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