Fidelity’s revenue soars by 33% in Q1

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Fidelity said core revenue was driven by the life assurance businesses.

FIDELITY Life Assurance of Zimbabwe said its total core revenue for the first three months to March 31, 2022 increased by 33 percent from the same period prior year in inflation adjusted terms.

Fidelity said core revenue was driven by the life assurance businesses, which contributed 80 percent to the total group core revenue.

“Non insurance businesses, namely micro-lending, asset management, funeral services and actuarial consultancy services, contributed 20% to the core revenue,” Ruvimbo Chidora, Fidelity’s company secretary, said.

Going forward, Chidora said the company is of the view that after the recent shocks in the economy arising from policy pronouncements in the financial services sector, the necessary corrections will come through in the second quarter of 2022 to stabilise the environment.

“Therefore, in terms of our businesses we remain optimistic they will continue to register continued business growth as they respond to unfolding market trends to offer the appropriate products, services and solutions to our clients,” she said.

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