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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

First Mutual

FML.ZW · Zimbabwe Stock Exchange · Consolidated statements

On this page
Company details
Legal name
First Mutual Holdings Limited
Listing
FML.ZW on the Zimbabwe Stock Exchange, active · ISIN ZW0009012197 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2024 · annual report, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. Emphasis of Matter: the auditor draws attention to note 30.3.1, which describes the forensic investigation by the Insurance and Pensions Commission and the resulting legal proceedings; the opinion is not modified in respect of this matter (p116).
Full wording and sources

  • Auditor's emphasis of matter

    Emphasis of Matter: the auditor draws attention to note 30.3.1, which describes the forensic investigation by the Insurance and Pensions Commission and the resulting legal proceedings; the opinion is not modified in respect of this matter (p116).

    Source: First Mutual Holdings Limited Annual Report 2024 (dated 2025-06-25)

  • Insurance revenue (IFRS 17)

    USD 156 million

    156,218,425 USD units · p124

    −14.8% vs 2023

    IFRS 17 insurance revenue, as printed: not gross written premiums.

  • Insurance service result

    USD 27.1 million

    27,096,297 USD units · p124

    +13.8% vs 2023

  • Profit / (loss) for the year

    −USD 27.1 million

    (27,117,625) USD units · p124

    Moved from profit to loss (FY2023: 58 684 127 USD units)

  • Total assets

    USD 257 million

    256,809,110 USD units · p123

    −10.5% vs 2023

  • Insurance contract liabilities

    Not reported in this filing

  • Total equity

    USD 91.6 million

    91,554,366 USD units · p123

    −20.4% vs 2023

Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD units unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2024 — annual report, signed / final; reported for the year · source
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, USD units. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Insurance contract revenue 156,218,425 183,446,621
Insurance service expenses from insurance contracts issued (112,442,209) (158,860,586)
Insurance service result before reinsurance contract held1 43,776,216 24,586,035
Net expenses from reinsurance contracts held (16,679,919) (779,763)
Reinsurance recoveries and other income2 11,931,260 41,821,348
Reinsurance expenses (allocated reinsurance premiums)3 (28,611,179) (42,601,111)
Insurance service result 27,096,297 23,806,272
Net finance income/(expenses) from insurance contracts issued 20,027,066 (45,106,389)
Insurance finance result 20,027,066 (45,106,389)
Net insurance & reinsurance performance4 47,123,363 (21,300,116)
Net investment return from equities5 136,061 7,540,251
Net gains from fair value adjustments to investment properties6 (50,474,168) 89,067,177
Interest on financial assets measured at amortised cost7 1,451,367 5,153,341
Net gains from investment in gold coins8 115,373 234,215
Net change in investment contract liabilities9 (241,537) (4,881,250)
Movement in shareholder risk reserve10 (15,857) (1,007,966)
Net insurance & reinsurance performance after investment return (1,905,399) 74,805,652
Rental income11 8,298,152 6,590,174
Property expenses12 (3,649,049) (3,776,452)
Interest income- Microfinance13 4,493,375 3,419,780
Interest expense and direct costs- Microfinance14 (2,544,229) (1,124,818)
Asset management services revenue15 1,295,311 373,703
Asset management services direct costs16 (679,085) (626,832)
Other income 2,979,874 2,562,067
Foreign currency exchange gain –17 11,965,643
Regulatory provision18 –17 (509,150)
Pharmacies Clinics and Funeral direct costs19 (1,903,578) (1,675,475)
Other administration expenses20 (25,391,983) (25,681,985)
Movement in premium credit adjustment21 (151,790) (825,187)
Movement in allowance for credit losses (928,065) (833,817)
Finance costs (80,463) (142,019)
Net monetary losses22 –17 (5,387,860)
(Loss/)profit before share of (loss)/profit of associate23 (20,166,930) 59,133,424
Share of profit from associate 544,348 388,140
(Loss)/profit before income tax (19,622,582) 59,521,565
Income tax expense (7,495,043) (837,437)
(Loss)/profit for the period (27,117,625) 58,684,127
Exchange gain/(loss) on translating foreign operations24 5,231,283 10,695,408
Share of other comprehensive income from associates25 38,794 13,175
Other comprehensive income to be reclassified to statement of comprehensive income in subsequent periods26 5,270,077 10,708,583
Foreign exchange impact of translating to presentation currency27 –28 (41,970,096)
Other comprehensive income that will not be reclassified to the statement of comprehensive income in subsequent periods29 –30 (41,970,096)
Total comprehensive (loss)/profit for the period (21,847,548) 27,422,614
Non-controlling interest31 (16,659,995) 33,307,072
  1. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_41fe00c627dy.profit_before_share_of_associate.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.native.co_41fe00c627dy.oci_not_reclassified_subtotal.
  3. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (28)
  1. “Insurance service result before reinsurance contract held” is an issuer-specific line, not mapped to a shared definition: Insurance revenue less insurance service expenses.
  2. “Reinsurance recoveries and other income” is an issuer-specific line, not mapped to a shared definition: Reinsurance contracts held, note 21.
  3. “Reinsurance expenses (allocated reinsurance premiums)” is an issuer-specific line, not mapped to a shared definition: Reinsurance contracts held, note 21.
  4. “Net insurance & reinsurance performance” is an issuer-specific line, not mapped to a shared definition: Insurance service result plus insurance finance result.
  5. “Net investment return from equities” is an issuer-specific line, not mapped to a shared definition: Note 23.
  6. “Net gains from fair value adjustments to investment properties” is an issuer-specific line, not mapped to a shared definition: Note 7.
  7. “Interest on financial assets measured at amortised cost” is an issuer-specific line, not mapped to a shared definition: Note 23.
  8. “Net gains from investment in gold coins” is an issuer-specific line, not mapped to a shared definition: Note 23.
  9. “Net change in investment contract liabilities” is an issuer-specific line, not mapped to a shared definition: Note 13.6.
  10. “Movement in shareholder risk reserve” is an issuer-specific line, not mapped to a shared definition: Note 13.7.
  11. “Rental income” is an issuer-specific line, not mapped to a shared definition: Note 24.
  12. “Property expenses” is an issuer-specific line, not mapped to a shared definition: Note 25.
  13. “Interest income- Microfinance” is an issuer-specific line, not mapped to a shared definition: Note 26.1.
  14. “Interest expense and direct costs- Microfinance” is an issuer-specific line, not mapped to a shared definition: Note 26.1.
  15. “Asset management services revenue” is an issuer-specific line, not mapped to a shared definition: Note 26.2.
  16. “Asset management services direct costs” is an issuer-specific line, not mapped to a shared definition: Note 26.2.
  17. “Regulatory provision” is an issuer-specific line, not mapped to a shared definition: Note 19.3.
  18. “Pharmacies Clinics and Funeral direct costs” is an issuer-specific line, not mapped to a shared definition: Note 27.
  19. “Other administration expenses”: mapping to a shared definition is uncertain. Printed 'Other administration expenses' (note 28).
  20. “Movement in premium credit adjustment” is an issuer-specific line, not mapped to a shared definition: Note 28.3.
  21. “Net monetary losses” is an issuer-specific line, not mapped to a shared definition: IAS 29 line (2023 only).
  22. “(Loss/)profit before share of (loss)/profit of associate” is an issuer-specific line, not mapped to a shared definition: Printed subtotal before the share of associate profit.
  23. “Exchange gain/(loss) on translating foreign operations” is an issuer-specific line, not mapped to a shared definition: OCI item.
  24. “Share of other comprehensive income from associates” is an issuer-specific line, not mapped to a shared definition: OCI item, note 10.
  25. “Other comprehensive income to be reclassified to statement of comprehensive income in subsequent periods” is an issuer-specific line, not mapped to a shared definition: OCI subtotal (may be reclassified).
  26. “Foreign exchange impact of translating to presentation currency” is an issuer-specific line, not mapped to a shared definition: OCI item (2023 only).
  27. “Other comprehensive income that will not be reclassified to the statement of comprehensive income in subsequent periods” is an issuer-specific line, not mapped to a shared definition: OCI subtotal (not reclassified).
  28. “Non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Share of the result attributable to non-controlling interests.

Balance sheet

Balance sheet, USD units. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Goodwill1 224,767 224,767
Deferred tax asset 2,120,982 2,331,185
Property, plant and equipment 5,485,781 4,738,502
Investment property 134,188,000 182,041,771
Right of use of assets - IFRS 16 384,690 1,247,116
Other intangible assets 41,107 31,361
Investment in associates 1,537,945 904,909
- Equity securities at fair value through profit or loss 37,777,994 37,300,394
- Debt securities at amortised cost 13,880,590 8,876,211
Investment in gold coins2 623,118 496,618
Non current assets held for sale3 –4 –4
Income tax asset 367,791 66,049
Inventory 528,625 298,551
Reinsurance contract assets 17,131,541 16,872,649
Intermediaries tenant and other receivables5 11,261,341 13,871,365
Cash and cash equivalents 31,254,838 17,681,468
TOTAL ASSETS 256,809,110 286,982,915
Share capital 335,780 335,780
Share premium 6,733,913 6,733,913
Non-distributable reserves6 17,520,672 10,702,810
IFRS 17 adoption reserve7 –8 (1,137,221)
Retained profits 29,816,201 42,992,477
Total equity attributable to equity holders of the parent 54,406,566 59,627,759
Non-controlling interests 37,147,800 55,396,776
Total equity 91,554,366 115,024,535
Deferred tax liability 16,979,508 12,178,871
Shareholder risk reserves9 1,270,791 1,254,934
Member assistance fund10 –11 1,523
Lease liabilities12 465,252 635,517
Compensation Reserve13 2,278,649 1,619,937
Borrowings 8,227,978 5,129,836
Put option liability14 4,399,320 4,567,300
Insurance contract liabilities PAA15 103,035,023 114,123,565
Insurance contract liabilities VFA16 8,434,304 14,012,070
Investment contract liabilities without DPF 8,624,960 7,548,598
Share based payment liabilities17 419,485 2,120,636
Other payables18 10,305,543 8,182,293
Income tax liabilities 813,931 583,299
Total liabilities 165,254,744 171,958,380
TOTAL EQUITY AND LIABILITIES 256,809,110 286,982,915
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.equity_attributable_to_owners.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (15)
  1. “Goodwill” is an issuer-specific line, not mapped to a shared definition: Note 8.2.
  2. “Investment in gold coins” is an issuer-specific line, not mapped to a shared definition: Note 9.
  3. “Non current assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 7.2.
  4. “Intermediaries tenant and other receivables”: mapping to a shared definition is uncertain. Printed 'Intermediaries tenant and other receivables'.
  5. “Non-distributable reserves” is an issuer-specific line, not mapped to a shared definition: Equity reserve.
  6. “IFRS 17 adoption reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve.
  7. “Shareholder risk reserves” is an issuer-specific line, not mapped to a shared definition: Liability, note 13.7.
  8. “Member assistance fund” is an issuer-specific line, not mapped to a shared definition: Liability, note 17.
  9. “Lease liabilities” is an issuer-specific line, not mapped to a shared definition: Note 6.1; unclassified balance sheet.
  10. “Compensation Reserve” is an issuer-specific line, not mapped to a shared definition: Liability, note 13.8.
  11. “Put option liability” is an issuer-specific line, not mapped to a shared definition: Note 18.1.
  12. “Insurance contract liabilities PAA” is an issuer-specific line, not mapped to a shared definition: Note 13; premium allocation approach.
  13. “Insurance contract liabilities VFA” is an issuer-specific line, not mapped to a shared definition: Note 13; variable fee approach.
  14. “Share based payment liabilities” is an issuer-specific line, not mapped to a shared definition: Note 16.4.
  15. “Other payables” is an issuer-specific line, not mapped to a shared definition: Note 19.

Cash flow

Cash flow, USD units. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Cash generated from operations 17,992,433 (43,281,524)
Finance costs on lease liability (80,463) (80,463)
Cash settled share based payments1 (1,002,743) (1,002,743)
Interest received 1,451,367 1,451,367
Interest paid (1,724,514) (1,724,514)
Income tax paid (2,203,031) (2,203,031)
Net cash flows from operating activities 14,433,049 (46,840,908)
Dividends received2 1,836,511 2,791,493
Additions to property, plant and equipment (1,642,201) (3,184,939)
Additions to investment property3 (2,818,711) (3,131,082)
Purchase of Gold coins4 (11,126) (38,241)
Additions to investment in associate5 (252,482) –6
Additions of intangible assets (13,875) –6
Proceeds from disposal of Investment property7 198,314 524,352
Proceeds from disposal of investment in associate8 –6 234,018
Proceeds from disposal of property and equipment 28,733 35,495
Purchase of equity securities at FVPL9 (4,585,558) (14,112,609)
Purchase of debt securities at amortised cost10 (6,445,610) (14,982,037)
Proceeds from sale of equity securities at FVPL11 3,504,082 1,154,906
Proceeds from debt securities at maturity12 8,982,917 8,951,363
Cash (utilised in)/generated from investing activities (1,219,006) (21,757,281)
Repurchase of shares-FMP13 5,759 (7,485)
Lease liability repayment (201,518) (207,585)
Dividends paid controlling interest (1,597,966) (853,003)
Borrowings received 5,577,945 3,808,172
Loan repayments (2,479,803) (1,009,646)
Dividends paid to non-controlling interest14 (198,394) (676,836)
Cash flows generated from/(utilised in) financing activities 1,106,022 1,053,616
Net increase in cash and cash equivalents 14,320,066 (67,544,573)
Cash and cash equivalents at the beginning of the year 17,681,468 13,511,249
Net foreign exchange differences (746,695) 6,982,527
Effects of inflation on cash and cash equivalents15 –16 (1,671,789)
Foreign exchange impact of translating to presentation currency on opening cash and cash equivalents17 –16 66,404,053
Cash and cash equivalents at the end of the year 31,254,838 17,681,468
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_at_end.
Notes and alternative reported figures (15)
  1. “Cash settled share based payments” is an issuer-specific line, not mapped to a shared definition: Operating, after cash generated from operations.
  2. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Investing, note 23.
  3. “Additions to investment property” is an issuer-specific line, not mapped to a shared definition: Investing, note 7.
  4. “Purchase of Gold coins” is an issuer-specific line, not mapped to a shared definition: Investing.
  5. “Additions to investment in associate” is an issuer-specific line, not mapped to a shared definition: Investing, note 10.
  6. “Proceeds from disposal of Investment property” is an issuer-specific line, not mapped to a shared definition: Investing, note 7.
  7. “Proceeds from disposal of investment in associate” is an issuer-specific line, not mapped to a shared definition: Investing.
  8. “Purchase of equity securities at FVPL” is an issuer-specific line, not mapped to a shared definition: Investing, note 11.1.
  9. “Purchase of debt securities at amortised cost” is an issuer-specific line, not mapped to a shared definition: Investing, note 11.2.
  10. “Proceeds from sale of equity securities at FVPL” is an issuer-specific line, not mapped to a shared definition: Investing, note 11.1.
  11. “Proceeds from debt securities at maturity” is an issuer-specific line, not mapped to a shared definition: Investing, note 11.2.
  12. “Repurchase of shares-FMP” is an issuer-specific line, not mapped to a shared definition: Financing, as printed.
  13. “Dividends paid to non-controlling interest” is an issuer-specific line, not mapped to a shared definition: Financing.
  14. “Effects of inflation on cash and cash equivalents” is an issuer-specific line, not mapped to a shared definition: Reconciling item (2023 only).
  15. “Foreign exchange impact of translating to presentation currency on opening cash and cash equivalents” is an issuer-specific line, not mapped to a shared definition: Reconciling item (2023 only).

Per share and shares

Per share and shares. Columns: FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Earnings / (loss) per share (per share)3 (0.0143)1 0.03472
Profit / (loss) attributable to shareholders (USD units)4 (10,457,630) 25,377,055
  1. Printed as (1.43) cents; value converted to USD at 100 cents = 1 USD.
  2. Printed as 3.47 cents; value converted to USD at 100 cents = 1 USD.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic earnings per share (cents)”.
  2. Profit / (loss) attributable to shareholders: printed as “Equity holders of the parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid controlling interest (1,597,966) USD units Annual report, p128
31 Dec 2023 Dividends paid (cash flow statement) Dividends paid controlling interest (853,003) USD units Annual report, p128

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • First Mutual Holdings Limited Annual Report 2024

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: Ernst & Young, Chartered Accountants (Zimbabwe), unmodified opinion · signed

    Auditor's sign-off: Ernst & Young, Chartered Accountants (Zimbabwe); engagement partner Mr Fungai Kuipa (PAAB 0335)

    Final status: Independent auditor's report with a handwritten 'Ernst & Young' signature, Chartered Accountants (Zimbabwe), engagement partner Mr Fungai Kuipa (PAAB 0335), dated 25 June 2025 (PDF p122, page image). Statement of financial position: 'approved by the Board of Directors on 5 June 2025', signed in handwriting by A R T Manzai (Chairman) and D Hoto (Group CEO) (PDF p123, page image).

    Document date
    25 Jun 2025
    Published
    17 Jul 2025
    Auditor's report
    25 Jun 2025
    Board approval
    5 Jun 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    consolidated statements · USD units (printed “USD”)
    • Cash-flow statement (p127): the 2023 column of the lines after 'Cash generated from operations' (finance costs on lease liability (80 463), cash settled share based payments (1 002 743), interest received 1 451 367, interest paid (1 724 514), income tax paid (2 203 031)) repeats the 2024 figures as printed; the printed 2023 total of net cash flows from operating activities agrees with them. The page heading reads 'FOR THE PERIOD ENDED 31 DECEMBER 2023' (the continuation page reads 2024). Kept as printed.
    • No total other comprehensive income line is printed: the two OCI subtotals (to be reclassified; not to be reclassified) lead directly to total comprehensive income (p125).
    • The 2023 comparatives were previously reported in ZWL and are restated by conversion to the new USD presentation currency ('RESTATED*', note 2.1.3; pp123-128). The balance sheet also prints a 1 January 2023 column.
    • Earnings per share printed in cents ((1.43); 2023: 3.47), basic and diluted identical; stored in USD (÷100) with the printed figure and unit kept.
    • The text layer of p122 (auditor's signature page) also holds a copy of the previous page's text that is not printed on p122; no figures are affected.
    Technical details
    File
    383 pages, with a text layer
    SHA-256
    0192683cc7be4843ddfb91074c4593380292fe1969f4ad972a816d63c01301a4
    Entity as printed
    First Mutual Holdings Limited ('the Group and Company')
    Exchange copy
    retrieved 2026-10-08T18:04:43Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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