HARARE, ZIMBABWE – Zimre Holdings Limited (ZHL) has reported a landmark year to 31 December 2025, delivering robust growth across all key metrics as its diversification strategy and capital discipline translated into record income, profitability and cash generation. The results set the foundation for the Group’s next phase: a disciplined continental expansion anchored by reinsurance and supported by deliberate investments in customer experience, digital capabilities, and talent.
Total income for the Group grew by 40% to USD122.16 million, up from USD87.01 million in 2024, driven by strong performances across the core businesses. The short-term insurance business doubled its total income, achieving 100% growth on the back of solid direct business performance. The reinsurance cluster continued to dominate Group income, contributing 56% compared to 63% in 2024, reflecting both its scale and the growing contributions from other units. Life and Pensions increased its share to 31% from 28% in the prior year, supported by growth in individual life products, funeral assurance and the continued success of the Vaka Yako savings product. The Property business recorded a 60% increase in income and contributed 5% to Group income, benefiting from higher turnover rentals as well as the conversion of ZWG leases to USD leases. Investment income also played a significant role, contributing 28% to total income compared to 22% in 2024. This was supported by returns from property and financial assets held at fair value, with more than 10% of fair value gains realised during the year.
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Book NowProfitability strengthened materially, with the Group reporting a 196% increase in profit for the year to USD16.70 million. All key operating units achieved profitability, with Life and Pensions, Property and Local Reinsurance emerging as the major contributors. The improvement was driven by robust topline growth, better retention, lower expense ratios and a resilient balance sheet. Total assets grew by 43% to USD298.28 million, anchored by strong performance in financial assets at fair value. Notable gains were recorded on the Malawi Stock Exchange through the Group’s Malawi-based operations and on the Victoria Falls Stock Exchange through its investment in the Eagle Real Estate Investment Trust and other high-performing counters. This performance underscores the resilience of the Group’s portfolio and provided significant support to overall profitability. Cash generation also improved markedly. Net cash generated from operations rose by 95% to USD30.83 million from USD15.82 million, driven by inflows from insurance premiums and operational income from non-insurance businesses. The result demonstrates the Group’s strong cash collection capabilities and reflects progress on the “Cash” pillar of its Three Cs Strategic Triangle of Cash, Customer and Change.
On governance, there were no changes to the ZHL directorate during the year, a development that signals sustained investor confidence in the Board’s collective expertise and strategic oversight. The Board confirmed that director renewal and rotation will continue in line with best practice to balance continuity, independence and refreshment. In line with its commitment to shareholder returns, the Board declared a final dividend of USD1,200,000, or USD0.00065 per share, representing a 60% uplift from the prior year. The declaration aligns with the Group’s capital allocation framework and reinforces ZHL’s role in transmitting earnings generated in its subsidiaries to the investing public.
Sustainability remained central to the Group’s long-term strategy. During the year ZHL invested over USD250,000 in environmental, social and governance initiatives across its markets. These included specialised underwriting and claims management training to strengthen technical capacity, support for education through the provision of school furniture and learning materials, and the completion of a two-year Graduate Training Programme for 25 graduates. The Group also sponsored the Zimbabwe Open Golf Tournament as a fundraising platform for cancer treatment and continued its participation in the Kariba International Tiger Fish Tournament to support conservation and anti-poaching efforts. Governance frameworks were further strengthened to ensure transparency and effective oversight of sustainability risks and opportunities.
Looking ahead, ZHL enters 2026 with strengthened fundamentals and a clear strategic mandate following five years of consolidation and institutional strengthening. The Group has now embarked on what it terms the “Great Africa Trek,” a regionally focused expansion into carefully selected continental markets with reinsurance as the cornerstone. This will be supported by a renewed emphasis on the Customer pillar, with significant investment planned to modernize customer-facing interfaces, improve accessibility and adopt artificial intelligence and digital systems in compliance with data protection laws. To build capacity for this expansion, ZHL will establish the ZHL Academy to democratize access to technical knowledge, cultivate skills internally, and contribute to Sustainable Development Goal 4 on Quality Education.
Operationally, the reinsurance cluster remained the engine of growth, contributing 60% of Insurance Contract Revenue within the cluster. Operations in Mozambique, Botswana, Zambia and Malawi all recorded growth despite economic headwinds. Short-term insurance posted a 173% increase in Insurance Contract Revenue to USD4.9 million, driven by credit insurance, bonds and guarantees. Life and Pensions saw Insurance Contract Revenue rise 111% to USD16.6 million, with profit growing 318% to USD7.9 million. Vanguard Life Assurance in Malawi achieved a significant turnaround and declared its maiden dividend. In Property, income grew by 58% with average occupancy at 86%, supported by progress on projects such as Mazowe Walk, Eagle Heights in Victoria Falls and Selbourne Park in Bulawayo. Wealth Management recorded a 30% increase in total income to USD3.5 million. Reflecting market confidence, ZHL’s share price rose by 411% to close at ZWG99.9 cents.
The company noted that with renewed operational momentum, stronger financial performance and a clear path for continental expansion, ZHL is well positioned to unlock new growth opportunities and advance its ambition of becoming a recognised Pan-African brand, delivering on its promise of Security, Growth and Profitability.
