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INSURANCE giant Old Mutual Zimbabwe recorded a 29 percent jump in net profit to $13.1 million for the half-year ending June 2015 driven by improved performance in its banking and insurance businesses.

Old Mutual Zimbabwe group chief executive Jonas Mushosho said the group had remained “robust” in an increasingly difficult operating environment characterised by declining aggregate demand, company closures and low property occupancy levels.

“Group revenue went up by four percent to $126 million driven by growth in banking and insurance businesses,” Mushosho said.

In terms of divisional performance, the banking arm recorded a 24 percent increase in surplus to $8.9 million.

“Loans and advances, interest income and deposits also registered significant increases above 35 percent,” the group chief executive said, adding the non-performing loans ratio had dropped to 6.0 percent from 10.3 percent.

The insurance division saw premiums going up to $85.8 million from $82 million last year.

Premiums surged 17 percent and three percent respectively for the group’s short term insurance and life assurance divisions.

Overall improved financial performance by the group also saw Old Mutual Zimbabwe’s basic earnings per share improving to 3.8 cents from 2.8 cents during the same period last year. — New Ziana.