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AfricaMoney | November 6, 2016

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South Africa’s Zurich mulls great prospects

South Africa’s Zurich mulls great prospects

Ventures Africa wrote that JSE-listed Zurich said its prospects looked great and it is now concentrating on attaining gainful earnings growth. The short term insurance company said it also planned to turn around its underwriting outcomes, which have been under pressure of some sort in the recent past.

The Johannesburg-based firm made these assertions as it reported a poor set of numbers for the six months to June this year. It said net insurance premiums surged 8 percent to R1.6 billion ($160 million) from R1.4 billion during the period under review.

But the firm posted a loss from operations of R38.4 million ($3.8 million). In addition, headline loss a share was 324cps. Company directors, however, confirmed that a gross cash dividend of 100 cents a share would declared during the period under review.

The group said it is expecting growth to be derived from “traditional intermediary channels” and many other “distribution channels,” products and sectors that are proving to have an inspiring outlook. Tough corrective underwriting measures are already under the attention of the executive team of the company.

Zurich is headquartered in Johannesburg. It was founded in 1965. It offers insurance products and services that respond to the needs of individual, commercial and corporate customers. It has a network of sales areas and a series of service outlets across the country and employs approximately 1,000 people. In addition, Zurich has subsidiaries locally as well as in Botswana.

Zurich South Africa is a subsidiary of the Swiss-based global Zurich Insurance Group, a leading insurance provider with a network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets.

The Group employs about 60,000 people and serves customers in more than 170 countries

Image Source: Ventures Africa

Source: Ventures Africa

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