LISTED insurance group,
The dispute arose after FLA entered into a sale of shares agreement with
The purchase entailed the assumption of
Subsequently a Debt Assumption and Compromise Agreement was signed between
Subsequently, Fidelity assumed the CFI debt and ownership of 80,77% of
In
"The parties however failed to reach an amicable resolution and CFI instituted legal proceedings against the Company in the
"Both matters are pending resolution before the two forums. The directors have engaged external legal counsel to defend the interests of Fidelity Life," the company said in a recent update.
Meanwhile, Fidelity has managed to post a profit after tax of
Investment income increased to ZW$1 722,3 million and net premium written increased from ZW$611,8 million to ZW$1 070,1 million driven by aggressive premium reviews and strong organic growth of the life book as well as significant inflows from new products," the company chairperson, Livingstone Gwata said.
Going forward, the company expects revenue to grow faster than costs on the strength of combining new financial solutions and new markets.
"High inflation places on us the responsibility to ensure that we preserve value for our policyholders and all stakeholders. To that end, investment portfolio diversification is a priority in the current financial year," added Gwata.
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