. Of the 2024 insurance revenue, 78% was generated from the reinsurance business, followed by the life and pensions business (18%) and short-term insurance (4%).