211 J.

Tongogara St/9th Avenue

Harare, Zimbabwe
+263 242 746 435/357/394

actuaries@IAC.co.zw

www.IAC.co.zw

ENGAGEMENT LETTER

BETWEEN

Independent Actuaries & Consultants (IAC) (PRIVATE) LIMITED

AND

SAVENDA GENERAL INSURANCE LIMITED

PROVISION OF IFRS17 IMPLEMENTATION SERVICES

The Engagement is made on the 16th day of January 2023 between:

(1) IAC Africa (Private) Limited, whose registered office is at 211 Tongogara/9th, Harare, Zimbabwe
(hereinafter called “IAC”), and

(2) Savenda General Insurance Limited (hereinafter called “Savenda”) whose registered office is at Plot
20849 Corporate Park, Alick Nkathat Road Mass Media, P.O Box 30363, Lusaka, Zambia.

Whereby:

Following a competitive bidding and negotiation process; the parties have agreed that IAC should provide certain
actuarial services regarding implementation of IFRS17 (“the Services”) to Savenda. The purpose of this
Engagement Letter is to set out the scope of Services.
Engagement Letter
Now it is hereby agreed:

1. Appointment and services provided

1.1. Savenda hereby requests IAC to carry out implementation of the IFRS17 standard as per the requirement
of the company’s board and the Regulator, and IAC hereby accepts such appointment on the terms
hereinafter contained.

1.2. The Services to be provided pursuant to this Letter are to support Savenda in complying with IFRS17
requirements as required by guidance from the Regulator, to take account of the numerous changes in the
financial reporting environment.

2. Remuneration

The consultant shall provide IFRS 17 and other actuarial services as agreed upon for a period of two (3)
years.

2.1 The contract fees, exclusive of Value Added Taxes, shall be paid as follows:

a. US $ 4,500 in 2023, of which

i. 25% shall be paid on commencement

ii. 35% on production of impact assessment report

iii. 25% on completion of board and management workshops

iv. 15% on project sign-off

b. US $ 2, 500 in year 2.
c. US $1, 800 in year 3.

2.2 Payment structures for year 2 and 3 will be provided in due course.

The fees above are paid in United States Dollars (or equivalent in euro/pound/rand) to the account details
provided.

2.3 The above fees are exclusive of any withholding taxes or levies that may apply.

2.4 Savenda shall reimburse IAC for any significant disbursements it may incur in the course of its work,
including travel and accommodation costs after prior approval. Approved budgeted costs are as follows:

a. USD 2,400 for travel to Zambia as deposit. A final invoice will be issued based on approved travel
budget.

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2.5 Savenda will seek to discharge all invoices issued to it promptly. Any delays beyond the control of Savenda
shall be communicated to IAC within 3 days of receiving the invoices.

3. Effective Date

This Engagement Letter shall be in accordance with the main Agreement between the two parties and shall be
deemed to have commenced with effect from 3rd of March 2023.

4. Instructions

In respect of the Services, the person(s) at Savenda from whom the Company should accept instructions is Alice
Manase. The person(s) to whom the client should report is Tawanda Chituku from IAC.

Signed by ................................................. Date..........................................................................

Name Alice Manase Position :

For and on behalf of

SAVENDA GENERAL INSURANCE COMPANY LIMITED

Signed by Date 3 March 2023

Name TAWANDA CHITUKU Position MANAGING DIRECTOR

For and on behalf of

IAC Africa (PRIVATE) LIMITED

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Addendum: Services
Services
1. Implementation of IFRS17

2. Managed Service solutions

The Terms of Reference for the assignments is shown below.

Activity

Initial board and management training

Gap assessment
Financial Impact Assessment
IFRS17 technical workshop
IFRS17 ecosystem design
Re-run of impact using updated data
Parallel accounts
Setting up policies, procedures, processes for IFRS17

3. Data and management Input

Savenda shall provide data and information requested. The Company will take reasonable steps to ensure that
the quality of the information used is appropriate, but ultimate responsibility for the completeness or limitations
of the data used shall rest with Savenda.

Signed by ................................................. Date..........................................................................

Name Alice Manase Position :

SAVENDA GENERAL INSURANCE LIMITED

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TIMELINE FOR THE IFRS17 IMPLEMENTATION.

We wish to set out below our proposed timeline for the delivery of the various activities for this assignment.

1. Data request letter issued 3 March 2023

2. Data received 10 March 2023

3. Data verified 14 March 2023

5. Gap assessment report & Technical workshop 20 March 2023

6. Financial impact assessment report 3 April 2023

7. Initial Board and Management training 10 April 2023

7. IFRS17 Ecosystem designs, data reruns, position papers 28 April 2023

8. IFRS 17 Parallel Runs 30 April- July 2023

9. Financial Reporting August 2023-Oct 2023

10. Final Runs and testing Oct -November 2023

Project sign-off 31 December 2023

We would be grateful if you could kindly let us know any amendments that you may propose to the above
timeline.

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