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Finance
ZAMBIA REVENUE AUTHORITY
ZEP-RE (PTA REINSURANCE COMPANY)
Grace M. Mulendema
Managing Director
Premium House, Independence Ave
PO Box 30894, Lusaka
Tel: +260-211-229343/57 / Fax: +260-211-228111
md@zsic.co.zm, zsic@zsic.co.zm
gmulendama@zsicgi.co.zm / www.zsic.co.zm
Zambia State Insurance Corporation Limited is one of
Zambia’s leading insurance companies. It was estab-
lished in 1968 and is engaged in providing all types of
insurance: Life, Pensions and General Insurance. Oth-
er departments providing specialized services within
the Corporation are; Treasury and Investments, Real
Estate, Finance, Public Relations, Auditing, Adminis-
tration, Human Resources, Information and Technol-
ogy, Security and Legal. Each department is managed
separately and is financially independent of the others.
The result of rapid growth of the Zambian economy
in recent years has been an influx of new customers
and insurance services for ZSIC. The corporation can
be singled out as one of the major companies to have
rendered and continued to support the growth of the
Capital Markets in Zambia, which celebrated their 10th
anniversary in 2010.
Investments have been made into several different
markets. Apart from investments into Government
Securities, the corporation also has invested in a
twelve-year bond, and commercial paper. All of these
investments not only assist in developing the Zambian
Capital Markets, but also yield good returns for the
corporation.
The corporation’s key strengths are its sound financial
base, continued profitability, excellent management
and streamlined operations providing increased ac-
countability and efficiency.
The company has strengthened its financial discipline
especially through the formation of the Zambia State
Insurance Corporation Pension Trust Fund. Due to
careful management of funds, the company has gen-
erated surplus funds to invest in high yield / low risk
investments, which have also produced a much more
diversified and liquid portfolio.
Shipango Muteto
Country Manager
African Life House
Corner of Ituna Rd. & Nasser Rd. PO Box 36966 Lusaka
Tel: +260-211-252586 / Fax: +260-211-251227
smuteto@zep-re.com.zm / www.zep-re.com
ZEP-RE (PTA Reinsurance Company) is a region-
al organization charged with the task of promot-
ing trade, development and integration within the
COMESA region through the trade of the insurance
and reinsurance business.
ZEP-RE was created by an agreement of the Heads
of State and Government of the COMESA region on
21st November 1990 in Mbabane, Swaziland. The
Company established offices in Nairobi, Kenya in
September 1992 and commenced business on the
1st January 1993. The Company is still headquar-
tered in Nairobi, Kenya and has since expanded its
regional presence via offices in Lusaka, Zambia and
Douala, Cameroon. ZEP-RE has also set up a Re-
takaful Window in Khartoum, Sudan where opera-
tions have been underway since January 2010.
The Company’s operational activities are driven by
the desire to provide excellent technical services to
all clients and to actively participate in and support
the development of the region’s insurance and rein-
surance industry. The Company accepts treaty and
facultative business in the following classes: Fire &
Allied Classes, ‘Contractors All Risk’ Engineering,
Marine Hull and Cargo, General Accident and Motor,
Aviation and Life.
Zambia is one of the markets where the Company
has a physical presence. The economic rebound in
late 2009 together with sustained demand for cop-
per prices meant that the Zambian economy made
recovery gains from the global credit crunch by the
end of the year. Growth in 2010 between 3% and 4%
had also occurred. ZEP-RE wrote US$ 3.54 million
in premium income from Zambia alone in 2009.
ZEP-RE is committed to the principles of good cor-
porate governance and strive to adhere to responsi-
ble company management and control that is geared
towards the long-term creation of wealth and value
for shareholders. It places critical importance on
promoting and respecting the interests of sharehold-
ers, efficient supervisory practices at the Board level
and a communication policy that is open and trans-
parent both internally and externally.
As a regional institution, ZEP-RE accepts, and, takes
to heart its responsibility and role within society as a
whole. It values the need to be a responsible corpo-
rate citizen. ZEP-RE’s Corporate Social Responsibil-
ity policy has actively focused on education, health
and poverty alleviation.