HomeNewsFidelity sees surge in residential stands uptake

Fidelity sees surge in residential stands uptake

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THE Zimbabwe Stock Exchange-listed Fidelity Life Assurance of Zimbabwe yesterday revealed that there has been a high uptake of its residential stands, with about 2 000 of the 5 800 stands in Harare’s South View Park already sold.

Business Reporter

The company’s managing director Simon Chapereka told NewsDay Business that servicing of the stands would start next month.
“We have procured the equipment and servicing should start by next month. We are also finalising the funds,” he said.

The company last year  launched the $20 million housing scheme on a 323-hectare piece of land along Harare-Masvingo Road.

The suburb is also set to have a police station, six primary schools, two secondary schools, six crèches, 14 flats, two commercial stands, an open space  and five churches.

Chapereka said his company had also established a base in South Sudan amid plans to set up a microfinance bank.

The company posted a decline in profit of  $2,6 million for the six months ended June 2013 from $3,3 million in the same period last year due to increases in claims and benefits.

Gross premiums income increased marginally by 3% to
$6,9 million in the first half of the year, while claims and benefits rose to $1 million from $650 159.

Operating and administrative expenses also increased to
$3,7 million from $3,4 million in 2012.

The group recorded an underwriting surplus of $2,2 million for the six-month period, while net premium earnings increased to $6,7 million for the year ended June 30, 2013 compared to
$6,5 million over the same period in 2012.

The company’s subsidiary Fidelity Life Assurance recorded a net premium income of $4,2 million compared to $3,6 million in 2012.

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