As part of the First Mutual Holdings group, NicozDiamond Limited is focusing on reinforcing its leadership in the local insurance market. This domestic strategy is intended to serve as a foundation for its long-term expansion into other regional markets.
According to the company’s financial report for the year ending December 31, 2024, NicozDiamond achieved insurance contract revenue (ICR) of ZiG713.3 million. Despite a rise in high-value claims, the company posted a strong Insurance Service Result (ISR) of ZiG74 million and a profit of ZiG33 million.
Cluster chief executive Mr. David Nyabadza highlighted several key areas for future growth:
- Leveraging technology and digital solutions to improve service delivery.
- Innovating products and services to build lasting customer relationships.
- Utilizing its human resources, strong balance sheet, and partnerships to drive growth both in Zimbabwe and in selected regional markets.
The company believes it is well-positioned to handle challenges like economic downturns and climate change risks, which have affected the operating environment.
In Mozambique, the subsidiary Diamond Seguros saw its claims ratio grow by 18% compared to 2023, reaching MZN303 million (ZiG79.1 million). Mr. Nyabadza attributed this growth to increased trust from brokers. Despite the impact of cyclones, floods, and political unrest, the company managed to post a profit after tax of MZN7.5 million (ZiG1.96 million).
The company maintains a strong financial position, with a regulatory capital of ZiG85 million, which is more than double the statutory minimum requirement. Its solvency ratio stood at 46%, comfortably above the regulatory minimum.
NicozDiamond is optimistic about the future, expecting revenue growth driven by a recovery in key sectors such as mining, agriculture, and construction.