Consolidated Annual Report – December 2022

The group reported continued premium growth on an inflation-adjusted basis, with gross written premiums reaching ZWL$19.7 billion, a significant increase from ZWL$11.0 billion in 2021. However, the Group posted a net loss of ZWL$504.0 million (inflation-adjusted), driven by increased claims expenses, higher operating costs, and a net monetary loss of ZWL$139.7 million due to hyperinflationary effects. Despite the loss, the Group maintained a strong solvency margin of 192% (inflation-adjusted), well above the regulatory minimum of 25%, reflecting a resilient capital position.

Notably, the auditor issued a qualified opinion due to unresolved material non-compliance with IAS 8 and IAS 21, stemming from incorrect functional currency change dating and prior-year errors that remained uncorrected. Additionally, the application of IAS 29 (hyperinflation accounting) was based on misstated prior-period figures, further affecting the fairness of presentation under IFRS.