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The Botswana economy continues to be stable despite the BWP weakening against the USD. In Mozambique, the economy has maintained signs of growth as evidenced by a stable exchange rate and declining inflation.
Douglas Hoto, Group Chief Executive Officer
First Mutual Holdings Limited
First Mutual Holdings Limited is a leading financial management group in Zimbabwe offering services in risk management, wealth creation and wealth management in the insurance sector.
The Group has more than a hundred years of serving Zimbabwe by provision of economic dignity though its strategic business units. We have diverse interests in life assurance, health insurance, short term insurance; short term re-insurance; long term re-insurance; wealth management, property sector, funeral services and microfinance housed under the following subsidiaries; First Mutual Life, First Mutual Health, NicozDiamond Insurance, First Mutual Reinsurance, FMRE Property & Casualty (Botswana), First Mutual Wealth Management, First Mutual Properties, First Mutual Funeral Services and First Mutual Microfinance.
Company Information
3 Reasons to Consider Investing in First Mutual Holdings Limited
Our Share Price in Action
Investor News
FMHL – Notice of Extension of Time to Publish Full Year Financial Results FY2023
First Mutual Holdings Limited wishes to advise its shareholders and members of the public that the Zimbabwe Stock …
FMHL – Cautionary Announcement
As per previous Cautionary Announcement dated 12 January 2024, the Insurance and Pensions Commission (“IPEC” or “the Commission”) …
FMHL | Cautionary Announcement – Pending Offer by CBZ Holdings Limited
On 26 October 2021, CBZ Holdings Limited (CBZHL) signed a share purchase agreement with the National Social Security …
FMHL – Cautionary Announcement
On 5 April 2022, stakeholders were advised that the Insurance and Pensions Commission (“IPEC” or “the Commission”) intended …
First Mutual Holdings Limited | Trading Update for the nine months ended 30 September 2023
OPERATING ENVIRONMENT The operating environment was stable during Q3 2023 following policy intervention measures instituted by the Government …
Documents and Reports
First Mutual Holdings invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded for further perusal.
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Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) HY2022 Presentation
HY2022 Presentations -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) Q32023 Interim Report
Q32023 Interim Reports -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) HY2023 Interim Report
HY2023 Interim Reports -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) Q12023 Interim Report
Q12023 Interim Reports -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) 2022 Abridged Report
FY2022 Abridged Reports -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) Q32022 Interim Report
Q32022 Interim Reports -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) HY2022 Interim Report
HY2022 Interim Reports -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) Q12022 Interim Report
Q12022 Interim Reports -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) 2021 Abridged Report
2021 Abridged Reports -
Zimbabwe : Insurance
First Mutual Holdings Limited (FMHL.zw) 2021 Presentation
2021 Presentations
Financial Summary
The facts that affect FMHL’s underlying value.
| 30 Jun 23 | 31 Dec 22 | 31 Dec 21 | |
|---|---|---|---|
| Total Income | 910,815,802,000 | 97,404,411,000 | 73,754,407,000 |
| Attributable PAT | 221,693,064,000 | 14,206,534,000 | 8,879,695,000 |
| Shareholders Funds | 337,871,722,000 | 36,785,215,000 | 26,197,110,000 |
| Net Interest Bearing Debt | (89,507,533,000) | (14,867,742,000) | (9,879,960,000) |
| Cash on Hand | 111,642,452,000 | 16,672,649,000 | 10,505,204,000 |
| Interest Bearing Debt | 22,134,919,000 | 1,804,907,000 | 625,244,000 |
The Public Accountants and Auditors Board (PAAB) issued a pronouncement on 11 October 2019 indicating that the economy had become hyper-inflationary, and recommended the adoption of International Accounting Standard (IAS 29) “Financial Reporting in Hyperinflationary Economies”. The financial statements from FY 2019 onwards were prepared using the hyperinflationary accounting basis to achieve fair presentation at the reporting date. Financial figures in the table above prior to FY 2019 are based on historical cost reporting.
Corporate Governance
The Group is committed to promoting the highest standards of ethical behaviour amongst all its employees. All employees are required to maintain the highest ethical standards in ensuring that the Group’s business practices are conducted in a manner which in all reasonable circumstances is above reproach. Furthermore, all employees are required to observe the Group’s Code of Ethics. The Group is a subscriber to an independently managed fraud hotline system.
Board composition, balance and independence
* Independent
Combined Audit and Actuarial Committee
E Mkondo (Chair), A Makonese, N Dube, M Mukondomi
The Combined Audit and Actuarial Committee comprises four (4) non-executive directors, one of whom is the Chairperson. The Group Chief Executive Officer and Group Finance Director attend these meetings in ex-officio capacities. The Combined Audit and Actuarial Committee has written terms of reference and is tasked with ensuring financial discipline within the Group, sound corporate values and financial procedures.
This Committee is further tasked with reviewing and recommending the interim and annual financial statements of the Group and considering any accounting practice changes. The Committee also recommends the appointment and reviews the fees of the external auditors. The Group’s Audit and Risk Management Executive and the independent auditors are invited to attend all meetings and have unrestricted access to this Committee to ensure their independence and objectivity.
In respect of actuarial work, the Committee is tasked with protecting policyholders’ interests by:
- Ensuring separate accounting for the assets of policyholders and shareholders of the insurance companies in the Group;
- Devising and ensuring adherence to profit participation rules; and
- Reviewing actuarial valuation reports and monitoring implementation of actuarial recommendations.
The actuary of the Group is invited to attend all the Committee meetings.
Group Human Resources and Governance Committee
S V Rushwaya (Chair), O Mtasa, E Moyo
This Committee comprises three (3) non-executive directors of First Mutual, one of whom is the Chairperson. This Committee is mandated to deal with staff development and formulate remuneration policies as well as approve remuneration packages for executive directors and senior executives. The Committee is responsible for reviewing and assessing organizational structure in line with the Strategy and makes recommendations to the Board. The Committee reviews recruitment procedures and strives to ensure that remuneration packages remain competitive. The Committee acts as a Nominations Committee for Directors to Boards in the Group and, in addition, the Committee considers wider corporate governance issues and related party transactions…
Investments Committee
A R T Manzai (Chair), O Mtasa, Dr A Chidakwa
This Committee comprises three (3) non-executive directors (one of whom is the Chairperson). The Group Chief Executive Officer and Group Finance Director attend in ex officio capacities. The Committee formulates investments strategy and policy, reviews the performance of investments within the Group and recommends new investments for approval by the Board. The Committee assists the Board in reviewing the implementation of investment policies and ensures that portfolio management is conducted in accordance with the Group’s policies.
Group Risk Committee
G Baines (Chair), E Moyo, M Mukonoweshuro, J Katurura
The committee comprises four (4) non-executive Directors of companies in the First Mutual Holdings Group. There is currently a vacancy on this committee. The committee reviews Group’s overall risk strategy, current risk exposures, and risk governance. The committee considers and approves the remit of the risk management function and reviews reports on material breaches of risk limits, as well as the adequacy of remedial action. The committee also advises the Board on the risks aspects of proposed strategic transactions. The committee liaises with other Board Committees as necessary.
Strategic Direction Committee
O Mtasa (Chair), A Manzai, G Baines
The Committee advises the Board on matters which are of strategic importance to the Group. Without limiting the generality of the foregoing, the Committee is established to:
- Consider and assess proposed strategic transactions including acquisitions, disposals or other significant corporate actions;
- Ensure that due diligence appraisal of propositions is undertaken;
- Seek independent external advice where appropriate and available;
- Make recommendations on the appointment of transaction advisors;
- Work with and liaise as necessary with other Board Committees;
- Ensure that the Board is kept apprised of material developments in relation to all projects under the purview of the Committee.
In so doing, the Committee shall exercise independent judgment with a view to promoting the success of the company for the benefit of its shareholders as a whole, having regard to, among other things, the long-term consequences of any decision, the interests of the company’s stakeholders, the impact on the community and the environment and the need to act fairly as between shareholders of the company.
The role of the Board is to determine overall policies, plans and strategies of the Group and to ensure that these are implemented in an ethical and professional manner. The Board meets regularly, at least four times a year, and guides corporate strategy, risk management practices, annual budgets and business plans.
Special Board meetings may be convened on an ad-hoc basis when necessary to consider issues requiring urgent attention or decision. The Company Secretary maintains an attendance register of Directors for all scheduled meetings during the year through which Directors can assess their devotion of sufficient time to the Group.
The Board has overall responsibility for ensuring the integrity of the Group’s accounting and financial reporting systems including the independent audit, and that appropriate systems of control, risk management and compliance with laws are in place.
To ensure effectiveness, Board members have unfettered access to information regarding the Group’s operations which is available through Board meetings, Board and Management Committees as well as Strategic Planning workshops organised by the Group. Directors may, at the Group’s expense, seek independent professional advice concerning the Group’s affairs.
The Board appointments are made to ensure a variety of skills and expertise is represented on the Board. A third of the Directors are required to retire on a rotational basis each year along with any Directors appointed to the Board during the year.
Executive directors are employed under performance driven service contracts setting out responsibilities of their particular office.
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First Mutual Park
100 Borrowdale Road
Box BW178, Harare, Zimbabwe
Transfer secretary
1 Armagh Avenue, Eastlea
P.O. Box 11
Harare, Zimbabwe
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