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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 company has been in operation for over a century in the field of short-term insurance, short-term reassurance, life assurance and long-term re-insurance. It has a property management and development division and offers an actuarial consultancy service. Its main subsidiaries include: First Mutual Life, First Mutual Properties, First Mutual Health, TristarInsurance Company, First Mutual Wealth Management, First Mutual Reinsurance and FMRE Property & Casualty (Botswana). The company head office is in Harare, Zimbabwe. First Mutual Holdings Limited is listed on the Zimbabwe Stock Exchange.

Three Reasons to Consider Investing in First Mutual Holdings Limited (


Financial Market Leader

A leading financial services group that is committed to creating value through risk management, wealth creation, and wealth management predominantly in the insurance sector

Experience & Diversification

Over a century of serving Zimbabwe through the provision of economic dignity though its strategic business units with interest in short term insurance; short term re-insurance; life assurance; long term re-insurance; as well as the property sector

Looking Beyond Zimbabwe

We examine trends in the African economies with the expectation of developing sub-Saharan opportunities and converting them to increased business for the company using existing group synergies to maximum advantage
See our share price in action

Our Share Price in Action

100.00 0.00 / 0.00%
Year to date 222.06%
52 Week Change 716.33%
52 Week Low
52 Week High


Sales Value ZWL(c) -
Volume Traded 0
Value Traded ZWL$ 0.00
Market Cap ZWL$ 690,143,060
Shares issued 690,143,060


Sector Insurance
Exchange Zimbabwe Stock Exchange
ISIN ZW 000 901 219 7
YEAR Listed 2003
Year End December


P/E 41.49
Div. Yield 0.290%
EPS ZWL(c) 2.41
P/B Ratio 7.65
EV / Ebitda 24.07

P/E: This multiple is based on the current market price and the historic earnings per share.
P/B: This multiple is based on the current market price and the historic net assets.

Find the most important share facts

Top Shareholders31st December, 2018

National Social Security Authority479,031,386 (69.41%)
Capital Bank Corporation Limited76,343,373 (11.06%)
LHG Malta Holdings Limited33,718,991 (4.89%)
Other101,049,310 (14.64%)

Company Information

Registered Name First Mutual Holdings Limited (
ISIN ZW 000 901 219 7
Ticker Code
Sector Insurance
Stock Exchange Zimbabwe Stock Exchange
Chairman Oliver Mtasa
Group Chief Executive Douglas Hoto
Company Secretary Sheila Frances Lorimer
Transfer Secretary First Transfer Secretaries (Pvt) Ltd (zw)
Year End December
Year Founded 1990
Year Listed 2003
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21 May 2020AR Sign up for email alerts to receive this document in your email as soon as its released N/A
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Documents and Reports

First Mutual Holdings Limited ( invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded.

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What makes FMHL Tick?


The facts that affect First Mutual Holdings Limited (‘s underlying value.

Statement of Income extract All values in RTGS Dollars

  31 Dec 14 31 Dec 15 31 Dec 16 31 Dec 17 31 Dec 18 5-year trend
Revenues 115,008,000107,778,000127,391,000159,743,000209,255,000
Attributable PAT (6,600,000)340,0008,849,00011,592,00016,525,000

Statement of Financial Position extract All values in RTGS Dollars

  31 Dec 14 31 Dec 15 31 Dec 16 31 Dec 17 31 Dec 18 5-year trend
Shareholders funds 13,737,00013,947,00024,224,00073,987,00090,168,000
Net interest bearing debt (17,900,000)(22,592,000)(37,718,000)(51,836,000)(60,992,000)
Cash on hand 22,903,00028,140,00042,027,00053,028,00061,084,000
Interest bearing debt 5,003,0005,548,0004,309,0001,192,00092,000
Net current assets ()()()()()
Our Corporate Governance

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.

Composition of the Board

The Board of Directors is chaired by an independent non-executive director and comprises seven other non-executive and two executive directors. The Board enjoys a strong mix of skills and experience. The Board is the primary governance organ.

Executive Directors

  • D Hoto (Group Chief Executive Officer)
  • W M Marere (Group Finance Director)

Non-Executive Directors

  • O Mtasa (Chairman)
  • G Baines
  • E Mkondo
  • E Moyo
  • M Mukondomi
  • S V Rushwaya
  • A R T Manzai
  • D Tomana
The Board is supported by various Committees in executing its responsibilities. The main Committees meet at least quarterly to review performance and provide guidance to management on both operational and policy issues. Each Committee acts within written terms of reference under which certain functions of the Board are delegated with clearly defined purposes.

Combined Audit and Actuarial Committee
E Mkondo (Chair), C Chetsanga, 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), J Sekeso, O Mtasa, E Moyo

This Committee comprises four (4) 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
R T Vela (Chair), O Mtasa, A R T Manzai

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.

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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Registered Address

First Mutual Holdings Limited ( First Mutual Park
100 Borrowdale Road
Box BW178, Harare, Zimbabwe
Telephone:- +263-242 886 000-17

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Transfer Secretaries

First Transfer Secretaries (Pvt) Ltd (zw)Address:- 1 Armagh Avenue, Eastlea
P.O. Box 11
Harare, Zimbabwe
Telephone:- +263-242-782869/72

Contact Transfer Secretaries