First Mutual Holdings Limited is a leading financial services group that is committed to creating value through risk management, wealth creation, and wealth management predominantly in the insurance sector.


The group has more than a hundred years of serving Zimbabwe through the provision of economic dignity though its strategic business units. They have diverse interests in short term insurance; short term re-insurance; life assurance; long term re-insurance; as well as the property sector housed under the following subsidiaries; First Mutual Life, First Mutual Properties, First Mutual Health, NicozDiamond Insurance Company, First Mutual Wealth Management, First Mutual Reinsurance and FMRE Property & Casualty (Botswana). At First Mutual Holdings, they care and go beyond.


To be a leader in our chosen markets by providing superior returns to all our stakeholders, ensuring stability, security and growth.


To be an investment and financial services group that provides accessible solutions which offer peace of mind and enrich the lives of all households, communities and businesses in their chosen markets by managing risk, creating and managing wealth.


  • Integrity – they are true to self and true to others
  • Accountability – they take responsibility for our actions
  • Professionalism – they display expert competence in the way we do business
  • Sustainability – they believe in continuance and preservation for future generations
  • Care – they show concern and seek the well-being of all our stakeholders
  • Innovation – they strive for creativity and relevance to our market

Board of Directors

  • Chairman - Oliver Mtasa
  • Board Member - Elisha Moyo
  • Board Member - Samuel Vengai Rushwaya
  • Board Member - Amos Raymond Tamuonepi Manzai
  • Board Member - Evlyn Mkondo
  • Board Member - Memory Mukondomi
  • Board Member - Gareth Baines
  • Group Finance Director - William Marere
  • Chief Executive Officer - Douglas Hoto
  • Non-Executive Director - Daphine Tomana

Group Executive Committee

  • Chief Executive Officer - Douglas Hoto
  • Group Human Resources Executive - Pfungwa Dhliwayo
  • Group Company Secretary - Sheila Lorimer
  • Group Marketing and Strategy Executive - Farayi Mangwende
  • Group Finance Director - William Marere
  • Chief Risk Officer - Joseph Mhlabi
  • General Manager First Mutual Microfinance - Max Ncube
  • First Mutual Life Managing Director - Ruth Ncube
  • Group Information and Communication Technology Executive - Bianca Pasipanodya
  • Managing Director First Mutual Health - Stanford Sisya
  • First Mutual Reinsurance Managing Director - Ian Tavonesa
  • Managing Director NicozDiamond Insurance - David Nyabadza