First Mutual delays release of financials due to o...

First Mutual delays release of financials due to ongoing IPEC dispute

Nyashadzashe Ndoro

ZIM NOW REPORTER

First Mutual Holdings Limited announced an extension for publishing its full-year financial results for 2023.

The Zimbabwe Stock Exchange granted them a deadline extension until April 30, 2024.

The delay stems from ongoing issues related to a corrective order issued by the Insurance and Pensions Commission against First Mutual Life Assurance Company (Private) Limited, a subsidiary of FML.

“First Mutual Holdings Limited wishes to advise its shareholders and members of the public that the Zimbabwe Stock Exchange has granted approval for the extension of the publication deadline for the financial statements for the year ended 31 December, 2023 to 30 April, 2024.

“The delay has arisen from issues to do with the issuance of a Corrective Order by the Insurance and Pensions Commission against First Mutual Life Assurance Company (Private) Limited,” the company said.

FML is challenging a Corrective Order issued by the IPEC) which requires them to pay money to policyholders due to losses identified by BDO Chartered Accountants.

IPEC believes FML did not properly separate assets during an asset separation exercise. FML disagrees with IPEC’s findings and has filed an application for review with the High Court.

FML says it is committed to protecting its policyholders but believes IPEC’s order is wrong. IPEC is a government regulatory body designed to protect consumers in the insurance and pensions industry.

FML will need to resolve this dispute with IPEC before finalising and publishing their financial statements.