FIDELITY Life Assurance (Fidelity) recorded a 163 percent surge in insurance contract revenue to $4,4 billion for the half year ended June 30, 2023 buoyed by the significant growth in new policies written and an increase in US dollar-denominated business.
The revenue improvement is from last year’s comparative of $1,7 billion.
This comes as the greenback has become the preferred currency, with the Zimbabwe National Statistics Agency recently revealing that 80 percent of transactions in the country, as of last month, are now in US dollars.
“The first half of the year was characterised by rapid deterioration of the local currency and galloping inflation which led to increased use of foreign currency in domestic transactions. In keeping with that trend, the business experienced an increase in the proportion of foreign currency revenue and operating expenses,” Fidelity’s chairman, Livingstone Gwata, said in a statement accompanying financials.