Zambia Reinsurance posts K6.063 million in profit, as asset base rises 11 percent


Zambia Reinsurance PLC has posted an increase in profit by 364 percent to K6.063 million in 2022 from K1.307 million the prior year.

The company has also recorded growth on its top line of 21.7 percent to K 95.872 million from K78.759 million in 2021.

This is according to the abridged financial statement for the year ended December 31,2022 posted on the Lusaka Securities Exchange (LuSE).

Read more: Zambia Breweries profits up 55%, as company targets $80 million expansion project

This was mainly driven by increased premiums written from the property book of Fire and Engineering classes.

It stated that the bulk of the business from the domestic market as the company participated in some mining risks as well as some risks in the energy sector.

Further indicated that the total comprehensive income for the year was K 7.658 million, an increase of 164 percent from K 2.905 million for the previous period.

It stated that there was growth in the total assets by 11 percent from K 112.964 million in 2021 to K125,374 million.

The report indicated that the earnings per share increased from K 0.03 in 2021 to K 0.13.

According to the financial report, the directors recommended a dividend payment to the shareholders of K0.045 per share at the next Annual General meeting.

It indicated that the macroeconomic parameters for the period under review showed some stability, particularly the inflation and the exchange rates, which had a positive impact on its operational and financial performance.

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