ZB Reinsurance, a subsidiary of ZB Financial Holdings (ZBFH) of Zimbabwe plans to expand its reinsurance business to Mozambique in 2015, the group’s chief executive, Ronald Mutandagayi said in Harare.
Quoted by local media, Mutandagayi said the group plans to move into Mozambique as the country is attracting a lot of foreign direct investment “so there are opportunities in terms of the reinsurance business.”
The chief executive of the ZBHF group noted that Mozambique has shown the highest rates of economic growth of all member countries of the Southern African Development Community (SADC).
The International Monetary Fund (IMF) recently released growth forecasts for Mozambique’s GDP of 8.3 percent this year and 7.9 percent in 2015.
In the first half of the year the Zimbabwean group posted losses of US$2.6 million, compared with a profit of US$2.2 million in the same period of 2013.
However, the group’s insurance business grew 2 percent and provided 15 percent of the group’s total revenue. (macauhub/MZ)