SARE profit up 13-fold


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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.

(22 VIEWS)

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Charles Rukuni
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.

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