Fidelity Life keeps creating fresh insurance products to earn from different sources. Their latest financial report shows these new items stay popular with customers. The company expanded into funeral services and managing assets for clients.
Chairman Livingstone Gwata says the main business unit performed strongly during the year. Their Malawi branch made strategic partnerships in both Malawi and South Africa, which were expected to boost revenue. The funeral service business turned around after buying new vehicles, opening more branches, and launching additional products.
Their focus on digital services helped them reach more customers and work more efficiently. The company introduced small insurance products for people with lower incomes and those working informally. They plan to create a mobile phone platform where customers can buy and manage policies directly.
Insurance revenue grew 44 percent to $11.4 million compared to last year. Their Vaka Yako product brought in 85 percent of all premium payments. The Zimbabwe operation contributed 68 percent of the premium money. Overall company's profit increased 178 percent to $6.4 million.
Chairman Livingstone Gwata says the main business unit performed strongly during the year. Their Malawi branch made strategic partnerships in both Malawi and South Africa, which were expected to boost revenue. The funeral service business turned around after buying new vehicles, opening more branches, and launching additional products.
Their focus on digital services helped them reach more customers and work more efficiently. The company introduced small insurance products for people with lower incomes and those working informally. They plan to create a mobile phone platform where customers can buy and manage policies directly.
Insurance revenue grew 44 percent to $11.4 million compared to last year. Their Vaka Yako product brought in 85 percent of all premium payments. The Zimbabwe operation contributed 68 percent of the premium money. Overall company's profit increased 178 percent to $6.4 million.
