Business Editor's Choice Local Business

Insurance firm records increased profit margin

PROFESSIONAL Insurance Corporation Zambia plc (PICZ) has recorded an increase in profit from K12.6 million as at June 30, 2015 to K16.2 million in the same period this year, despite the global economic slowdown.
PICZ chairperson Inonge Wambulawae said the corporation’s engagement with stakeholders, including brokers and customers, has produced an inevitable outcome of corporate values and has proven to be a sustainable direction for the corporation.
According to the company’s unaudited first half results for the period January 1 to June 30, 2016, the gross written premium also increased to K154,000 in 2016, compared to 113,000 the previous year.
“The corporations operations and performance depend on the country’s economic performance and service orientation. I am glad to report that despite the global economic slowdown which impacted on the economic performance of the country in 2015, and to a large extent in 2016, we have recorded a solid result for the half-year ended June 30, 2016.”
“This year we recorded profit from K12,619 the previous year, to K16,259,” she said.
Ms Wambulawae said the corporation has continued to show commitment to the highest level of governance and strive to foster a culture that values and rewards exemplary ethical standards, personal and corporate integrity.
PICZ managing director and chief executive officer Geoffrey Chirwa said customers remain the most important stakeholders in their operations as they are the resource upon which success of the business has been scored.
“The thrust of our strategic focus for 2016 is hinged on value proposition over the last few years. We have moved from aligning quality assurance with our business strategy to making it a core part of how we run our business in a nutshell. We have promised to deliver value to our brokers and customers as this underpins the primary reasons as to why they should buy insurance,” he said.
Mr Chirwa said the corporation has maintained its credit rating by Global Rating Agency at A+ and its solvency at 143 percent the same period.

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