OLD MUTUAL Registers 41% Revenue Increase In 2018 – REPORT

A statement by Mr. Johannes Gawaxab, Old Mutual Group chairman, has revealed that Old Mutual Zimbabwe made a total revenue of $1,4 billion for the financial year 2018. This marks a 41 percent increase from $991 million in 2017.

In a statement accompanying the financial report, Gawaxab, said:

Profit before tax increased by 36 percent from $242.9 million in 2017 to $329.8 million in 2018 and this was mainly driven by growth in total revenue. Total revenue rose by 41 percent from $991 million to $1,4 billion on the back of growth in all main revenue lines, particularly investment gains and banking interest income.

Operating profit increased by 23 percent from $64.5 million to $79.2 million, driven by profit growth in the life, banking and asset management businesses.

Gawaxab attributed this performance to improved client retention and new business.

However, Gawaxab noted that short term insurance business insurance recorded an underwriting loss of $0.3 million.

Related:

More: Chronicle

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