Fidelity’s revenue surges 90pct

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Overall volumes for the period grew by nine percent.

FIDELITY Life Assurance says it realised a profit after tax of $274,9 million for the year ended December 31, 2021 – compared to a loss of $65,8 million in the prior year – on the back of a 90 percent increase in revenue to $3,30 billion.

The company said its revenue was driven by investment income and net premium written which increased by 99 percent and 75 percent respectively.

“The growth in net premium written was driven by aggressive premium reviews and strong organic growth of the life book as well as significant inflows from new products launched which were supported by market diversification and enhancement of the distribution channels,” Fidelity’s board chairman, Livingstone Gwata said in a statement accompanying results.

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