Ex-Icaz boss assumes MD’s role at Old Mutual

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Old Mutual Insurance managing director Gloria Zvaravanhu

BY TATIRA ZWINOIRA

FORMER Institute of Chartered Accountants of Zimbabwe (Icaz) chief executive officer (CEO) Gloria Zvaravanhu has been appointed managing director (MD) at Old Mutual Insurance Company, one of the biggest sector players in the country.

A former executive at short-term insurer Nicoz Diamond Insurance before moving to Icaz about three years ago, Zvaravanhu assumed her new role at Old Mutual on January 1, according to a statement released yesterday.

Icaz announced Zvaravanhu’s departure in December, but left the market guessing over her next step. Old Mutual said it was confident that one of the country’s most respected chartered accountants would measure up to the demanding role.

“Old Mutual Zimbabwe is delighted to announce the appointment of Zvaravanhu as the managing director for Old Mutual Insurance Company with effect from 1 January 2022,” the firm said.

“Gloria brings with her a wealth of experience having worked at executive level for a number of organisations within the insurance sector.

“She trained and qualified as a chartered accountant with KPMG where she held the position of manager in audit and corporate finance.

“In addition, she sits and has served on boards of various local and international organisations spanning across sector,” the statement said.

“Gloria is an alumnus of the prestigious Fortune 500 Global Women Mentorship Programme and is passionate about mentorship and leadership development. We wish her the greatest success in her new role,” Old Mutual said.

In its report for the half year ended June 30, 2021, Old Mutual Zimbabwe’s life and general insurance businesses’ net earned premiums rose 517% to $3,3 billion for the period from $534,4 million during the comparable period in 2020.

This growth was a result of increases in the nominal value of premiums due to the impact of inflation and currency depreciation as well as growth in volumes.

Zvaravanhu comes at a time when Old Mutual Zimbabwe is changing its insurance business model as well as introducing automatic premium escalating products with a focus on digital initiatives.