This was underpinned by a rise in gross written premiums and profit growth in the banking and asset management unit where funds under management grew by a massive 139 percent, mainly due to “positive investment performance”.
Despite its parent company fighting to part ways with chief executive Peter Moyo, the Zimbabwean unit has embarked on a restructuring programme for its operations.
This will see the Old Mutual Zimbabwe operation being unbundled into three separate units - insurance, investment markets and wealth management as well as banking - which will be held by the Zimbabwe listed financial services company.
“Having reviewed the current structure of the Old Mutual Zimbabwe Limited Group, the directors concluded that the interests of both shareholders, and customers would best be served by restricting the group into a simpler and more optimal outfit. Old Mutual Zimbabwe will remain the holding company of the (three) clusters,” said Johannes Gwawaxab, the chairperson for Old Mutual Zimbabwe.