Fidelity Life set to service residential stands at Langford Estate

Fidelity Life Assurance Company of Zimbabwe is set to begin servicing residential stands at Langford Estate, its third housing project.

BY BUSINESS REPORTER

The Zimbabwe Stock Exchange-listed entity has also carried out residential stands development in Manresa and South View.

In a recent notice, Fidelity said it was seeking proposals for detailed civil engineering designs of residential infrastructure at Langford Housing Development. The closing date for submission is January 26.

“Fidelity Life Assurance Company intends to develop Langford Estate into a modern high-density residential settlement complete with all the necessary social amenities and green areas,” the company said.

“In this regard, Fidelity Life Assurance would like to undertake detailed engineering designs by engaging a firm of consulting engineers with the requisite expertise and experience.”

Langford, which will have a minimum of 11 000 residential stands, was acquired in 2015 from agro concern CFI Holdings. CFI Holdings Limited disposed of 81% of its interest in Langford Estates (Private) Limited to Fidelity Life for $18 million through a debt-for-land swap arrangement.

In its half year results for the period ended June 30, 2016, Fidelity posted an after tax profit of $985 253 compared to $2,9 million recorded in the same period in 2015 on the back of an increase in net claims and benefits.

Net claims and benefits more than doubled to $2 458 273 during the period under review from $894 822 in the comparable period last year.

Gross premium income of $8,7m was 4% below prior year.

The group posted a profit from operations of $2,1 million in the period under review, compared to $3,3 million achieved in 2015.

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