SARE profit up 13-fold


0

Southern Africa Reinsurance Company (SARE) had a good first half with net profit increasing more than 13-fold from $63 million to $822.2 million. Gross premium increased from $555.9 million to $2.2 billion.

It turned around from an underwriting loss of $19.9 million to a profit of $273.2 million.

This was boosted by investment income of $623.1 million which was a hefty increase from $83.3 million last year.

Last year, the company had a net profit of $189.4 million.

It says it managed to cut down claims from 45 percent of gross premium in the first half of last year to 23 percent.

(7 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

0
The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

0 Comments

Your email address will not be published. Required fields are marked *