Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 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
ZHL
On this page
Company details
- Legal name
- Zimre Holdings Limited
- Listing
- ZIMR.ZW on the Zimbabwe Stock Exchange, active · ISIN ZW0009011611 (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · annual report, signed / final · source
Read with these figures
- Qualified audit opinion. FY2025: The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Details below.
- Auditor's emphasis of matter. Emphasis of Matter: the auditor draws attention to notes 38.2 and 38.3, which describe the restatement of prior year comparatives following further enhancements and refinements of the IFRS 17 assumptions and modelling approaches by Fidelity Life Assurance of Zimbabwe Limited; the opinion is not modified in respect of this matter (p60).
Full wording and sources
Auditor's report, year to 2025-12-31: qualified opinion ('except for')
The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. Basis for Qualified Opinion: during 2025 Fidelity Life Assurance of Zimbabwe Limited, a significant component, continued to enhance and refine its IFRS 17 modelling approaches; the auditor could not reconcile certain movements and so could not determine any adjustments that might be necessary to the amounts recognised for insurance contract liabilities (134 631 903 at 31 December 2025) and insurance finance expense ((7 681 488) for 2025); the effect is material but not pervasive (note 38.2) (PDF p60).
Source: 2025 ZHL Annual Report — Zimre Holdings Limited, p60 (dated 2026-03-31)
Auditor's emphasis of matter
Emphasis of Matter: the auditor draws attention to notes 38.2 and 38.3, which describe the restatement of prior year comparatives following further enhancements and refinements of the IFRS 17 assumptions and modelling approaches by Fidelity Life Assurance of Zimbabwe Limited; the opinion is not modified in respect of this matter (p60).
Source: 2025 ZHL Annual Report — Zimre Holdings Limited (dated 2026-03-31)
-
Insurance revenue (IFRS 17)
USD 82.4 million
82,407,336 USD units · p63
+33.2% vs 2024
IFRS 17 insurance revenue, as printed: not gross written premiums.
-
Insurance service result
USD 14.0 million
14,044,042 USD units · p63
+153.9% vs 2024
-
Profit / (loss) for the year
USD 16.7 million
16,695,033 USD units · p63
+195.5% vs 2024
-
Total assets
USD 298 million
298,280,963 USD units · p62
+43.4% vs 2024
-
Insurance contract liabilities
USD 135 million
134,631,903 USD units · p62
+32.6% vs 2024
-
Total equity
USD 89.1 million
89,079,293 USD units · p62
+46.6% vs 2024
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
- FY2025 — annual report, signed / final; reported for the year · source
- FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Insurance contract revenue | 82,407,336 | 61,857,371 |
| Insurance service expenses | (57,955,058) | (50,884,020) |
| Insurance service result from insurance contracts issued1 | 24,452,278 | 10,973,351 |
| Allocation of reinsurance paid2 | (16,262,256) | (11,903,122) |
| Amount recoverable from reinsurers for incurred claims3 | 5,854,020 | 6,461,924 |
| Net expenses from reinsurance contracts held | (10,408,236) | (5,441,198) |
| Insurance service result | 14,044,042 | 5,532,153 |
| Interest revenue from financial instruments not measured at fair value through profit or loss4 | 3,153,986 | 2,637,130 |
| Fair value gains from financial instruments at fair value through profit or loss5 | 49,945,830 | 5,672,722 |
| Net gains from fair value adjustments to investment properties6 | 4,104,418 | 6,978,741 |
| Net change in investment contract liabilities7 | (35,015,772) | (3,751,688) |
| Other Investment Revenue8 | 2,114,845 | 993,803 |
| Net loss from foreign exchange9 | (234,353) | (910,600) |
| Net Investment Income | 24,068,954 | 11,620,108 |
| Insurance finance expenses for insurance contracts issued | (7,681,488) | (3,673,332) |
| Net insurance finance expenses | (7,681,488) | (3,673,332) |
| Net insurance and investment result | 30,431,508 | 13,478,929 |
| Rental income from investment property10 | 2,941,165 | 2,529,590 |
| Revenue from sale of inventory property11 | 210,669 | 196,370 |
| Non insurance income12 | 6,403,245 | 9,094,148 |
| Investment income13 | 129,211 | 398,849 |
| Fair value gain from financial instruments at fair value through profit or loss14 | 3,728,655 | 254,635 |
| Net gains from fair value adjustments to investment properties15 | 2,274,589 | 1,062,199 |
| Fee and commission expenses, and other acquisition costs16 | (91,731) | (57,829) |
| Operating and administrative expenses17 | (26,066,210) | (19,150,792) |
| Property operating costs18 | (824,619) | (1,045,513) |
| Allowance for expected credit losses on receivables | (810,143) | (229,873) |
| Finance costs | (1,955,104) | (562,064) |
| Profit before share of loss of associates19 | 16,371,235 | 5,968,649 |
| Share of associate profit | 2,780,270 | –20 |
| Profit before income tax expense | 19,151,505 | 5,968,649 |
| Income tax expense | (2,456,472) | (319,693) |
| Profit for the year | 16,695,033 | 5,648,956 |
| Gains on property and equipment revaluations21 | 642,821 | 1,052,116 |
| Share of other comprehensive income from associates22 | 11,324,581 | –23 |
| Finance income from insurance contracts issued24 | –23 | 2,252,085 |
| Income tax relating to components of other comprehensive income25 | (84,403) | (102,079) |
| Movement in other reserves26 | (1,949,303) | –23 |
| OCI items not reclassified (unlabelled subtotal)27 | 9,933,696 | 3,202,122 |
| Exchange differences on translating foreign operations28 | 2,083,052 | 596,575 |
| Investments in equity instruments29 | 356,577 | 661,677 |
| Income tax relating to components of other comprehensive income30 | (1,515) | (1,724) |
| Items that may be reclassified subsequently to profit or loss (unlabelled subtotal)31 | 2,438,114 | 1,256,528 |
| Other comprehensive income for the year net of tax | 12,371,810 | 4,458,650 |
| Total comprehensive income for the year | 29,066,843 | 10,107,606 |
| Non-controlling interests32 | 3,724,255 | 678,788 |
- Printed “-”, read as nil: subtotal_arithmetic: is.profit_before_tax.
- Printed “-”, read as nil: subtotal_arithmetic: is.native.co_2t8vmrp0ghz8.oci_not_reclassified_subtotal.
Notes and alternative reported figures (30)
- “Insurance service result from insurance contracts issued” is an issuer-specific line, not mapped to a shared definition: Insurance contract revenue less insurance service expenses, before reinsurance.
- “Allocation of reinsurance paid” is an issuer-specific line, not mapped to a shared definition: Reinsurance contracts held, note 27.
- “Amount recoverable from reinsurers for incurred claims” is an issuer-specific line, not mapped to a shared definition: Reinsurance contracts held, note 27.
- “Interest revenue from financial instruments not measured at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Within net investment income.
- “Fair value gains from financial instruments at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Note 18.2; within net investment income.
- “Net gains from fair value adjustments to investment properties” is an issuer-specific line, not mapped to a shared definition: Note 10; first printing, within net investment income.
- “Net change in investment contract liabilities” is an issuer-specific line, not mapped to a shared definition: Note 22; within net investment income.
- “Other Investment Revenue” is an issuer-specific line, not mapped to a shared definition: Note 28; within net investment income.
- “Net loss from foreign exchange” is an issuer-specific line, not mapped to a shared definition: Within net investment income.
- “Rental income from investment property” is an issuer-specific line, not mapped to a shared definition: Below the net insurance and investment result.
- “Revenue from sale of inventory property” is an issuer-specific line, not mapped to a shared definition: Below the net insurance and investment result.
- “Non insurance income” is an issuer-specific line, not mapped to a shared definition: Note 29.
- “Investment income” is an issuer-specific line, not mapped to a shared definition: Note 32; below the net insurance and investment result.
- “Fair value gain from financial instruments at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Note 18.2; second fair value line, outside net investment income.
- “Net gains from fair value adjustments to investment properties” is an issuer-specific line, not mapped to a shared definition: Note 10; second printing, outside net investment income.
- “Fee and commission expenses, and other acquisition costs” is an issuer-specific line, not mapped to a shared definition: Expense line as printed.
- “Operating and administrative expenses”: mapping to a shared definition is uncertain. Printed 'Operating and administrative expenses' (note 34).
- “Property operating costs” is an issuer-specific line, not mapped to a shared definition: Expense line as printed.
- “Profit before share of loss of associates” is an issuer-specific line, not mapped to a shared definition: Printed subtotal before the share of associate profit.
- “Gains on property and equipment revaluations” is an issuer-specific line, not mapped to a shared definition: OCI item.
- “Share of other comprehensive income from associates” is an issuer-specific line, not mapped to a shared definition: OCI item, note 13.
- “Finance income from insurance contracts issued” is an issuer-specific line, not mapped to a shared definition: OCI item.
- “Income tax relating to components of other comprehensive income” is an issuer-specific line, not mapped to a shared definition: First printing.
- “Movement in other reserves” is an issuer-specific line, not mapped to a shared definition: OCI item as printed.
- “OCI items not reclassified (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of the first OCI block (p64).
- “Exchange differences on translating foreign operations” is an issuer-specific line, not mapped to a shared definition: OCI item, may be reclassified.
- “Investments in equity instruments” is an issuer-specific line, not mapped to a shared definition: OCI item, note 18.3.
- “Income tax relating to components of other comprehensive income” is an issuer-specific line, not mapped to a shared definition: Second printing.
- “Items that may be reclassified subsequently to profit or loss (unlabelled subtotal)” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of the second OCI block (p64).
- “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Share of profit attributable to non-controlling interests.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Property and equipment | 10,409,601 | 11,330,531 |
| Right of use of assets | 1,300,978 | 617,180 |
| Investment properties | 96,721,052 | 87,025,414 |
| Intangible assets | 182,891 | 207,640 |
| Investment in associates | 14,207,750 | 102,899 |
| Other non-current assets1 | 779,577 | 458,496 |
| Inventories | 2,589,883 | 2,374,938 |
| Trade and other receivables | 16,207,406 | 15,184,443 |
| Insurance contract assets | 19,729,493 | 12,490,622 |
| Reinsurance contract assets | 14,468,379 | 16,292,925 |
| Current income tax assets | 1,694,637 | 667,886 |
| - at amortised cost | 13,739,132 | 11,108,138 |
| - at fair value through profit or loss | 75,524,733 | 26,437,470 |
| - at fair value through other comprehensive income | 11,221,389 | 9,331,835 |
| Biological assets2 | 132,502 | 98,280 |
| Cash and cash equivalents | 19,371,560 | 14,349,471 |
| Total assets | 298,280,963 | 208,078,168 |
| Share capital | 18,182,187 | 18,182,187 |
| Share premium | 5,025,067 | 5,025,067 |
| Treasury shares3 | (14,649) | (14,649) |
| Revaluation reserve | 16,175,413 | 7,935,734 |
| Financial assets at fair value through other comprehensive income reserve | 3,925,509 | 3,601,326 |
| Foreign currency translation reserve4 | (55,737,851) | (57,854,381) |
| Change in ownership reserve5 | –6 | 1,949,303 |
| Insurance reserve7 | 2,252,085 | 2,252,085 |
| Retained earnings | 73,290,471 | 61,069,693 |
| Total equity attributable to equity holders of the parent | 63,098,232 | 42,146,365 |
| Non-controlling interest | 25,981,061 | 18,616,085 |
| Total equity | 89,079,293 | 60,762,450 |
| Deferred tax liabilities | 4,214,341 | 3,020,868 |
| Investment contract liabilities without Direct Participating Features | 34,363,114 | 16,669,824 |
| Insurance contract liabilities | 134,631,903 | 101,541,314 |
| Reinsurance liabilities | 11,410,318 | 5,451,175 |
| Borrowings | 7,168,389 | 3,701,341 |
| Lease liabilities8 | 1,307,886 | 687,655 |
| Other provisions | 688,174 | 722,232 |
| Trade and other payables | 14,884,207 | 15,135,111 |
| Current income tax payable | 533,338 | 386,198 |
| Total liabilities | 209,201,670 | 147,315,718 |
| TOTAL EQUITY AND LIABILITIES | 298,280,963 | 208,078,168 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.equity_attributable_to_owners.
Notes and alternative reported figures (7)
- “Other non-current assets” is an issuer-specific line, not mapped to a shared definition: Note 15.
- “Biological assets” is an issuer-specific line, not mapped to a shared definition: As printed.
- “Treasury shares” is an issuer-specific line, not mapped to a shared definition: Note 20; deducted in equity.
- “Foreign currency translation reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve.
- “Change in ownership reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve.
- “Insurance reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve.
- “Lease liabilities” is an issuer-specific line, not mapped to a shared definition: Note 9; unclassified balance sheet.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Cash flows from operations | 30,826,946 | 15,824,076 |
| Finance costs1 | (1,955,104) | (562,064) |
| Income tax paid | (3,336,085) | (425,352) |
| Net cash flows from operating activities | 25,535,757 | 14,836,660 |
| Purchase of property and equipment | (1,542,011) | (1,248,165) |
| Purchase of intangible assets - software | (80,190) | (5,952) |
| Acquisition of investment property2 | (7,068,458) | (4,212,766) |
| Purchase of financial assets at amortised cost3 | (5,550,257) | (4,036,716) |
| Purchase of financial assets at fair value through profit and loss4 | (3,249,904) | (4,482,817) |
| Purchase of other non financial assets5 | (25,914) | (17,081) |
| Proceeds from disposal of property and equipment | 631,903 | 4,694 |
| Proceeds from disposal of financial assets at fair value through profit or loss6 | (5,609,243) | (137,283) |
| Dividends received7 | 8,399 | 324,126 |
| Interest received | (120,812) | 74,723 |
| Cash flows used in investing activities | (22,364,863) | (13,737,237) |
| Dividends paid to Company shareholders | (750,000) | (350,000) |
| Loan drawdown | 6,454,715 | 2,753,424 |
| Loan repayment | (3,223,761) | (574,609) |
| Lease payments8 | (629,759) | (162,812) |
| Cash generated from / utilised in financing activities | 1,851,195 | 1,666,003 |
| Net increase in cash and cash equivalents | 5,022,089 | 2,765,426 |
| Cash and cash equivalents at the beginning of the year | 14,349,471 | 11,584,045 |
| Cash and cash equivalents at the end of the year | 19,371,560 | 14,349,471 |
Notes and alternative reported figures (8)
- “Finance costs”: mapping to a shared definition is uncertain. Printed 'Finance costs' after cash flows from operations (second printing on the page; the first is an adjustment).
- “Acquisition of investment property” is an issuer-specific line, not mapped to a shared definition: Investing, note 10.
- “Purchase of financial assets at amortised cost” is an issuer-specific line, not mapped to a shared definition: Investing, note 18.1.
- “Purchase of financial assets at fair value through profit and loss” is an issuer-specific line, not mapped to a shared definition: Investing, note 18.2.
- “Purchase of other non financial assets” is an issuer-specific line, not mapped to a shared definition: Investing, note 15.
- “Proceeds from disposal of financial assets at fair value through profit or loss” is an issuer-specific line, not mapped to a shared definition: Investing, note 18.2; printed as negative amounts ((5 609 243); 2024: (137 283)).
- “Dividends received” is an issuer-specific line, not mapped to a shared definition: Investing, note 32.
- “Lease payments”: mapping to a shared definition is uncertain. Printed 'Lease payments'; the statement does not say whether lease interest is included.
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.
| Year ended | Event | Wording as printed | Amount | Unit | Source |
|---|---|---|---|---|---|
| 31 Dec 2025 | Dividends paid (cash flow statement) | Dividends paid to Company shareholders |
(750,000) | USD units | Annual report, p66 |
| 31 Dec 2024 | Dividends paid (cash flow statement) | Dividends paid to Company shareholders |
(350,000) | USD units | Annual report, p66 |
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.
-
2025 ZHL Annual Report — Zimre Holdings Limited
Year ended 31 December 2025 · Annual report · signed / final
Audit: Grant Thornton, Chartered Accountants (Zimbabwe), qualified opinion · signed
Auditor's sign-off: Grant Thornton, Edmore Chimhowa, Partner, Registered Public Auditor (PAAB No: 0470)
Final status: Independent auditor's report (qualified opinion) with a handwritten 'Grant Thornton' signature above Edmore Chimhowa, Partner (PAAB 0470), dated 31 March 2026 (PDF p61, page image). Directors' responsibility statement: approved by the Directors on 30 March 2026, signed in handwriting by D. Matete (Chairman) and S. Kudenga (Group CEO) (PDF p21); the statement of financial position carries the same signatures (PDF p62).
- Document date
- 31 Mar 2026
- Auditor's report
- 31 Mar 2026
- Board approval
- 30 Mar 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · USD units (printed “USD”)
- Basis for Qualified Opinion: during 2025 Fidelity Life Assurance of Zimbabwe Limited, a significant component, continued to enhance and refine its IFRS 17 modelling approaches; the auditor could not reconcile certain movements and so could not determine any adjustments that might be necessary to the amounts recognised for insurance contract liabilities (134 631 903 at 31 December 2025) and insurance finance expense ((7 681 488) for 2025); the effect is material but not pervasive (note 38.2) (PDF p60).
- Cash flows used in investing activities 2025 are printed as (22 364 863); the printed lines sum to (22 606 487). The difference (241 624) is twice 'Interest received' (120 812), which is printed negative in the investing section (p66, checked on the page image); kept as printed. 2024 adds up.
- 'Proceeds from disposal of financial assets at fair value through profit or loss' is printed as negative amounts ((5 609 243); 2024: (137 283)) in investing activities (p66); kept as printed.
- Comparatives at and for the year ended 31 December 2024 are marked '*Restated' (note 38: insurance contract liabilities +4 676 580 and insurance finance expenses at Fidelity Life; investment income of the company).
- The annual report also prints supplementary 'special purpose' consolidated and company statements in ZWG with their own auditor's report (pp161-213); not transcribed.
- Earnings per share printed in USD cents (0.71; 2024: 0.27), basic and diluted on one line; stored in USD (÷100) with the printed figure and unit kept.
- HIDDEN TEXT THAT DIFFERS FROM THE PRINTED PAGE: (1) p60, the auditor's opinion page, holds in its text layer a second, invisible copy of the opinion, basis and emphasis paragraphs citing 'note 38.3' (basis) and 'note 38' (emphasis); the printed page cites note 38.2 and notes 38.2 and 38.3. (2) p66, the cash-flow statement: the pypdf text layer reads 'Proceeds from disposal of property and equipment 309136 4 694' and 'Interest received 32) 218021 (74 723' while the page prints 631 903 | 4 694 and (120 812) | 74 723 (page image). The word-position re-read used for the figures matches the printed page. (3) Note 38 (p158) also shows overlapping text ('1.83', '2.83' headings).
Technical details
- File
- 226 pages, with a text layer
- SHA-256
926e95c5211a68a65b6962c7e86c1f68eabc0da2e89fc537401d960a2640eb62- Entity as printed
- Zimre Holdings Limited ('the Company') and its subsidiaries ('the Group')
- Issuer copy
- retrieved 2026-10-08T20:38:25Z
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) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
Download
Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.