ZB Reinsurance Limited (Jan 2023)

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Filename ZB-Reinsurance-Public-Credit-Report-Feb-2023.pdf
Filesize 271.47 KB
Version paid report
Date added February 6, 2023
Category Credit Rating Reports, Insurance
Tags Zimbabwe

ZB Re is a subsidiary of ZB Financial Holdings Limited. The group is listed on the Zimbabwe Stock Exchange (“ZSE”) and comprises of banking, insurance and strategic investment clusters. The banking cluster houses ZB Bank (100%), ZB Building Society (59%), ZB Transfer Secretary (100%), ZB Capital (Private) Limited (100%) and a microfinance operation; QUPA (100% owned). The insurance cluster’s operations are ZB Reinsurance and ZB Life Assurance Limited (“ZB Life”). At end-2021, the strategic sector had stakes of 34.5% in Cell Insurance Company Limited (“Cell”), 32.6% in Mash Holdings Limited (a ZSE listed real estate company), and 100% in ZB Associated Services (Private) Limited. ZB Re contributed 15.4% to the group’s total income and 10.5% to total assets at FY21. We, therefore, classify the entity as strategically important to the group, with the analysis conducted on a stand-alone basis and considerations made for group support.