First Mutual : 2023 FY Unaudited Financial Results

CHAIRMAN'S STATEMENT

ECONOMIC OVERVIEW

During the year , macroeconomic developments continued to be impacted by price and exchange rate volatility. A combination of high inflation, high transaction costs and the negative economic effects from the Russia-Ukraine conflict contributed to increased production costs. There was increased usage of the USD and cash transactions to mitigate the effects of the volatility. The economy experienced a limited recovery from the effects of COVID-19 with Gross Domestic Product ("GDP") growing at 3% according to the International Monetary Fund compared to the initially projection of 3.4%, while inflation closed the year at 243.8%, up from 60.6% in December 2021.

Despite the challenging economic environment, First Mutual Holdings ("FMHL" or "the Group") remained resilient and continued to implement its growth strategy. The Group benefited from increased business in the core insurance units, while rental yields from the property business improved as well as financial intermediation opportunities for the wealth and micro-leading units. There was a notable migration towards United States dollar ("USD") transactions in all local subsidiaries particularly for short term insurance policies, due to the volatility of the Zimbabwe dollar.

In an effort to increase confidence in the local currency, the Government implemented a variety of policy measures from 25 June 2022 which were intended to mop up excess local currency liquidity from the market and curb speculative behaviour. These interventions had an adverse effect on the performance of the local listed equities asset classes which had a negative impact on the Group's investment portfolio income in 2022. We will continue to adapt and remodel our investments framework in response to changes in the environment with the objective of creating real long term value for our stakeholders.

During the period a trend emerged of companies moving from the main stock exchange, the Zimbabwe Stock Exchange ("ZSE"), to the Victoria Falls Stock Exchange ("VFEX"). These movements partly reflect the diminished capacity to raise capital on the ZSE and increasing USD dollarisation of the economy. The year-on-year growth in the ZSE was 79.38% which was lower than inflation and depreciation of the local currency against the USD of 523.9%.

FIRST MUTUAL LIFE FORENSIC INVESTIGATION

On 6 April 2022, FMHL updated shareholders, through a cautionary announcement, about the forensic investigation instituted through the Insurance and Pensions Commission ("IPEC") on First Mutual Life Assurance Company ("FML"), a subsidiary of FMHL arising from the asset separation exercise initiated by IPEC. FML has, since demutualisation in 2003, separately maintained the assets of the policyholder and shareholder.

On 27 July 2022, IPEC issued a letter advising that through the Minister of Finance and Economic Development BDO Chartered Accountants Zimbabwe ("BDO") were the appointed forensic investigator in line with the provisions of the Insurance Act (Chapter 24:07). The letter further noted that the investigation was expected to be completed within four months from the commencement date.

The investigation formally commenced on 26 August 2022. However, on 19 January 2023, a letter requesting an extension was received from BDO. The extension was requested up to 17 February 2023 after which the process was to be concluded. BDO advised that they had submitted their final report to IPEC on 20 February 2023 and the Group was yet to be informed on the outcome of the investigation at the time of this statement.

As at the date of issuing these results, the year-end audit of the Group financial statements is incomplete pending the finalisation of the forensic investigation and consequently, the Group will not be in a position to publish audited financial statements in line with the Zimbabwe Stock Exchange listings requirements and approved timelines. In the interim, the board of directors, in consultation with the ZSE, has decided to publish the financial information in the form of a preliminary report.

FINANCIAL HIGHLIGHTS

In October 2019 the Public Accountants and Auditors Board concluded that the conditions for applying International Accounting Standard IAS 29 - Financial Reporting in Hyperinflation Economies had been met in Zimbabwe. The historical cost financial results have been restated to take into account changes in the purchasing power of the local currency during the year. The inflation adjusted financial results therefore represent the main financial statements with historical cost financials provided as supplementary information. FMHL has continued to apply IAS 29 for the year ended 31 December 2022.

Comprehensive income highlightsInflation adjusted Historical cost 31-Dec-2022 31-Dec-2021 31-Dec-2022 31-Dec-2021

ZWL000 ZWL000 ZWL000 ZWL000

Gross Premium Written	76 635 262	49 367 656	55 106 064	11 407 035
Net Premium Earned	59 391 403	37 669 280	39 790 226	8 538 628
Rental income	2 717 705	2 062 419	2 120 545	480 100
Net Investment income	(8 722 804)	8 634 069	8 692 297	3 852 705
Net fair value gains on investment
property	34 116 870	24 465 239	89 043 619	12 942 135
Profit after tax	24 002 705	11 312 550	51 366 735	7 462 947

Financial position and Cashflow highlights

Inflation adjusted

Historical cost

31-Dec-2022 31-Dec-2021 31-Dec-2022 31-Dec-2021

ZWL000 ZWL000 ZWL000 ZWL000

Total assets Total equity

Insurance and Investment contract liabilities

Cash generated from operations

Share performance

Market price per share (cents)

Basic earnings per share (cents)

FINANCIAL PERFORMANCE

167 522 402 123 594 693 164 633 246

67 842 197

Inflation adjusted Historical cost 31-Dec-2022 31-Dec-2021 31-Dec-2022 31-Dec-2021

Statement of comprehensive income

46 802 603 65 925 660

52 653 656

43 407 292 52 653 656

35 211 342

13 976 753

12 618 398

18 334 738

2 404 325

14 028 474

1 024 495

25.60	20.00	25.60	20.00
1 977.98	1 222.57	3 795.37	569.74

During the period under review, Gross Premium Written ("GPW"), at $76.6 billion, grew by 55% in inflation adjusted terms and amounted to $55.2 billion in historical cost terms, reflecting a 384% increase. The growth compared to the same period in prior year arose from the revaluation of insurance policy values to match inflation and exchange rate movements to ensure adequate cover for clients. There was also an increase in the proportion of the USD business being written by the Group, which constituted 55% of the total premium written compared to 51% in the prior year.

The rental income grew by 32% to $2.7 billion in inflation adjusted terms and 341% to $2.1billion in historical cost terms compared to the comparative period. The increase compared to the prior year is due to a combination of the migration to USD leases as well as indexing rentals to market exchange rates. The Group incurred an investment loss of $8.7 billion loss which declined by 201% from an investment income position in the prior period in inflation adjusted terms. The decline in inflation adjusted terms was a result of the lower than inflation growth on the ZSE, particularly following the introduction of measures by the Government to support the local currency and curb speculative behaviour. These measures included a steep rise in interest rates and a 40% capital gains tax on share sales within 270 days from original purchase date.

The Group achieved an overall profit for the period of $24.1 billion which was 112% higher than prior year in an inflation adjusted terms and grew by 588% to $51.4 billion in historical cost terms.

The increase in both the inflation adjusted and historical cost terms is mainly attributable to the rise in gross premium income, rental income, fair value gains on investment properties and an increase in foreign exchange gains.

Statement of financial position

The Group's total assets grew by 36% to $167.5 billion in inflation adjusted terms and 368% to $164.6 billion in historical cost terms compared to 31 December 2021. The growth in both inflation adjusted and historical cost terms was mainly driven by increases in net fair value adjustments on investment properties and current assets including cash and balances with banks. The growth in cash and balances with banks was partly due to currency depreciation as 75% (2021 - 88%) was in United States dollars. These grew by 59% to $16.7 billion in inflation adjusted terms and 446% in historical cost terms.

In recent periods, the investment properties have witnessed significant growth in Zimbabwe dollar values and this was the case for the period under review. The ZWL has seen continual decline in comparison to the USD which has had an impact in the forward-looking information utilised in the valuations by property experts, hence the net fair value gains of $34.1 billion in inflation adjusted terms and $89.1 billion in historical cost. The total value grew by 44% compared to last year in inflation adjusted terms and 395% in historical cost terms.

SUSTAINABILITY

The Group has ensured continual prioritisation of sustainability not only from a risk management perspective but also considering the various aspects in Group operations that include value creation and maximisation, potential growth and compliance with reporting requirements as well as fulfilling the good corporate citizenry mandate as a governance tool. The Group's objective to create sustainable economic value is a pillar of our corporate strategy and core values.

In order to achieve the above, the Group makes an allowance for environmental, social and governance ("ESG") aspects in its strategy. FMHL has also laid out processes to ensure that the impact of sustainability is not only limited to core operations but also stretches to other areas of the business.

FIRST MUTUAL IN THE COMMUNITY

First Mutual Holdings Limited (FMHL) actively contributes to the community in which we operate and continues to provide educational support through the First Mutual Foundation. During the reporting period, the foundation promoted educational access and retention for a total of 84 beneficiaries in 2 primary schools, 23 secondary schools and 2 tertiary institutions. Additionally, FMHL launched the First Mutual Scholarship Fund with Africa University offering support to 6 students, an expansion of the First Mutual Foundation whose main objective is to avail bursaries and ancillary support to school children with multiple vulnerabilities.

To further support the community relations programme and align to the corporate value of CARE, the Group, through its subsidiary First Mutual Health, initiated a maternity bag drive project as part of humanitarian support to 175 disadvantaged expectant mothers with various items in preparation for delivery.

OUTLOOK

Despite the volatile, uncertain and complex economic environment, the various businesses have developed strategies to adapt their operations to achieve real growth in the future. FMHL continues to provide a compelling value proposition to clients through maintaining the relevance in its products and delivering on its promise thus achieving sustainable operations. We will continue to pursue value enhancing initiatives such as investments in real assets in order to preserve and grow the balance sheet in the current hyperinflationary environment.

DIRECTORATE

There were no changes to the directorate during the period under review.

DIVIDEND

On 21 March 2023 the Board resolved that final dividend of $280.2 million (which is made up of ZWL146.3 million and USD146,344) be declared from profits of the Company for the year ended 31 December 2022 in addition to the USD109,758 and ZWL73.2 million paid as an interim dividend. Further details on the payment of the dividend will be communicated in a separate dividend announcement.

APPRECIATION

On behalf of the Board, I would like to thank our clients and stakeholders for their continued support. I also extend my appreciation and gratitude to the FMHL's employees and management for their commitment to serve our clients and ensuring that the businesses continue to adapt to major environmental changes. I am grateful to my fellow board members for their support, including their continued and valuable contributions, their insight and guidance for management as we pursue the realisation of the Group's strategy.

Amos Manzai Chairman

21 March 2023

GROUP CHIEF EXECUTIVE OFFICER'S REVIEW OF OPERATIONS

The year under review consisted of quarters of relative stability intermingled with volatility, including significant depreciation of the local currency, high inflation and increasing use of the USD for transacting purposes. During the second quarter of 2022 the Government implemented policy interventions to enhance confidence in the local currency and curb speculative behaviour. The Group focused on maintaining the relevance of its products in the core pillars of risk management, wealth creation and wealth management. There was an increasing preference by clients for USD priced products in order to ensure that the value of the benefit was retained.

OPERATIONS REVIEW

The commentary below relates to the unconsolidated performance of each business unit in both inflation adjusted and historical cost terms for the period ended 31 December 2022.

LIFE AND HEALTH CLUSTER

First Mutual Life Assurance Company (Private) Limited

Gross Premium ("GPW") for the year to date amounted to $7.9 billion in inflation adjusted terms which was 26% above the prior year and $6.1 billion in historical terms, representing a 381% increase over the prior year. The year-on-year growth was largely driven by the regular revisions in sums assured with the objective of retaining value of policyholder benefits. Growth in premiums from the Retail segment was largely driven by significant growth in USD denominated premiums on the E-FML Gold Funeral Plan. In the Corporate Segment, growth in premiums was attributable to growth in the Group Life Assurance portfolio arising from two fronts; new business development and organic growth. The organic growth stemmed from the effect of employee salary increases, as employers sought to attain the target financial security benefits of this product.

In inflation adjusted terms, the business achieved a profit for the period of $4.8 billion that reflected a decline of 22% compared to the prior year. In historical cost terms, there was an increase in the profit for the period of 1,350% compared to the prior year. The profit after tax growth in historical cost terms was driven by increases in premiums as noted above and fair value gains on investment property.

First Mutual Health Company (Private) Limited

The business achieved GPW of $30.2 billion which represents a growth of 61% compared to prior year in inflation adjusted terms. In historical cost terms, the GPW amounting to $21.9 billion grewby 404% compared to prior year. The growth in premiums was driven by inflation linked reviews of both ZWL and USD premiums in response to increased medical benefits in order to cushion members from the negative impact of shortfalls driven by price increases effected by medical service providers. The business generated a profit for the period of $2.1 billion in inflation adjusted terms, which was 24% below prior year. In historical cost terms, the profit was $4.6 billion which was higher than prior year by 380%. The business implemented a framework that aligned members benefits with premiums in early 2022. The negative outturn in real terms in 2022 of the ZSE following Government policy pronouncements meant to contain speculative activity had a significant negative impact on profit for the period in 2022.

On a related note, the business continued the project to roll-out medical services (clinics, pharmacies, hospitals, dental, optometry, etc) as a long-term strategic priority. Our objective in this space is to complement Government efforts to provide greater access to Zimbabweans to quality healthcare at affordable prices.

GENERAL INSURANCE CLUSTER

NicozDiamond Insurance Limited

The business' GPW grew by 51% to $21.1 billion in inflation adjusted terms and by 372% to $15.5 billion in historical cost terms. The growth was largely as a result of an increase in foreign denominated business, organic growth as well as the review of statutory covers in line with movements in exchange rates and premium reviews for specific accounts mainly driven by unfavourable loss ratios. The business recorded a profit after tax of $1.9 billion, 147% higher than the same period last year in inflation adjusted terms and, in historical cost terms, the profit for the period recorded amounted to $3.3 billion, which was 578% above the prior year amount. The improved performance was mainly driven by a notable growth in net earned premium income which compared favourably to the lower growth on the main expense items, net fair value gains in equities and investment properties in nominal terms.

Diamond Seguros

The business recorded a GPW of $1.9 billion which was 25% above the prior year amount in inflation adjusted terms. In historical terms the GPW recorded was $679 million which was 166% higher in historical cost terms. The growth was a result of continued improvements in broker business following the recapitalisation of the business by the Group in 2021. In Mozambican Metical (MZN) terms, the GPW growth was 21% to MZN 232.6 million compared to MZN 192.5 million for the comparative prior year period.

REINSURANCE CLUSTER

First Mutual Reinsurance Company Limited - Zimbabwe

The GPW increased to $7.8 billion, 128% above prior year in inflation adjusted terms and 686% to $6.2 billion in historical cost terms. The growth was due to a significant part of the premium being written in foreign currency. The increased demand for USD policies led to more business for reinsurers as there was limited USD underwriting capacity at local direct insurers. However, the business incurred a loss for the period of $675.8 million, 155% below the prior year inflation adjusted terms. There was a 1,333% uplift to $757 million, in historical cost terms, due to the growth in revenue and investment income. The losses in inflation adjustments were driven by investment losses in real terms as the ZSE grew at a lower rate than inflation.

FMRE Property and Casualty (Proprietary) Limited - Botswana

GPW for the period went up by 39% to $10.1 billion in inflation adjusted terms and 315% to $6.7 billion in historical cost terms. The year-on-year growth was 19% in Botswana Pula ("BWP"), at BWP241.8 million compared to BWP 203.5 million in prior period. This continued double digit growth was partly attributable to increased in market confidence following the investment by our Botswana based partner, Aleyo Capital, following the conclusion of the capital raising project in December 2021 . This led to improved local and international treaty participation and growth of specialist lines of business under the casualty segment. The BWP stood at 11.07:1 to the USD at the beginning of the year, closing at 12.79:1 by 31 December 2022, losing a value of 15.5% in the process. However, this movement in the rate was still lower than the growth in revenue in both BWP and ZWL terms.

INVESTMENTS CLUSTER

First Mutual Properties Limited

Rental income for the period grew by 41% to $2.8 billion in inflation adjusted terms and by 338% to $2.1 billion in historical cost terms. This was due to migration of a significant portion of the leases from the ZWL to the USD currency while those that were maintained in the local currency were indexed with the movement in the exchange rate. The growth in revenues occurred despite a decrease in the occupancy rate to 86.04% in 2022 compared to 89.33% in 2021. Independent investment property valuations as at 31 December 2022 resulted in fair value gains of $33.5 billion.

First Mutual Microfinance (Private) Limited

Interest income grew by 88% to $724.7 million in 2022 in inflation adjusted terms and by 442% to $504.1 million in historical cost terms. The growth was propelled by increasing market share for the business. The corresponding interest costs amounted to $273.6 million in inflation adjusted terms and $187.1 million in historical costs terms which represented an increase of 51% and 322% respectively, resulting in a net interest income position in either term. However, business incurred an overall loss as it had not attained critical mass. .

First Mutual Wealth Management (Private) Limited

In inflation adjusted terms, the business recorded investment management fees of $494.2 million compared to the comparative period of $356.6 million which represented a growth of 39% as a result of higher funds under management due to increased third party business. Growth of 251% to $322.2 million was realised in historical cost terms mainly due to the increase in funds under management underpinned by the growth on the ZSE All Share Index performance for the year. Funds under management grew by 12% in inflation adjusted terms during the period under review partly as a result of increased support from third party contributions.

HUMAN CAPITAL

As a Group involved in the provision of services, we consider our employees a key success factor in our businesses in a volatile and complex operating environment. Amidst the challenges, our employees have maintained resilience, steadfastness and commitment to serving our clients and other stakeholders as well as implementing our consensus driven strategy. We will ensure that investment in human capital retention and development programs is prioritised on a group-wide scale in order to improve the skills of our staff to align towards future requirements.

LOOKING AHEAD

The existing multi-currency economic environment requires more engagement with customers to maintain the relevance of our products. The solid financial position of the Group, coupled with diversified revenue streams and the growing contribution of regional businesses is expected to contribute towards sustainable growth and value creation for our stakeholders. We will continue investing in technology to improve service delivery channels and product innovations as part of our strategy to meet evolving market requirements.

APPRECIATION

On behalf of First Mutual, I would like to thank all our stakeholders for their continued trust in the Group. We are a reliable partner and remain focused on our customers as we strive to exceed your expectations.

Group Chief Executive Officer 21 March 2023

CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

NoteASSETS

Property, plant and

equipment 5

Investment property 6

Right of use of assets -

IFRS 16 7

Goodwill

Other intangible assets

Investment in subsidiaries 8 Investment in associates Financial assets:

• - Equity securities at fair value through profit

  or loss 9

• - Debt securities at

  amortised cost 10

Investment in Gold coins Deferred acquisition costs Deferred tax asset

Non current assets held for sale Income tax asset

Inventory

Insurance, tenant and

other receivables 11

Cash and cash equivalents 12

TOTAL ASSETSEQUITY AND LIABILITIESEquity attributable to equity holders of the parent

Share capital Share premium Non-distributable reserves

Retained profits

Total equity attributable to equity holders of the parent

Non-controlling interests

Total equity

Liabilities

Life insurance contracts with and without DPF and investment contracts with

DPF liabilities 13

Investment contract

liabilities without DPF 14

Shareholder risk reserves 15

Member assistance fund Borrowings

Put option liability 19

Lease liability - IFRS 16 7

Insurance contract liabilities

- short term 16

Insurance liabilities - life assurance

Share based payment liabilities Other payables 17

Deferred tax

18

Current income tax liabilities

Total liabilitiesTOTAL EQUITY AND LIABILITIESINFLATION ADJUSTEDHISTORICAL COSTINFLATION ADJUSTEDHISTORICAL COST

UNAUDITED GROUP 31-Dec-22 ZWL000 2 347 995 111 434 931 47 789 151 362 43 880 - 1 613 387 17 672 807 2 514 366 276 612 1 327 101 736 564 38 400 11 650 334 558 12 298 352 16 672 649	UNAUDITED GROUP 31-Dec-22 ZWL000 708 321 111 434 931 47 789 151 362 6 756 - 1 061 625 17 672 807 2 514 366 276 612 976 172 702 885 38 400 11 650 170 618 12 186 300 16 672 649	UNAUDITED COMPANY 31-Dec-22 ZWL000 21 396 1 180 800 347 904 - - 34 052 317 23 589 534 135 53 922 - - - - 12 377 246 097 126 022	UNAUDITED COMPANY 31-Dec-22 ZWL000 2 861 1 180 800 102 449 - - 31 824 110 7 207 534 135 53 922 - - - - 1 970 246 097 126 022
167 522 403	123 594 693	164 633 243	35 211 342	36 598 559	26 152 283	34 079 573
414 347 8 309 533 ( 672 818) 28 734 153	414 347 8 309 533 2 572 469 14 900 761	54 878 39 417 2 589 975 34 273 566	54 878 39 417 489 882 7 408 909	414 347 8 309 533 147 573 27 144 309	414 348 8 309 533 147 573 16 695 242	54 878 39 417 345 33 402 136
36 785 215 31 056 982	26 197 110 20 605 493	36 957 836 28 967 824	7 993 086 5 983 667	36 015 762 -	25 566 696 -	33 496 776 -
67 842 197	46 802 603	65 925 660	13 976 753	36 015 762	25 566 696	33 496 776
49 413 258 3 240 398 304 754 9 041 1 680 523 3 221 553 124 384 20 581 015 334 313 217 205 5 376 975 14 773 697 403 090	37 630 196 5 777 096 - 31 100 573 522 1 954 261 51 722 15 228 978 374 097 917 516 2 653 896 11 268 557 331 149	49 413 258 3 240 398 304 754 9 041 1 680 523 3 221 553 124 384 19 525 750 334 313 217 205 5 262 258 14 971 056 403 090	10 939 010 1 679 388 - 9 041 166 721 568 099 15 036 3 357 032 108 749 266 720 770 251 3 258 278 96 264	- - - - - 255 322 - - 70 218 257 257 - -	- - - - - - 104 266 - - 329 693 151 628 - -	- - - - - 255 322 - - 70 218 257 257 - -
99 680 206	76 792 090	98 707 583	21 234 589	582 797	585 587	582 797
167 522 403	123 594 693	164 633 243	35 211 342	36 598 559	26 152 283	34 079 573

2 861

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2022

UNAUDITED COMPANY 31-Dec-21 ZWL000

Gross premium written Reinsurance

Net premium written Unearned premium reserve Net premium earned Rental income

2 210 - 23 124 - - 7 425 259 4 144

Fair value adjustments - investment property Net investment income

1 180 800

Interest income from investments Interest income from microfinance Fee income:

- Insurance contracts

102 449 - - 31 824 110 7 207

- Investment contracts Other income

Foreign currency exchange gain/(loss) Monetary loss - IAS29

Total income

EXPENDITURE

Pension benefits

Insurance claims and loss adjustment expenses

534 135

310 771 23 635 - -

Insurance claims and loss adjustment expenses recovered from reinsurers Net insurance benefits and claims

53 922

Movement in insurance contract liabilities Movement in shareholder risk reserve Investment loss on investment contract liabilities Interest expenses from microfinance

-

Acquisition of insurance and investment contracts expenses Administration expenses

Allowance for expected credit losses Finance cost

246 097

126 022

1 970

- -

UNAUDITED 31-Dec-22 ZWL000 76 635 262 ( 17 857 492)	UNAUDITED 31-Dec-22 ZWL000 55 106 064 ( 13 319 429)
58 777 770 613 633 59 391 403	38 618 770 ( 949 490) 37 669 280	41 786 635 ( 1 996 409) 39 790 226
2 717 705 34 116 870 ( 8 722 804) 1 427 712 724 767 1 037 366 67 796 1 739 021 5 831 923 ( 927 348)	2 062 419 24 465 239 8 634 069 219 683 386 377 1 550 646 46 168 814 396 876 301 ( 2 970 171)	2 120 545 89 043 619 8 692 297 704 915 504 012 827 974 66 530 1 141 899 4 329 342 -
97 404 411	73 754 407	147 221 359
( 1 463 562) ( 33 649 408) 2 330 272	( 1 291 525) ( 23 558 279) 2 446 743	( 1 202 530) ( 24 566 244) 1 807 524
( 32 782 698)	( 22 403 061)	( 23 961 250)
( 11 783 062) 408 537 598 933 ( 273 622) ( 5 005 516) ( 19 612 036) ( 759 557) ( 18 025)	( 12 741 323) - ( 3 615 232) ( 141 786) ( 3 313 674) ( 14 056 371) ( 623 170) ( 5 536)	( 38 681 744) ( 97 258) ( 1 561 010) ( 187 086) ( 3 554 657) ( 14 917 425) ( 759 557) ( 11 731)
( 69 227 046)	( 56 900 153)	( 83 731 718)
28 177 365 ( 96 646)	16 854 254 13 211	63 489 641 ( 33 039)
28 080 719 ( 4 078 014)	16 867 465 ( 5 416 379)	63 456 602 ( 12 089 867)
24 002 705	11 451 086	51 366 735
( 1 070 279) 283 191	( 628 496) 49 224	3 512 167 134 992
( 787 088)	( 579 272)	3 647 159
23 215 617	10 871 814	55 013 894
9 796 171 14 206 534	2 571 391 8 879 695	24 251 726 27 115 009
24 002 705	11 451 086	51 366 735
10 282 697 12 932 920	2 611 717 8 260 097	23 827 114 31 186 780
23 215 617 1 956 1 956 1 906 1 906	55 013 894 3 733 3 733 3 649 3 649

HISTORICAL COST UNAUDITED UNAUDITED 31-Dec-21 ZWL000

INFLATION ADJUSTED

Note 20 20

55 106 064

11 407 035 ( 2 489 181)

41 786 635

8 917 854 ( 379 226)

39 790 226

8 538 628

2 120 545

480 100

89 043 619

12 942 135

21 21

8 692 297

3 852 705

704 915

57 556

504 012

92 960

827 974

324 142

66 530

10 968

1 141 899

158 690

4 329 342 -

204 516 -

147 221 359

26 662 400

22 22 22 22

( 310 010)

• ( 5 458 563)

  1 807 524

  594 827

• ( 5 173 746)

• ( 6 445 136)

• ( 1 223 438)

  ( 34 842)

  ( 777 361)

• ( 3 158 796)

  ( 181 154)

  ( 1 321)

- - 455 117 612 47 994

Total expenditure

Profit before share of (loss)/profit of associate Share of (loss)/profit of associate

Profit before income tax

Income tax expense

Profit for the period

34 079 573

( 16 995 794)

63 489 641

9 666 606

33 647

63 456 602

9 700 253

( 2 237 306)

51 366 735

7 462 947

7 955 204

Other comprehensive income/(loss)

Other comprehensive income/(loss) to be reclassified to statement of comprehensive income in subsequent period

Exchange gain/(loss) on translating foreign operations Share of other comprehensive income

Other comprehensive income/(loss) to be reclassified to statement of comprehensive income in subsequent periods

54 878

3 512 167 134 992

( 44 246)

14 309

3 647 159

( 29 937)

54 878

Total comprehensive profit for the period

39 417

55 013 894

7 433 010

39 417

345

345

Profit attributable to:

33 402 136

7 690 335

Non-controlling interest Equity holders of the parent

Profit for the period

33 496 776 - 33 496 776

7 784 975 - 7 784 975

Comprehensive income attributable to: Non-controlling interest

Equity holders of the parent

Total comprehensive income for the period

24 251 726

3 324 864

27 115 009

4 138 083

51 366 735

7 462 947

23 827 114 31 186 780

3 355 951

4 077 059

55 013 894

7 433 010

Basic earnings per share (cents) 3 733 570

Diluted earnings per share (cents) 3 733 569

Headline earnings per share (cents) 3 649 565

Diluted headline earnings per share (cents) 3 649 564

-

-

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 DECEMBER 2022

- - - -- - - -

INFLATION ADJUSTED

HISTORICAL COST

34 079 573

Profit before income tax

255 322

30 310

Total non- cash and separately disclosed items Operating cash flows before working capital changes Working capital changes

-

-

- 70 218

-

Cash generated from operations Finance costs on lease liability Cash settled share based payments Interest received

95 841

582 797

257 257 -

44 078 -

Interest paid Tax paid

Net cash flows generated from operating activities

Net cash flow generated from/(used in) investing activities Net cash flow used in financing activities

-

-

Net increase in cash and cash equivalents

170 229

Cash and cash equivalents at the beginning of the year

Effects of exchange rate changes on cash and cash equivalents Effects of inflation on cash and cash equivalents

7 955 204

Cash and cash equivalents at the end of the period

AUDITED 31-Dec-22 ZWL000 28 080 719 ( 14 095 225)	UNAUDITED 31-Dec-22 ZWL000 63 456 602 ( 53 715 042)
13 985 494 4 349 244	5 048 390 ( 2 644 065)	9 741 560 4 286 914
18 334 738 ( 18 025) ( 123 880) 1 427 712 ( 194 757) ( 1 319 783)	2 404 325 ( 5 536) ( 509 457) 219 683 ( 48 354) ( 135 294)	14 028 474 ( 11 731) ( 121 451) 704 915 ( 126 373) ( 727 153)
18 106 005 ( 9 120 435) 878 947	1 925 368 748 793 454 567	13 746 680 ( 5 015 145) 903 324
9 864 517	3 128 729	9 634 860
10 505 204 7 252 965 ( 10 950 037)	9 190 475 ( 2 143 189) 329 189	3 053 840 3 983 949 -
16 672 649	10 505 204	16 672 649

UNAUDITED 31-Dec-21 ZWL000

63 456 602	9 700 253
(8 205 146)
9 741 560	1 495 107
4 286 914	(470 612)
14 028 474	1 024 495
(1 321)
(136 224)
704 915	57 556
(14 056)
(30 488)
13 746 680	899 962
156 902
903 324	100 259
9 634 860	1 157 124
3 053 840	1 659 410
3 983 949	237 304
-	-
16 672 649	3 053 838

• -

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE ENDED 30 DECEMBER 2022

INFLATION ADJUSTED

As at 1 January 2021	153 939
Restated as at 1 January 2021	153 939
Profit for the year	-
Other comprehensive (loss)/income	-
Total comprehensive (loss)/income	-
Transactions with shareholders in their
capacity as owners
Issue of shares	260 408
- share options	39 621
Issue of shares	220 787
Issue of Diamond Seguros shares to non-
controlling interest	-
Acquisition of non-controlling interest in
Diamond Seguros	-
Acquisition of FMRE Holdings shares by non-
controlling interest	-
Dividend declared and paid	-
As at 30 December 2021	414 347
As at 1 January 2022	414 347
Profit for the year	-
Other comprehensive income	-
Total comprehensive income	-
Transactions with shareholders in their
capacity as owners
FMP redemption of shares	-	-
FMP treasury shares	-	-
Remeasurement of Put option liability	-	-
Reclassification of NCI to put option
Dividend declared and paid	-	-
As at 31 December 2022	414 347	8 309 533
HISTORICAL COST
Share	Share
capital	premium
reserves
ZWL000	ZWL000
As at 1 January 2021	727	39 417
Restated as at 1 January 2021	727	39 417
Profit for the year	-	-
Other comprehensive (loss)/income	-	-
Total comprehensive (loss)/income	-	-
Transactions with shareholders in their
capacity as owners
Issue of shares	54 151	-
- share options	216	-
-issue of shares	53 935	-
Issue of Diamond Seguros shares to non-
controlling interest	-	-
Acquisition of non-controlling interest in
Diamond Seguros	-	-
Acquisition FMRE Holdings shares by non-
controlling interest	-	-
Dividend declared and paid	-	-
As at 30 December 2021	54 878	39 417
As at 1 January 2022	54 878	39 417
Profit for the year
Other comprehensive income
Total comprehensive income	-	-
Transactions with shareholders in their
capacity as owners
FMP redemption of shares
FMP treasury shares	-	-
Reclassification of NCI to put option liability	-	-
Remeasurement of Put option liability	-	-
Dividend declared and paid	-	-
As at 31 December 2022	54 878	39 417

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.1 Statement of compliance

The Group's Abridged financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34,

Interim Financial Reporting", as issued by the International Accounting Standards Board ("IASB"), International Financial Reporting Committee Interpretations ("IFRIC") as issued by the International Financial Reporting Interpretations Committee ("IFRS IC") and in a manner required by the Zimbabwe Companies and Other Business Entities Act (Chapter 24:31). The financial statements are based on statutory records that are maintained under the historical cost convention except for investment properties, equity securities at fair value through profit or loss and insurance and investment contract liabilities that have been measured on a fair value basis. For the purpose of fair presentation in accordance with IAS 29 "Financial Reporting in Hyperinflationary Economies", this historical cost information has been restated for changes in the general purchasing power of the Zimbabwe Dollar and appropriate adjustments and reclassifications have been made. Accordingly, the inflation adjusted financial statements represent the primary financial statements of the Group and Company and historical information is supplementary.

• 2.2 Accounting policies

  The accounting policies applied in the reviewed abridged financial results are consistent with the accounting policies in the prior year financial statements.

• 2.3 Inflation adjusted

  IAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of a measuring unit current at the balance sheet date, and that corresponding figures for previous periods be stated in the same terms to the latest balance sheet date. The restatement has been calculated by means of conversion factors derived from the month-on-month consumer price index ("CPI") prepared by the Zimbabwe Statistical Agency. The conversion factors used to restate the financial statements at 31 December 2022 are as follows:

  Date	CPI	Conversion factor
  31 December 2021	3,977.50	3.44
  31 December 2022	13,673.91	1

  All items in the income statements are restated by applying the relevant monthly conversion factors.

• 3 Functional and presentation currencya) Functional and presentation currency

  Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"). The financial statements are presented in the ZWL which is the Company and the Group's functional and presentation currency.

  b) Currency developments in Zimbabwe

  On 20 February 2019, the Reserve Bank of Zimbabwe ("RBZ") Governor announced a new Monetary Policy Statement ("MPS") whose highlights were:

  • • Denomination of Real Time Gross Settlement ("RTGS") balances, bond notes and coins collectively as RTGS dollars ("RTGS$"). RTGS$ become part of the multi-currency system.

  • • RTGS$ to be used by all entities (including government) and individuals in Zimbabwe for purposes of pricing of goods and services, record debts, accounting and settlement of domestic transactions.

  • • Establishment of an inter-bank foreign exchange market where the exchange rate will be determined by market forces. The interbank market opened trading at a rate of USD1 to RTGS$ 2.5

  The MPS announcement was followed by the publication of Statutory Instrument ("SI") 33 of 2019 on 22 February 2019. The SI gave effect to the Introduction of the RTGS$ as legal tender and prescribed that "for accounting and other purposes" certain assets and liabilities and the effective date would be deemed to be RTGS$ at a rate of 1:1 to the USD and would become opening RTGS$ values from the effective date.

  On 24 June 2019 another SI 142 was issued resulting in the abolishment of the multicurrency regime and introducing the ZWL as a mono-currency or sole tender. The ZWL was introduced at par with the RTGS$.

  On 26 March 2020, in response to the COVID-19 induced national lockdown, the RBZ announced the authorisation of the use of free funds in payment of goods or services. In the same announcement, the interbank foreign exchange was fixed at USD1:ZWL25.

  On 23 June 2020, the RBZ introduced Dutch foreign exchange auction system, resulting in the free float of the exchange rate. The quoted exchange rates is determined as a weighted average of the bids on the auction.

  On 24 July 2020, the Government of Zimbabwe issued SI 185 of 2020 which granted permission to providers of goods and services to display dual prices, in ZWL and USD.

  NOTES TO THE FINANCIAL STATEMENTS

  FOR THE YEAR ENDED 31 DECEMBER 2022

  1

  Corporate information

  The main business of First Mutual Holdings Limited ("the Company") and its subsidiaries (together the "Group") is that of provision of life and funeral assurance, health insurance, short term insurance, reinsurance, property management and development, wealth management, micro lending, funeral services and health services. First Mutual Holdings Limited is a public company, incorporated and domiciled in Zimbabwe whose shares are publicly traded on the Zimbabwe Stock Exchange.

  The ultimate parent of the Company is National Social Security Authority ("NSSA") which owns 65.47% (2021: 65.53%) directly and an additional 7.10% (2021: 7.10%) indirectly through Capital Bank Limited (under liquidation). NSSA owns 84% (2021: 84%) of Capital Bank Limited. The registered office is located at Second Floor, First Mutual Park, 100 Borrowdale Road, Borrowdale, Harare, Zimbabwe.

  The consolidated historical and inflation adjusted financial statements of the Company and the Group for the year ended 31

  December 2022 were authorised for issue in accordance with a resolution of the Directors at a meeting held on 21 March 2023.

  On 4 of April 2022, the Central Bank advised of the introduction of the Willing Buyer Willing Seller rate (WBWS) also known as the interbank rate per the Monetary Policy Committee meeting of 1 April 2022. Transactions were initially capped at US$1000 per day. This was further revised on 7 May 2022 to an effective maximum of US$10,000 per week per individual. The WBWS market has seen the introduction of a second official foreign exchange market. The rate has been adopted for official transactions such as payment of duty and liquidation of surrender portions for exporters. From the onset, the WBWS determined exchange rates have seen the narrowing of the spread between the official and parallel market rates. On 27 June 2022, the government of Zimbabwe through the Ministry of Finance announced new measures to help curb the continual rise in inflation and bring in economic stability. These included legalising the use of the USD as the legal tender for the next five years till 2025. This announcement was passed as law on 28 June 2022, through Statutory Instrument 118A of 2022 (S.I 118A of 2022). The S.I noted that the pricing of goods and services should not be done at a ZWL to the USD rate that is in excess of 10% of the interbank rate as set by the government.

• 4 Audit opinion

  The audit of the Group is incomplete pending the finalisation of the Insurance and Pension Commission forensic investigation currently underway at one of the Group's significant subsidiaries, First Mutual Life Assurance Company.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

INFLATION ADJUSTED

UNAUDITED GROUP 31-Dec-22 ZWL000 1 649 427 1 108 834 (6 243) (404 023)	UNAUDITED GROUP 31-Dec-22 ZWL000 140 853 610 928 (887) (42 573)	UNAUDITED COMPANY 31-Dec-22 ZWL000 23 313 1 109 - (3 026)	UNAUDITED COMPANY 31-Dec-22 ZWL000 2 210 747 - (96)
2 347 995	1 649 427	708 321	140 853	21 396	23 313	2 861
77 423 908 150 263 (217 710) (38 400) 34 116 870	52 886 479 72 190 - - 24 465 239	22 506 950 82 790 (160 028) (38 400) 89 043 619	9 549 054 15 761 - - 12 942 135	- 1 686 397 (293 760) - (211 837)	- - - - -	- 1 074 138 (272 000) - 378 662
111 434 931	77 423 908	111 434 931	22 506 950	1 180 800	-	1 180 800

2 210 747 -

HISTORICAL

INFLATION ADJUSTED

HISTORICAL	INFLATION ADJUSTED	HISTORICAL	INFLATION ADJUSTED	HISTORICAL
UNAUDITED UNAUDITED	UNAUDITED UNAUDITED	UNAUDITED UNAUDITED	UNAUDITED UNAUDITED	UNAUDITED UNAUDITED
COMPANY COMPANY	GROUP GROUP	GROUP GROUP	COMPANY COMPANY	COMPANY COMPANY
31-Dec-21	31-Dec-22 31-Dec-21	31-Dec-22 31-Dec-21	31-Dec-22 31-Dec-21	31-Dec-22 31-Dec-21
ZWL000	ZWL000 ZWL000	ZWL000 ZWL000	ZWL000 ZWL000	ZWL000 ZWL000

• 5 Property, vehicles and equipment

  At 1 January

  Additions

  Disposals

  Depreciation charge and

  disposal

  Closing balance

• 6 Investment property

  At 1 January

  Additions

  Disposal or transfer to

  Subsidiaries

  Transfer to Non-current asset

  held for sale

  Fair value adjustments Closing balance

  169 2 082 (74)

  2 861

  33 2 210

  - 1 074 138

  - --- 378 662 1 180 800

  - - -The Group's fair values of its investment properties are based on valuations performed by Knight Frank Zimbabwe an accredited independent valuer. Knight Frank is a specialist in valuing these types of investment properties and has recent experience in the location and category of the investment properties being valued. The valuations are based upon assumptions on future rental income, anticipated maintenance costs, future development costs and the appropriate discount rate. Where the market information is available, the valuers make use of market information from transactions of similar properties . Significant judgements were applied as at 31 December 2022 as a result of the uncertainties resulting from the hyperinflationary economic environment, currency shifts, excessive market volatility and lack of recent transactions conducted in ZWL.

• 7 Leases

  Right of use assets

  As at 1 January

  Addition

  Modification

  Depreciation charge for

  the year

  Exchange rate effects Closing balance

  Lease liability

  Current

  Non-current Closing balance

• 8 Investment in subsidiaries

  First Mutual Microfinance

  (Private) Limited

  First Mutual Life Assurance

  Company (Private) Limited

  First Mutual Health Company

  (Private) Limited

  First Mutual Reinsurance

  Company (Private) Limited

  FMRE Property & Casualty

  (Proprietary) Limited

  First Mutual Wealth

  Management (Private) Limited

  NicozDiamond Insurance

  Limited

  Total

• 9 Financial assets at fair value through profit or loss

  At 1 January

  Purchases

  Disposals

  Fair value gain on unquoted

  investments

  Fair value gain on quoted

  equities

  Closing balance

• 10 Debt securities at amortised cost

  At 1 January

  Purchases

  Maturities

  Monetary loss adjustment Closing balance

• 11 Insurance, tenant and other receivables

  Insurance receivables

  Tenant receivables

  Amounts due from Group

  companies

  Other receivables Total

• 12 Cash and balances with banks

  Money market investments

  with original maturities less

  than 90 days

  Cash at bank and on hand Cash and balances with banks

• 13 Life insurance contracts and investment contracts with Discretionary Participating Features ("DPF") liabilities

  At 1 January

  Movement for the year Closing balance

48 046 70 708 - (30 886) (40 079)	13 967 38 957 - (17 017) 11 882	200 517 - 226 050 (78 663) -	23 124 - 102 490 (23 165) -
47 789	48 046	47 789	13 967	347 904	200 518	102 449
1 713 122 671	9 147 42 575	1 713 122 671	1 654 13 382	4 295 251 027	9 307 94 959	4 295 251 027
124 384	51 722	124 384	15 036	255 322	104 266	255 322
- - - - - - -	- - - - - - -	- - - - - - -	- - - - - - -	157 859 19 033 206 5 032 404 868 373 1 944 458 231 509 6 784 508	78 176 13 072 213 3 505 681 2 020 828 1 728 689 224 088 3 549 008	104 603 18 206 148 4 427 245 927 000 1 944 458 213 764 6 000 892
-	-	-	-	34 052 317	24 178 683	31 824 110
21 099 593 4 251 429 (288 162) 305 712 (7 695 765)	11 792 310 1 222 696 (1 667 995) 485 506 9 267 076	6 133 603 2 342 385 (158 767) 2 066 947 7 288 639	2 129 191 275 532 (375 878) 312 376 3 792 382	1 069 054 1 958 (47 549) - (489 328)	625 976 - (199 495) - 642 571	310 771 1 349 (23 605) - 245 620
17 672 807	21 099 593	17 672 807	6 133 603	534 135	1 069 052	534 135
642 096 4 402 465 (177 671) (2 352 524)	456 707 530 804 (68 433) (276 982)	186 656 2 425 600 (97 890)	82 462 119 615 (15 421)	81 304 41 670 (13 702) (55 350)	- 91 338 - (10 034)	23 635 37 540 (7 253) -
2 514 366	642 096	2 514 366	186 656	53 922	81 304	53 922
7 898 519 493 841 - 3 905 992	4 422 052 309 978 - 4 781 123	7 898 519 493 841 - 3 793 940	1 285 480 90 110 - 1 262 356	- - 115 998 130 099	- - 74 124 330 461	- - 115 998 130 099
12 298 352	9 513 153	12 186 300	2 637 946	246 097	404 585	246 097
8 733 508 7 939 141	3 655 202 6 850 002	8 733 508 7 939 141	1 062 559 1 991 279	106 708 19 314	835 164 264	106 708 19 314
16 672 649	10 505 204	16 672 649	3 053 838	126 022	165 099	126 022
37 630 196 11 783 062	24 888 873 12 741 323	10 939 010 38 474 248	4 493 874 6 445 136	- -	- -	- -
49 413 258	37 630 196	49 413 258	10 939 010	-	-	-

23 124

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

• 14 Investment contract liabilities without DPF

  At 1 January

  Movement for the year Closing balance

• 15 Shareholder risk reserve

  At 1 January

  Movement for the year Closing balance

• 16 Insurance contract liabilities - short term

  Outstanding claims

  Reinsurance

  Losses incurred but not

  reported

  Members savings pot

  Premium received in advance

  Unearned premium reserve

  Commissions

  Total

• 17 Other payables

  Other payables

  Provisions

  Payroll and statutory payables

  2 809 - 26 619

  Accrued expenses

  Trade payables

  102 490

  Property business related

  liabilities

  (6 304)

  Amounts due to group

  -

  - 23 124

  companies

  102 449

  Total

• 18 Deferred income tax

  4 295 251 027

  1 683

  At 1 January

  28 627

  Recognised through statement

  255 322

  30 310

  of comprehensive income Total

• 19 Put option liability

  104 603

  10 409

  At 1 January

  Initial recognition

  18 206 148

  3 464 343

  Reclassification from non-

  controlling interest

  4 427 245

  960 999

  Remeasurement loss

  927 000

  595 114

  Monetary gain adjustment Closing balance

  1 944 458

  576 820

• 20 Net premium written

  Pension and savings business

  213 764

  58 563

  Life assurance

  Health insurance

  31 824 110

  6 000 892

  7 425 259

  1 759 011

  Property and casualty Gross premium written Less: Reinsurance

  Net premium written

  310 771 1 349

  113 025 - (54 068)

• 21 Net investment income

  Dividend received

  Fair value gain on unquoted

  equities at fair value through

  -

  -

  profit or loss

  Fair value gain on investment

  245 620 534 135

  251 814 310 771

  gold

  Investment expenses

  Other investment expenses

  Fair value gain on quoted

  equities at fair value through

  23 635

  - 23 635 - - 23 635

  profit or loss

  37 540

  -

  Total investment income before interest income Interest income

  53 922

  Total net investment income

  - -- -

• 22 Net insurance claims and benefits

  Insurance claims and loss

  adjustment expenses:

  115 998

  13 404

  Health insurance

  130 099

  104 208

  Life assurance

  246 097

  117 612

  Property and casualty

  Total insurance claims and loss adjustment expenses

  Less: Insurance claims and

  benefits expenses recovered

  from reinsurers

  106 708

  151 47 843

  Net total insurance claims

  19 314

  expense

  Pensions benefits

  126 022

  47 994

  Net insurance claims and

  benefits

• 23 COBE Act (24:31) and IFRS mandatory disclosures

  Staff costs

  Directors' fees

- - -- - -

- Holding company

- Group companies

Depreciation of property,

vehicles and equipment

Audit fees

SEGMENTAL RESULTS AND ANALYSIS

FOR THE YEAR ENDED 31 DECEMBER 2022

INFLATION ADJUSTEDAs at 31 December 2022

Net Premium Earned Rental income

Fair value adjustments on investment property Investment income Monetary gain/loss, fee and other income

Total income

Total expenses

Profit before income tax

Income tax expense

Deffered acquisition costs

Total assets

Movement in insurance contract liabilities

Movement in investment contract liabilities

Total liabilities

Cash flows from operating activities

Cash flows generated from/ (utilised in) investing activities

Cash generated from/(utilised in) financing activities

As at 31 December 2021

Net premium earned Rental income

Fair value adjustments on investment property Investment income Monetary gain/loss, fee and other income

Total income

Total expenses

Profit/(loss) before income tax

Income tax expense

Deffered acquisitions costs

Total assets

Movement in insurance contract liabilities

Movement in investment contract liabilities

Total liabilities

Cash flows from operating activities

Cash flows generated from/ (utilised in) investing activities

Cash generated from/(utilised in) financing activities

Life ZWL000

Property and Casualty ZWL000

Health ZWL000

7 848 392 21 454 679 30 227 155

• - 161 898

• - 1 946 769

13 741 508 3 025 787

-- 33 698 771

799 727 (1 222 865)

Property ZWL000 - 2 852 757

Other ZWL000 - -

399 559 687 121

- 6 646 708

761 199

5 332

3 389 605

24 615 687 25 124 272 29 009 622 37 638 208 10 036 313

(19 886 592) (20 682 166) (26 623 123) (2 780 759) (3 116 384)

5 155 881 -2 049 255 -

2 144 652 34 927 756

5 374 (1 291 532)

• - (2 974 791)

-

-7 186 832 - 738

-1 327 101

-

-74 810 120 35 158 964 11 184 114 112 880 910 41 295 092

-

-(11 783 474)

-412 -598 933 -- -55 776 915 23 574 037

4 373 255 13 186 294

( 305 559)

--

-- -4 894 395 12 915 048

2 247 417

776 513

(173 068)

- (11 783 062)

1 965 645

(353 156)

• - 75 092

• - (440 703)

6 455 796 2 088 522

4 379 722

6 338 813 -

- (5 483 055)

2 604 474

(141 149)

3 056 014 1 775 688

10 509 963

6 477 436 11 170 515 (4 861 662)

(8 777 027) (3 370 474) (6 730 799)

2 172 691

2 055 662

(29 320)

(245 818)

-

837 051

72 201 298 28 259 542

(12 741 323)

-(3 615 232)

-47 564 299 19 354 698

-- -- -

- - 4 772 882

( 320 445)

970 030

(308 957)

1 431 391

( 264 131) (1 157 104)

- 714 745

25 709

- 7 452 431

(119 061)

435 109

7 887 540

(556 258) (1 126 776)

4 439 715 (5 417 921)

6 763 527

• - 2 984 229

-

-7 429 507 72 739 479 78 785 812

-

-

4 980 545

-- 3 244 238

- 3 737 357

8 530 330

776 441

1 316 893

69 098

(683 110)

82 850

268 607

34 549

(78 910)

626 743

(2 676)

9 648 218

(505 082)

(76 708)

(41 175)

-

- -

- -- --

-

Gross Figures ZWL000 59 530 226 3 014 655 35 645 540 20 364 637 7 869 044	Total Consolidated ZWL000 59 391 403 2 717 705 34 116 870 (7 295 092) 8 473 525
126 424 102	( 29 019 691)	97 404 411
(73 089 024) 23 589 (4 260 211) 1 327 101 275 329 200 (11 783 062) 598 933 101 933 277 20 456 552 1 420 320 (13 557 453) 12 684 180 789 837 (5 923 758) 19 594 424 4 039 109	3 861 978 28 057 130 182 197 - (107 806 797) - - (2 253 071) ( 2 350 547) ( 10 540 755) 14 436 400 24 985 100 1 272 582 30 388 997 ( 10 740 672) ( 3 335 392)	(69 227 046) 28 080 719 (4 078 014) 1 327 101 167 522 403 (11 783 062) 598 933 99 680 206 18 106 005 ( 9 120 435) 878 947 37 669 280 2 062 419 24 465 239 8 853 752 703 717
31 183 792	42 570 615	73 754 407
(20 561 334) 10 013 673 2 709 090 837 051 259 415 639 (12 741 323) (3 615 232) 78 881 136 10 009 652 933 839 9 022 577	(56 900 153) 16 728 929 (5 416 379) 837 051 123 594 693 (12 741 323) (3 615 232) 76 792 090 1 925 369 748 793 454 567

454 567

SEGMENTAL RESULTS AND ANALYSIS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2022

HISTORICAL COSTTotal Consolidated

837 051 123 594 693

ZWL000 59 391 403 2 717 705

As at 31 December 2022

Net premium earned Rental income

34 116 870

Fair value adjustments on investment property Investment income Fee and other income

8 473 525

Life ZWL000

Property and Casualty ZWL000

Health ZWL000

6 038 638 11 892 174 21 935 900

• - 266 725

  -

  Property ZWL000 - 2 066 034

  Other ZWL000 - -

• - 6 184 338

- 87 831 500

54 498 373 1 332 520

1 891 371 462 639

1 275 461 210 670

66 600 22 744 346

434 859

2 367 892

Total income

97 404 411

61 869 531 20 697 247 23 422 031 90 398 993 25 112 238

Total expenses

Profit before income tax

28 080 719

(47 195 965) (14 991 017) (18 773 162) (2 138 461) (2 195 930)

14 672 095

7 335 312

Income tax expense

Deffered acquisition costs

1 327 101 167 522 403

( 279 736) ( 2 478 400)

4 592 327 89 541 416 23 408 102

-976 172

-- ( 9 335 970)

-- -

Total assets

Movement in insurance contract liabilities

Movement in investment contract liabilities

598 933

73 966 076 33 779 661 10 359 980 112 481 286 78 378 293

(38 681 744)

-( 1 561 010)

-

Total liabilities

99 680 206

55 759 927 22 634 799

Cash flows from operating activities

18 106 005

-

--

-4 894 395 12 631 105

1 233 068

73 754 407

Cash flows generated from/ (utilised in) investing activities

Cash generated from/(utilised in) financing activities

878 947

76 792 090

As at 31 December 2021

37 669 280 2 062 419

Net premium earned Rental income

24 465 239 8 853 752

Fair value adjustments on investment property Investment income Fee and other income

703 717

16 728 929

Total income

Total expenses

Profit before income tax

Income tax (expense)/credit

Deffered acquisitions costs

Total assets

Movement in insurance contract liabilities

Movement in investment contract liabilities

Total liabilities

Cash flows from operating activities

1 925 369

7 265 176

4 729 876

30 968

748 793

Cash flows generated from/ (utilised in) investing activities

Cash utilised in financing activities

427 831

30 048

-

( 1 223 438)

-(288 132)

537 146

( 6 445 136)

1 138 278

1 719 809

• - 20 777

• - 34 193

1 969 985 159 909

(2 354 723)

• - 190 173

• - 360 769

838 614 45 675

1 033 131 18 415

2 667 040

12 714 078

2 077 537

2 771 355

(905 881) (1 834 723)

312 027 303 818

2 111 562

( 329 178)

(118 632)

( 211 619)

-5 392 12 357

568 691

(151 743)

837 977

930 791

953 651 959 534

- 9 249 054

412 982 351 929

162 030

-

6 164 009

2 107 827 21 008 972

--5 838 670

1 830 216

954 860

361 378

20 012

( 780)

51 710

9 848

735 398 ( 138 116)

( 21 511)

( 22 809)

- 981 254

34 692 ( 160 650)

-

-

2 517 086

6 675 479

2 210 522

2 205 512

2 385 447 131 639

1 534 452

4 772 671

(311 162)

(637 523)

( 15 116)

172 019

- 503 965

788 645

-

-- ---

Gross Figures ZWL000 39 866 712 2 332 759 94 015 838 80 476 151 4 808 580	Total Consolidated ZWL000 39 790 226 2 120 545 89 043 619 9 397 212 6 869 757
221 500 040	(74 278 681)	147 221 359
(85 294 534) 139 549 252 (12 094 106) 976 172 308 965 295 (38 681 744) (1 561 010) 100 692 897 14 433 394 1 158 860 (1 137 274) 3 395 233 210 950 394 962 6 232 569 367 995	1 562 816 (76 092 650) 4 239 - (144 332 052) - - (1 985 314) ( 686 714) (6 174 005) 2 046 802 5 143 395 269 150 12 547 173 (2 322 308) 423 281	(83 731 718) 63 456 602 (12 089 867) 976 172 164 633 243 (38 681 744) (1 561 010) 98 707 583 13 746 680 (5 015 145) 909 528 8 538 628 480 100 12 942 135 3 910 261 791 276
10 601 709	16 060 691	26 662 400
(5 558 232) 4 814 963 4 663 780 162 030 45 205 341 (6 445 136) (1 223 438) 21 868 183 3 301 842 230 780 559 875	(16 995 794) 9 700 253 (2 237 306) 162 030 35 211 342 (6 445 136) (1 223 438) 21 234 589 899 962 156 902 100 259

147 221 359

Total Consolidated

ZWL000 39 790 226 2 120 545

89 043 619

9 397 212

6 869 757

63 456 602

976 172 164 633 243

98 707 583

909 528

8 538 628 480 100

12 942 135

3 910 261

791 276

26 662 400

9 700 253

162 030 35 211 342

21 234 589

899 962

156 902

100 259