First Mutual Holdings Limited profit for the six months to June 30, 2019, jumped 2 244 percent to ZWL$201,6 million compared to US$8,6 million achieved in the same period in the prior year.

But the gains were largely underpinned by exchange gains after Zimbabwe moved to introduce use of the Zimbabwe dollar as a mono-currency earlier this year.

The listed’s insurance firm’s operating profit fell 17 percent to $4,5 million from $5,3 million on an increase in shareholder risk reserves, expansion projects underway and rationalisation expenses.

Basic earnings per share surged 1 356 percent to 17,92 cents from 1,23 cents in the same period last year.

Gross premium written (GPW) jumped 86 percent to $157,6 million as a result of conversion of USD business for the period 1 January 2019 to 24 June 2019 written by some strategic business units whereas last year it was at 1:1.

The group also attributed the performance to organic growth and acquisition of new business both in United States Dollars and local currency.

FML achieved a 5000 percent jump in investment income of $93,9 million for the period under review, compared to $1,8 million in the prior year comparable period in line with the performance of the equities market and the impact of converting foreign investments to Zimbabwe dollars.

At $6,6 million rental income for the period was 75 percent ahead of prior year on the back of new lettings, rental reviews during the period and increased turnover rentals. Occupancy levels increased to 82,79 percent from 74,44 percent.

Fair value gain on investment on investment property came in at $302,7 million from $5,6 million in the comparable prior year period.

Total assets jumped 318 percent to $944 million.