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Fidelity set to develop 5,800 stands
12/03/2014 00:00:00
by Business Reporter

FIDELITY Life Assurance Limited is targeting to develop over 5,800 stands at Southview Park Along Masvingo Road, management has revealed.

The company recorded a 23 percent increase in gross premiums to US$10,8 million for the year to December 31 2013 from US$8,8 million.

Total revenue, at US$15 million, was 15 percent lower than prior year largely due to lower stand sales at Fidelity Life Park in Manresa.

“To date, local authority and environmental management agency approvals have been secured,” said MD Simon Chapereka about the Southview Park project.

“Topographical and cadastral surveys have been completed and procurement of earth moving equipment has begun with the bulk of the necessary equipment having been ordered and being delivered. Significant work on site will commence once rains subside,” he said.

He said in other traditional markets, focus will be on reducing costs, ensuring premiums are collected and generally maintaining market share adding that, “We are hopeful that all these initiatives will result in sustainable growth for the group going forward.”

Chapereka said directors had recommended maintaining a dividend of US$375,000 unchanged from the previous year due to the need for balance between rewarding shareholders and conserving cash for the Fidelity Southview Park development.

Regarding non-insurance subsidiaries, the micro fiancé unit made a profit of US$0,18 million whilst the medical aid firm contributed US$0,16 million to the group’s profit.

The asset management company performed well buoyed by the positive stock market performance to register a profit for the year to US$0,18 million.

“The non-insurance subsidiaries led by the micro fiancé unit made reasonable contributions to the group’s profit. Micro finance continues to do well especially from salary-based loans,” he said.

The asset management company’s profitability though modest, is still commendable given the low propensity of the economy to save and low disposable income.


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