Published by the government of Zimbabwe
29 August 2008
Harare — Fidelity Life Assurance of Zimbabwe will soon open up markets in Swaziland and Mozambique as its regional market expansion drive gathers momentum.
An official with the group told Herald Business after the announcement of the company's half-year financial results this week that the company is soon to start business in Swaziland and Mozambique.
"All the regulatory requirements for working in Mozambique have been met and we are expecting the company from that country to come here anytime soon for the final touches to the deal. As for Swaziland, we are waiting for the regulatory work to be completed anytime soon before we can finalise the deal," said the official.
The source was, however, not at liberty to disclose the names of the companies they are signing management contracts with.
Apart from these two, Fidelity Life recently acquired Cavmont Life and Asset Management Private Limited based in Zambia.
Vanguard Life Assurance based in Malawi posted a profit before tax of $643 trillion for the half year ended 30 June 2008, a 2 864 787 percent growth from the $30,2 million recorded for the year 2006.
Speaking at the same event, the company chairman Mr Solomon Tembo noted that while the company had not been spared from the current economic challenges, growth was guaranteed through re-capitalisation of local subsidiaries and the pursuit of regional markets. "Despite the deteriorating operating environment, management has been urged to ensure that the group achieves superior results into the future.
Meanwhile, the group's housing projects in Chishawasha and Goromonzi are set to kick start in the second week of September, with the land acquisitions having been completed. The initial injection into the two projects stands at $1,7 billion in revalued currency.
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