FIRST Mutual Life (FML) will list on the Zimbabwe Stock Exchange (ZSE) in the second week of October.
ZSE chief executi
ve officer Emmanuel Munyukwi said the stock exchange was aware that the company would want to list around that time but was yet to receive a formal application.
FML group chief executive Norman Sachikonye said the life business was expected to be headed by Douglas Hoto currently responsible for the business unit.
“I can confirm that the board of First Mutual intends to appoint Douglas Hoto to the position of managing director for the First Mutual Assurance Company. Hoto is a qualified actuary and is also chief actuary of First Mutual,” said Sachikonye.
The society’s insurance business and the assets relating to it would be transferred to FML Life, which will then run the insurance business and honour the society’s obligations to policyholders.
“We believe that his technical insurance expertise and leadership, will help the life company to reinforce its position as a major player in the insurance business,” Sachikonye said.
Internationally, it is mandatory for life companies to be headed by a qualified actuary and the appointment of Hoto, the company said was done to follow this trend.
On the establishment of a reinsurance company Sachikonye said the company was awaiting a license from the Ministry of Finance and Economic Development and the Commissioner of Insurance. “An application to the authorities has been submitted and we await their formal response,” the group chief said.