Consolidated Annual Report – December 2021

In 2021, Cell Insurance reported substantial top-line growth, with gross written premiums reaching ZWL$3.2 billion on an inflation-adjusted basis (ZWL$2.4 billion historical cost), a significant increase from the prior year. The Group achieved a profit after tax of ZWL$168.3 million (inflation-adjusted), underpinned by a strong recovery in investment income and careful cost management. The solvency margin remained robust at 224%, well above the regulatory minimum of 25%. Notably, the auditor again issued an adverse opinion due to the unresolved, material non-compliance with IAS 21 and the inappropriate valuation of investment property, casting a shadow over the reported figures’ fair presentation under IFRS.